Union Bank is one of the big public sector banks. Union Bank has been selected as a national level bank. This bank has 8700+ branches, 12000+ ATMs, 15000+ Business Correspondent Points and 120+ million customers across the country along with 75000+ total employees. The bank has decided to start its own savings account. The facilities of this bank are more than private banks. In this bank, you will get more facilities than private banks. You will get interest rates in this bank. In this article, you will get all the information about the bank.
Union Bank Savings Account Interest Rates
The interest rate of this bank was implemented on 1 June 2022. Union Bank will give its customers an interest rate of 2.75 percent on savings account up to Rs 50 lakh. 2.90 percent interest will be given on savings account balance of more than Rs 50 lakh and up to Rs 100 crore. The bank said that if you have a balance of more than Rs 100 crore to Rs 500 crore, the interest rate will be 3.10 percent. This bank will now get 3.40 percent interest rate on savings bank deposits of more than Rs 500 crore to Rs 1000 crore. The maximum interest rate of 3.55 percent will be given on savings bank deposits of more than Rs 1000 crore. It was earlier 2.90 percent.
Benefits of the Union bank
- The process of opening this account is easy. It is a hassle-free application process.
- This account can also be opened by a minor so that the natural guardian can operate it. Minors can operate their account themselves after attaining the age of 13 years.
- This account can be opened by an illiterate person as well as a literate person.
- This account is for those who are blind.
- This account is also available for associations, clubs, societies and other similar organisations.
- This bank also provides cheque book and pass book.
- Union Bank savings account holders can pay utility bills, do mobile recharge and check their balance using the U-Mobile app.
- You can avail facilities like mobile banking, phone banking, ATM banking etc.
- You can earn rewarding points on Union Bank debit card.
- Account holders can avail accident insurance.
- You can choose a nominee for your savings account.
- Unlimited withdrawals through Debit Card, Internet Banking and Branches.
- You can avail free e-statement and passbook etc.
Union Bank Savings Account Eligibility
- The person opening the account should be a resident of India.
- The person opening the account must be 18 years of age or above.
- All documents should be available at the time of opening the account.
Required bank documents
- Passport, Valid Driving License, Permanent Account Number (PAN) Card, Voter ID Card, Aadhaar Card, Government Issued Photo ID Card, NREGA Card, etc.
- Passport, Driving License, Passbook of any other bank, Electricity or Telephone bill, Ration card etc.
- Passport size photo.
- Format of application
Union Bank Savings Account Limit
You can avail a daily withdrawal of Rs 25,000 from your Union Bank account through ATM. But the POS limit is Rs 50,000.
Bank Helpline Numbers
Helpline Number | 1800 2222 44/1800 2222 43 |
How to Open Union Bank Savings Account
- To open this account you will have to visit the official website of the bank.
- Then you have to click on an option to open the account.
- After this you will have to click on the saving account option.
- After which the account opening form will open in front of you.
- In this form, first of all you will have to type the account.
- For zero balance account choose Union Digital Saving Account. After this you have to enter your Aadhaar number, fill the captcha and submit it.
- After this, OTP will be sent to the mobile number registered with the Aadhaar number. You will have to verify it.
- After this, you will have to enter your name and select your gender. After that, you will have to fill in your personal details like parents’ name, date of birth, email ID, mobile number, PAN number etc.
- After that choose your district and state and select your branch and click on Continue.
- If you want to make someone your nominee then enter the details else skip it.
- After this, enter what services you require in your account like ATM card, mobile banking, SMS banking, cheque book and select them and continue.
- After this you have to upload the required documents like photo, signature, Aadhaar card, address proof etc. After uploading the documents, click on the submit button.
- After which you will get a reference number. Note it down. After this, download the form by clicking on download application form.
- Now take a printout of this form and paste your photo on the form. After this, attach the photocopies of the required documents with the form.
Read More: What is India Post Payment Saving Account, features, benefits and how to open Account
- Now submit this form to your bank branch. After which your bank account will be opened. Also, you will be given the bank passbook immediately by the branch.
- Along with this, ATM card and cheque book will be delivered to your address.
- In this way your Union Bank account will be opened.
How to do union bank KYC
When you fill and submit the Union Bank account form, you should have your original Aadhaar card and original PAN card with you. Along with this, you have to sign on a blank paper and show the PAN card and Aadhaar card to the bank, after which your KYC will be completed by the bank and in this way you can complete your KYC in Union Bank of India bank account.
Union Bank of Related Questions
How much does it cost to open an account in Union Bank?
In Union Bank of India, you get to see many types of savings accounts, current accounts and salary accounts on which there may be different charges. Apart from this, you can open Union Digital Saving Account with zero balance.
What is the minimum balance in Union Savings Bank?
The minimum account balance in Union Bank savings account is Rs 250 with cheque and Rs 100 without cheque in rural areas. The minimum balance in urban areas is Rs 1000 with cheque and Rs 500 without cheque.
How many types of accounts are there in Union Bank?
Union Bank of India has 4 types of accounts: current, savings, recurring deposit and fixed deposit.
What is the percentage of interest that Union Bank gives on savings account?
Union Bank of India customers used to get 2.90 percent interest rate on savings account up to Rs 50 lakh. But now it has been reduced from 2.90 percent to 2.75 percent.