There are various types of bank accounts that Union Bank of India provides, out of which a savings account is an essential one. By opening a savings account with Union Bank, individuals can deposit funds they wish and can earn attractive rates of interest.
The high rate of liquidity, easy access and no withdrawal and deposit limit make the savings account one of the most preferred options to investors. Union Bank is recognised as one of the leading nationalised banks in the financial market. It offers competitive rates of interest in comparison to other banks, with tenure starting from 7 days to 10 years.
Read along to learn more about Union Bank savings account interest rate, fees, features, benefits and more.
A savings account is a deposit account Union Bank of India provides to its customers, allowing them to save money while earning interest. Customers can safely deposit and store their money with a Union Bank savings account and can earn attractive rates of interest on the amount deposited. This is one of the most secure and convenient ways of allowing customers to accumulate their funds and make savings grow over time.
With a Union Bank of India savings account, you can expect competitive rates of interest, net banking features and benefits, easy accessibility to funds and convenient banking experiences. Students can also open this type of account with zero balance. Not only students, but all Indian residents, organisations, societies, and clubs can opt for opening a savings account with Union Bank of India.
Mentioned below are some popular savings accounts that all investors opening their accounts at Union Bank of India can opt for:
Apart from all these, there are other savings accounts that Union Bank provides its customers. The accounts include a savings account for women, SBCHS: SB Account for Co-operative housing society, UNION MUSKAAN-Saving bank account for minors, Basic Saving Bank Deposits Account-Small Accounts(BSBDS), MACT CLAIMS SB ACCOUNT (MACT), SPECIAL SB SCHEMES VARIANT - I (SB Premium) SBPRE, SPECIAL SB SCHEMES VARIANT - II (SB High Networth Customers) SBHNI and more.
Below is the table of interest rates corresponding to the balance that Union Bank savings account customers receive:
Account Balance | Interest Rate |
Up to Rs.50 Lakh | 2.75% |
> Rs.50 lakh Rs.100 crore | 2.90% |
> Rs.100 crore Rs.500 crore | 3.10% |
> Rs.500 crore Rs.1000 crore | 3.40% |
Above Rs.1000 crore | 4.00% |
For senior citizens, the Union Bank of India provides an additional rate on deposit of up to Rs.5 crores. This additional benefit is however applicable in all domestic term deposit schemes. The interest rate offered to resident senior citizens is 0.50% more than the normal rate of interest. However, this rate is different for super senior citizens. Resident super senior citizens enjoy 0.75% more than the standard rate of interest.
While opening a savings account with Union Bank, there is no requirement for maintenance of minimum balance in the account. However, the minimum average balance that you must maintain quarterly with the bank is mentioned below:
QAB | Rural | Semi-Urban | Urban | Metro |
With Cheque book | 250 | 500 | 1000 | 1000 |
Without Cheque book | 100 | 250 | 500 | 500 |
There is no maximum balance limit that you need to maintain in a Union Bank savings account. However, investors must remain aware of the deposit limits and ensure all the account activities are aligned with Income Tax regulations.
There is no requirement to maintain any minimum balance while opting for a savings account with Union Bank. However, as mentioned above, you need to maintain a quarterly average balance. If you fail to do so, banks charge a penalty.
The penalty charged for not maintaining a quarterly average balance is as follows:
Shortfall in QAB | A/c with chequebook | A/c without chequebook |
Rs.501 - 1000 | Rs.100 + GST | NA |
Rs.251 - 500 | R.50 + GST | Rs.30 + GST |
Up to Rs.250 | Rs.25 + GST | Rs.20 + GST |
The important fees for regular savings bank accounts that Union Bank imposes on its customers are listed below:
Service/Product | Fees |
Debit Card Charge | The charge for issuing the debit card is free Annual maintenance charge is levied as per applicable charges |
SMS Banking Charge | As per applicable charges |
Cheque leaves including Personalised Cheque leaves | Per year 20 free leaves Beyond 20 leaves, as per the applicable charges |
DD | As per applicable charges |
NEFT/RTGS/IMPS | As per applicable charges |
Account Closure Charge – within 14 days or after 12 months | NIL |
Account Closure Charge – between 15 days to 12 months | As per applicable charges |
By opening a basic savings bank account with Union Bank of India, you will get an ATM cash withdrawal limit of Rs.25,000 per day. On the other hand, the POS limit remains Rs.50,000 per day.
