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An entrepreneur, Rahul, opened a Union Bank savings account with a sum of ₹500 to maintain proper business finance management. While liquidity in the banking system remains a problem today, Union Bank has proved strong with 8% year-on-year growth in deposits. Maintaining an LCR of more than 137%, the bank guarantees that Rahul's money is safe and liquid whenever it is required.
There is more than just a place to save money when it comes to Union Bank savings accounts. Rahul can enjoy free access to his funds on a wholly owned network of branches, ATMs, and online banking facilities. He also enjoys free debit cards, check leaves, and accidental insurance, thereby making banking hassle-free and convenient.
The interest rates offered by Union Bank have made Rahul save more as his business expands. Increasing retail deposits and CASA at the bank ensures that more people like Rahul benefit from hassle-free and safe banking services.
Union Bank is continuing to give people a secure, efficient, and rewarding means of managing their money, leading entrepreneurs and individuals to financial success.
A savings account from Union Bank of India enables customers to save money and generate interest on deposits. This is a secure and convenient means of keeping money that helps it grow over time. Union Bank provides attractive interest rates and easy access to your funds whenever you require them.
The customer can also avail themselves of other net banking services for added convenience. Any account opened by every student is possible to be initiated with zero balance. It provides saving facilities for opening one to any type of organisation, society, club, etc. by the Union Bank of India, making it a very efficient and safe option for hassle-free banking with suitable interest rates.
As of December 2024, the interest rates for Union Bank of India savings accounts are as follows
Deposit Amount | Interest Rate |
Up to ₹50 lakh | 2.75% |
More than ₹50 lakh to ₹100 crore | 2.90% |
Here's the information about the benefits of a Union Bank Savings account in a table format
Benefit | Explanation |
Interest | Customers earn interest on their deposited money, helping their savings grow over time. |
Safety | Union Bank ensures that customers' funds are protected from fraud and errors, providing peace of mind that their money is secure. |
Government Saving Schemes - Interest Rates (p.a.) till 31.12.2024
Type of Account | Rate of Interest (p.a.) |
Senior Citizens Savings Scheme (SCSS) | 8.20% |
Public Provident Fund Scheme (PPF) | 7.10% |
This account is like both a savings and a fixed deposit. With the Union Bank of India Savings Flexi Deposit Account, you can save a minimum amount of ₹50,000, and any surplus balance above this will be auto-transferred to a Flexi Deposit in multiples of ₹10,000. And once it falls below the threshold limit of ₹50,000, then funds get moved back from the deposit.
The account provides free NEFT/RTGS, chequebooks, internet banking, and a Union Bank debit card. Interest rates range from 4% for savings to 8-9% for fixed deposits.
The Union Super Salary Account is a salary account for salaried employees who receive their pay cheque regularly. Certain benefits for such accounts include no minimum balance requirement, free salary credits, and free ATM usage. Additionally, overdrafts up to 90% of salary, personal chequebooks, and insurance in some cases can be provided. Internet banking and a debit card are also available.
Read More – Union Bank Net Banking
To form a USSA, one must have at least 15 staff and an overall salary payable of ₹1.5 lakh rupees or more. It is also essential to have identification proof, residence proof, and proof of salary.
Union Bank of India Savings Bank Account for Students, also known as SBZER, saves money and teaches good habits for the student. Accounts can be opened for students aged 10 to 25 years; with parental consent, for students less than 10 years old.
The free debit card has daily ATM withdrawal limits, free personal accident insurance of ₹2 lakh, ten free withdrawals per half-year, no overdraft or monthly fees, and a minimum balance that is lower. Some service charges for the account holder are also waived off.
There are a number of benefits in a Savings Bank Account for Pensioners from Union Bank of India, which is only available for pensioners. This has no minimum balance requirement, with free debit cards. The pensioner gets personal accident insurance as well as free SMS banking.
Five free transactions are allowed by the pensioners in a month, and they are also allowed cash withdrawals at ATMs through the use of the debit card. To open the account, pensioners have to provide a PAN card, Aadhaar card, mobile number, and other necessary KYC documents.
Union Muskaan is a savings account for minors, which Union Bank of India provides. It includes the following facilities: free platinum debit card for parents or guardians, insurance for the child in case of the death of the parent, and investment opportunities such as Sukanya Samriddhi, recurring deposits, and SIPs.
