Union Bank Zero Balance Account: How to Open Zero Balance Account in Union Bank?

The Union Bank of India provides Zero Balance Accounts, enabling customers to save even small amounts without the burden of maintaining a minimum balance. Termed as the Union Digital Savings Account, this account also benefits from no additional charges for issuing a debit card, thus making it an attractive and cost-effective banking solution.

Let us discuss the Union Bank zero balance online account opening process, account rules, eligibility criteria, required documents, and much more. Read along to get further insights.

What Is a Zero Balance Account In Union Bank?

Union Bank’s Zero Balance Account is a savings account which provides individuals with basic banking facilities. The account holder does not have to worry about maintaining a minimum balance. Even with no funds in the account, the bank ensures that the account holder can access essential banking services such as deposits, withdrawals, fund transfers, ATM cards and internet banking facilities.

Moreover, the bank offers a competitive interest rate on this savings account. This feature encourages account holders to develop the habit of saving funds and protects them from unnecessary penalties for maintaining a low account balance.

How to Open a Zero Balance Account in Union Bank?

The Union Bank zero balance online account opening process is simple and straightforward. Here are the steps guiding you to open a zero balance account with Union Bank online:

• To start with, visit the Union Bank of India’s official website.
• Navigate to the ‘Account & Deposit’ section and search for savings accounts with zero balance requirements. The bank offers various types of accounts to cater for the diverse needs of its customers. Select your preferred ‘Zero Balance’ account and click ‘Apply Now’.
• Then, complete your online application form carefully. It requires some basic details such as name, contact information, address, PAN card details, etc, along with uploading a few essential documents such as canned copies of your PAN card, address proof, photograph and Aadhaar. Once done, click on ‘Apply’.
• A bank representative may contact you to validate your details. Upon successfully submitting your application, you will receive a message or email. 
• Upon approval of the application, you will receive a welcome kit containing your ATM card, passbook, and other relevant information.

Union Bank of India Online Account Opening Zero Balance Account Rules

Let’s have a closer look at some of the general facts associated with the Union Bank Zero Balance Account:

• The rate of interest offered by the Union Bank zero balance account is quite basic and might be comparatively low.
• The rate of interest is computed on a monthly basis and is credited every quarter.
• The ATM card issued to this account is essential and carries no additional charges.
• Account holders can get a maximum transaction limit of Rs. 1 lakh per transaction.
• The POS limit is capped at Rs. 50,000 per day, and the cash withdrawals are limited to Rs. 25,000 per day.

Union Bank of India Online Account Opening Zero Balance Account Eligibility Criteria

Here are the eligibility requirements for opening a Union Bank Zero Balance Account:

• You must be an Indian citizen, NRI or represent a HUF
• Minimum age must be 18 years and above
• Please note that if you hold a Union Bank Zero Balance Account, you are not permitted to open another one.

Union Bank Zero Balance Account Documents Required

Listed below are the documents required for opening a Zero Balance Account in Union Bank:
Proof of Identity:

• Aadhaar card, Passport, Voter ID, Driving License, National Population Register Letter
• Recent passport-sized photograph
• PAN or Form No. 60

Address Proof:

• Utility bill (electricity, water, phone or gas, not older than 2 months)
• Property or municipal tax receipt
• Pension Payment Order (PPO) with address

For Non-Resident Indians (NRIs)

• Passport, proof of foreign residential address, residence visa
• Passport-sized photograph
• For foreign nationals, documents issued by the government or embassy for address proof.

For HUF Identity:

• Joint Hindu Family Letter (signed by all significant coparceners)
• Karta's declaration form
• For Karta & co-parceners:
  • Individual identity and address proof
  • Recent passport-sized photographs

Union Bank Zero Balance Account Withdrawal Limit per Day

The zero balance account has features similar to the Union Digital savings account; here is the withdrawal limit for your zero balance account:

• You can avail an ATM cash withdrawal limited to Rs. 25,000 per day
• The limit for POS for a day is Rs. 50,000
• Moreover, you will also be entitled to receive a classic debit card and monthly account statements sent via email.

Union Bank Zero Balance Account UPI Transaction Limit

The Union Bank Zero Balance allows its customers a UPI transaction limit of Rs. 1 lakh, according to NPCI (National Payments Corporation of India) guidelines. Account holders can set a personalized transaction limit by clicking on the 'Manage' option available on the home screen of the BHIM UPI. 

Then, click ‘Set Transfer Limit’ to set your desired transfer limit. Additionally, you can create or modify the UPI mandate under the ‘Other Activities’ option available on the home screen of BHIM UPI. 

In conclusion, opening a Union Bank zero balance online account is straightforward and user-friendly. Just follow the steps outlined above, provide the necessary documents, and adhere to the instructions to easily set up your Union Bank zero balance account. Union Bank offers accessible banking solutions to meet your financial needs. However, be aware that there may be some fees involved.

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