Opening a savings account in Union Bank is easy and hassle-free. You need to follow the steps below to open a savings account with Union Bank of India:
Step 1: Visit the official website of the Union Bank of India.
Step 2: Go to Digital Banking, and then click on ‘Online Account Opening’. Once you reach there, select ‘savings account’ and an application form will open.
Step 3: Fill out the online application form with all the necessary details and upload the documents.
Step 4: Once you save the application, a reference number gets generated and an SMS is sent to the registered mobile number. Entering the number, you need to submit the application form online.
Step 5: After submission of the application form, submit your two-passport size recent photographs for verification. Once this process is completed, you will become a savings account holder.
Following are the documents needed to open a savings account in Union Bank through online mode:
To close the Union Bank savings account, you need to fill up the account closure form. The account closure form is available online or you can also collect it from the nearest branch. To close the Union Bank Savings Account online, you need to follow the below steps:
Step 1: Go to the official website of Union Bank of India and download the Account closure form.
Step 2: Fill in the details of the Account Closure Form with the account holder's name, mobile number, account number, and the option of receiving the account balance through cash, cheque or balance transfer to some other account.
Step 3: Make sure to provide the signature of the authorised person.
Step 4: Submit the form along with your chequebook, debit card and passbook.
Step 5: Fill in with your current address and documents for proof of identity.
After the successful submission of all the required documents, Union Bank of India will process your request for the closing of your account. Once the verification is completed, the bank closes the account and the entire balance in the account gets deposited to you through the mode of payment as you have specified in the form.
Some of the important features of Union Bank Savings Account are the following:
Every individual should hold a savings account for several reasons. Let us now explore why it is beneficial to have a savings account with the Union Bank of India:
Customers opt for savings accounts here as they find this a secure place for storing their money. Union Bank of India implements certain security measures to make sure your funds remain safe and protected.
Once you deposit your money in a savings account, interest is earned on your balance. Moreover, Union Bank of India offers competitive rates of interest on savings amounts. This thereby makes savings grow over time steadily.
Opening a savings account is an ideal way of achieving your financial goals. If you maintain a savings account with Union Bank of India be it for your dream vacation or emergency fund, it helps you to stay organised and focused.
With Union Bank Savings Account, you can access your savings funds whenever you need. Union Bank of India provides its customers with online banking services. Apart from that customers can access their funds hassle-free with a variety of debit cards.
Customers opening savings accounts with Union Bank of India can avail several additional banking benefits. This includes preferred rates of loan, special discounts along with some exclusive offers. You can have a comprehensive banking experience maintaining a savings account with Union Bank of India.
To conclude, a savings account is an important instrument for individuals aiming to achieve stability and growth in managing their money. Union Bank of India holds a reputation for providing reliable service to its customers. Thus, it is considered an ideal platform for customers willing to open and maintain their savings accounts. By opening a savings account with Union Bank of India, you will gain access to personalised banking services and enjoy competitive rates of interest.
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3. Axis Bank Savings Account Interest Rate
4. Punjab National Bank (PNB) Savings Account
5. Bank of Baroda (BOB) Savings Account
6. ICICI Bank Savings Account Interest Rate
Union Bank of India offers a variety of savings accounts with attractive interest rates, easy access, and no withdrawal limits. The bank provides competitive rates, from 7 days to 10 years tenure. Customers can open accounts for students, pensioners, and digital savings, among other options. The bank imposes no minimum balance limits but charges a penalty for not maintaining the quarterly average balance.