The account also offers preferential education loans and free services like chequebooks, SMS banking, and five free ATM transactions. A minimum balance of ₹1,000 should be maintained quarterly; otherwise, a fee will be charged. An account can only be opened with the help of a parent or guardian.
The Basic Savings Bank Deposit Account is one from the Union Bank of India wherein the minimum balance is not required to be maintained. It offers a free RuPay debit card, four free withdrawals in a month, as well as free deposits and withdrawals. A passbook is also free, and there is no penalty for non-operation, and the rate of interest is the same as other savings accounts for its customers.
Electronic payments (NEFT/RTGS) and cheque collections are free. It is available for individuals only and not for institutions, organisations, or NRIs.
Union Bank of India offers a Capital Gain SB Account called SBCAP. This will enable taxpayers to save their capital gains and also be exempted from capital gains tax. It will be considered qualified only if the capital gains are deposited before the income tax return filing due date.
It also offers a nomination facility, no charges or liens on the balance, and deposits from savings or term deposit accounts. It is offered only to those who pay taxes, and NRI funds are not offered.
Account from Union Bank of India. The MACT Claims SB account will help customers draw MACT compensation. No minimum balance is required to open or maintain the account. The account can be withdrawn either in the branch or at a branch by biometric authentication.
The account can be nominated to any other person and earns interest like an ordinary savings account. A transfer of an account is not permitted. Anyone can open this account, including minors, with a guardian managing the account for them.
Union Bank of India provides a savings account such as the Union Digital Savings Account. All branches are allowed to have this account, and it can be opened online via the bank's website or U-Mobile app. This account comes equipped with a free classic debit card with ₹25,000
ATM withdrawal limit and a ₹50,000 point-of-sale daily limit. While chequebook charges operate as in regular savings accounts, there are no charges imposed for being inactive. It is also available to all Indian residents.
Here’s the information about the required minimum balance for a Union Bank savings account in a table format
Quarterly Average Balance (QAB) | Rural | Semi-Urban | Urban | Metro |
With Cheque Book | ₹250 |
What is the Maximum Balance for a Union Bank Savings Account?
Here’s the information about the maximum balance for a Union Bank Savings account in a table format
Account Type | Balance Limit | Explanation |
Union Bank Basic Savings Bank Deposit | ₹50,000 | If the balance exceeds ₹50,000, the account will be deactivated. To reactivate, KYC documents are needed. |
Union Digital Savings Account |
Here’s the information in a table format
Account Type | Shortfall Range | Penalty Amount | Explanation |
With Cheque Book | Up to ₹250 |
Up to ₹350
₹22
Penalty for a shortfall of up to ₹350 in the AQB.
₹251 – ₹500
₹43
Penalty for a shortfall between ₹251 and ₹500 in the AQB.
More than ₹100 crore to ₹500 crore
3.10% |
More than ₹500 crore to ₹1,000 crore | 3.40% |
Accessibility
Customers can access their funds easily through ATMs, bank branches, online banking, and mobile banking, offering flexibility to manage money anytime, anywhere. |
Convenience | Customers can pay bills, transfer money, and shop online hassle-free from home or on the go, making banking more convenient. |
Reward Points | Debit cardholders earn reward points on purchases, which can be redeemed for various rewards, making every transaction more rewarding. |
Free Services | Customers may receive a free debit card and chequebook leaves, saving on account management costs and providing easy access to banking services. |
Ease of Opening | Opening a savings account is simple and quick, with the option to apply online or via tablet, making it easy for new customers to get started. |
Joint Accounts | Union Bank allows customers to open joint savings accounts, making it easier for families or partners to manage shared finances. |
Student Accounts | Students can open a savings account with no minimum balance requirement, making it easy for students to start saving without the pressure of maintaining a minimum balance. |
Kisan Vikas Patra (KVP)
7.50% (Maturity in 115 months) |
Sukanya Samridhi Account (SSA) | 8.20% |
Mahila Samman Savings Certificate (MSSC) | 7.50% |
₹500 |
₹1,000 |
₹1,000 |
Without a Chequebook | ₹100 | ₹250 | ₹500 | ₹500 |
No limit |
There is no minimum balance requirement for this account. |
Union Muskaan Savings Account | ₹1,000 (Quarterly Average Balance) | This account is for minors and requires maintaining a quarterly average balance of ₹1,000. |
Penalty for a shortfall of up to ₹250 in the AQB. |
₹251 – ₹500 | ₹58 | Penalty for a shortfall between ₹251 and ₹500 in the AQB. |
₹501 – ₹1,000 | ₹115 | Penalty for a shortfall between ₹501 and ₹1,000 in the AQB. |
Without a Chequebook |
*T&C Apply
Pensioners
Any shortfall |
No penalty |
Pensioners are exempt from penalties for not maintaining the AQB. |
General Note
-
-
Banks may deny interest or close accounts if the AQB is not maintained.
