Union Bank Savings Account Interest Rates, Types of Account

Union Bank Savings Account Interest Rates

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Union Bank of India or UBI is an Indian public sector bank. It is one of the leading public sector banks of the country. It provides various banking facilities to the peoples.

Union Bank Savings Account Interest Rates

Union Bank Savings Account offers wide range of Savings account for its customers with various benefits. Today in this post we are going to discuss in details about Union Bank Savings Account interest rates, types of account offered by the bank and many more^[1].

Also Read: Bank of Baroda Savings Account Interest Rates

Benefits and Features of Union Bank Savings Account

• 24X7 banking facilities are available
• Free Accidental Insurance Cover by Debit Card
• Phone Nanking/Mobile Banking facilities are available
• Internet Banking facility is available free of cost
• Free ATM or Debit cards will be provided without any additional charge
• Reward points are offered on using the Debit Card

Types of Savings Account

Union Bank of India offers a variety of Savings Account for to fulfill the needs of its customers. Some of the savings bank account offered by Union bank are as mentioned below:

• Regular Savings Account

This is a basic saving account which does not require to maintain any minimum balance. The bank offers zero balance facility on this type of account. In this account there is no charges levied on any of the banking services. This account carries wide range of banking facilities like cash deposit, cash withdrawal, free Accidental Insurance cover id provides through the Debit Card, ATM card facility is provided. Any resident individual can open this account.

• Union Flexi Savings Account

This savings account also avails nomination facility. Account holders of this account can avail up to 5 cheque books, free of charge each year along with NEFT/RTGS facility. The customers shall also be issued a Passbook which contains all details of SB Flexi Account.

• Union Family Savings Scheme

This savings account is for family, a minimum of 2 and a maximum of 6 family members can form a group in this scheme. Family members include grandparents, parents, brothers, sister, spouse, son, daughter. In this scheme an average balance of Rs 1 lakh needs to be maintained or Rs 10 lakhs in Term Deposit in order to avail the benefits. This account also offers free banking facilities to its customers.

• Savings Bank Account for Pensioners

Pensioners drawing regular pension are eligible to open this account. In this account there is no minimum balance required. You will be provided a debit card with daily ATM cash withdrawal limit Rs 25,000. Free Personal Accident Insurance cover worth Rs 2 lakh is provided.

• Savings Bank Account for Students

Students are eligible to open this account, students above 10 years to 25 years who are enrolled in regular courses are eligible to avail this account. Minors aged below 10 years can open this account with a parent or guardian. Unlike other account this account also offers you various banking facilities.

• Union Super Salary Account

This account is available for employees who are drawing regular salary. A daily cash withdrawal limits up to Rs 1 lakh and a daily ATM POS limit up to Rs 3 lakh are offered. In this account there is no minimum requirement of balance.

Union Bank Savings Account Interest Rates

Union Bank of India offers interest of 4% on the savings bank account. This interest rate depends on the daily bank balance and the type of savings account.

Union Bank of India FD Interest Rates (p.a.) Highlights 2023

Union Bank of India Savings Account Minimum Balance

How to Open a Union Bank Savings Account

You can open union bank savings account through online and offline. You can visit the bank website and fill up the application form and submit the form with the required documents like ID proof, Address proof and other documents to open a savings bank account. You can open your account through offline by visiting the nearest bank branch and by performing all the required formalities and paperwork.

Union Selfie: This is an app created by Union Bank of India for quick access and ease of use for customers. It can be downloaded from Play store. Once the app is downloaded take your selfie, scan the Aadhar card and PAN card and an account number gets generated instantly.

Missed Call: You can also open your savings account by giving a missed call on 9223009696

Documents Required

To apply for a Union Bank Savings Account, one must submit the following documents:

• ID proof
• Address proof
• Passport sized photographs
• Dully filled form

FAQs

1. What is the minimum balance required to open a Savings Flexi Deposit Scheme?

Ans: The minimum balance required to open a savings flexi deposit scheme id Rs 50,000.

2. What is the interest rate offered by Union Bank of India?

Ans: The bank offers an interest rate of 4% on the saving account.

3. What is United mBank?

Ans: United mBank is a mobile banking app launched by Union Bank of India. It allows its customers to manage their bank account on mobile and perform various banking and payment transactions.

4. Who can open Savings Bank Account at Union Bank?

Ans: Any residents of India and Hindu undivided family can open savings account at Union Bank. NRI (Non Residence of India) can also open their savings account at Union Bank.

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