Note: AQB stands for Average Quarterly Balance.
Here’s a table for Union Bank of India’s savings account charges
Service/Transaction | Fee/Details | Explanation |
NEFT/RTGS (Outward transactions) | Charges apply | Fees for sending money through NEFT or RTGS. |
Electronic Clearing | ₹4 per transaction | Charge for processing electronic payments. |
Chequebook | First 40 leaves free; ₹4 per leaf after that | The first 40 cheque leaves are free, then a charge of ₹4 per leaf applies. |
Account Activation | Free | No charge for opening or activating your account. |
Statement of Accounts | Free | No charge for getting your account statement. |
Duplicate Statement/Passbook | ₹62 per folio | Charge for duplicate statements or passbooks. |
Customer-Induced Debit Entries | First 60 entries free; ₹17 per entry after that | The first 60 debit entries per quarter are free; then a charge of ₹17 per entry applies. |
SMS Banking | ₹15 per quarter | Charge for receiving SMS updates about your account. |
Standing Instructions | ₹58 one-time charge | One-time fee for setting up automatic payments (standing instructions). |
Inoperative Account | Charges apply if minimum balance is not maintained | Fees if the account becomes inactive due to a low balance. |
Account Closure | Charges apply if closed within 12 months | Fees apply if you close the account within the first 12 months. |
Cash Deposit | Charges apply for deposits above a certain amount | Fees for depositing large amounts of cash into your account. |
Cash Withdrawal | Charges apply for withdrawals above a certain amount | Fees for withdrawing large amounts of cash from your account. |
Here’s the table showing the transaction limits for Union Bank of India savings accounts
Account Type | ATM Cash Withdrawal Limit (per day) | POS Limit (per day) |
Basic Savings Account | ₹25,000 | ₹50,000 |
Flexi Savings Account | ₹75,000 | ₹1.5 Lakhs |
Savings Bank Account for Pensioners | ₹25,000 | ₹50,000 |
Savings Bank Account for Students | ₹25,000 | ₹50,000 |
Note: You can also personalize your transaction limits through internet banking.
Required Documents to Open a Savings Account in Union Bank
Here are some tips on how to open a savings account at Union Bank of India:
Collect your documents: You would need to present the following documents, such as Aadhaar card, PAN card, and a recent photograph for identity and address proof.
Choose an account type: Determine which type of account you want to open—an individual account or a joint account.
Compare your options: Look at interest rates, fees, and minimum balance requirements.
Also Read - Union Bank Zero Balance Account
Apply online or in person: You can apply either on or through the website or to one of the bank's branches.
Fill out the application: Make sure that all the information provided is the same as the one in your documents.
Submit your application: Then, you shall submit your application, with copies of which you submit with them.
Wait for verification: Your application will be verified before opening up your account.
Union Bank of India offers a wide range of savings account schemes in every segment, whether the customer be an entrepreneur, a student, a pensioner, or even a minor. With attractive interest rates, free debit cards, online banking access, and very flexible withdrawal limits, managing your money has never been easier.
The bank guarantees the safety of your money by having a very strong liquidity position and a high LCR. It is trustworthy. The convenience of customers ranges from easy account opening to hassle-free services, allowing you to save more and manage finances with ease. Whether it's for savings in the future or managing daily expenses, Union Bank has the right solution for the banking needs of people.
Q1: Can I use my savings account to pay for things online?
Yes, you can. If the bank allows it, you can spend money from your savings account by taking cash out at an ATM, transferring funds into your checking account so that you can spend it, getting a cashier's check or making an actual direct online payment if the bank offers such a feature.
Q2: Can I conduct daily transactions using a savings account?
While savings accounts permit daily transactions, most banks put a limit on the number of monthly transactions that do not attract fees. The maximum free transactions per month are typically between 3 to 5 depending on the policies of the bank.
Q3: Can my savings account be shifted into a current account?
According to RBI guidelines, you cannot convert your savings account into a current account or vice versa. If you are initiating a business venture, then you would need a current account for running the business and a separate savings account for the same to deposit the money to earn interest over it.
