Author
LoansJagat Team
Read Time
12 Min
28 Mar 2025
A retired school teacher, Sharma Ji, recently shared how the Union Bank Zero Balance Account helps him save his finances and manage his banking activities effortlessly. Sharma Ji found the Union Bank Zero Balance Account a perfect fit for both retired and non-retired people with fixed pensions.
He said that the Union Bank Zero balance Account handles household expenses and many other things. Here’s how it has benefited him:
“When I open the Union Bank Zero Balance Account, I feel comfortable with my bank activity, and my mind is at peace because it’s a hassle-free banking solution that doesn’t require me to maintain a minimum balance, which is a big relief for me and my family who lives on a fixed income. The account provides several benefits that make my day more convenient and cost-effective.”
Sharma Ji, explain how the Union Bank Zero Balance Account is beneficial for him:
Sharma Ji’s Total Savings and Benefits: Almost ₹2,400+ per year!
This article provides you with full information about the Union Bank Zero Balance Account according to current offers. The Union Bank allows customers to open an account at zero cost. Here is the information:
Union Bank offers a Basic Savings Bank Deposit Account (BSBDA), which allows customers to open an account with zero balance with an easy banking experience for students, low-income earners, and individuals.
These accounts are for customers who want a system where they can access the basic savings feature without unnecessary charges. Here are the benefits and characteristics explained in detail below.
2. Pradhan Mantri Jan Dhan Yojana (PMJDY) - Union Bank
The Government of India established the Pradhan Mantri Jan Dhan Yojana (PMJDY), which allows you to maintain your household access with remarkable banking services. It is the primary financial inclusion scheme to give you a zero-balance account. Here are the features according to the PMJDY account:
Step 1: Visit the nearest Union branch. You can find your nearest Union branch with the help of their Branch Locator.
Step 2: To initiate the application process, you request a zero balance account opening application from Union branches.
Step 3: Fill in the required details and attach the necessary documents, like address proof and income proof (if income proof is required).
Step 4: After completing your form, submit it to the bank representative.
Step 5: Wait for 24 hours to 48 hours.
Step 6: When Union Bank verifies your documents, the bank will open your zero-balance account.
Step 1: Visit the official website of Union Bank and move your cursor to the “Accounts and Deposits” section.
Step 2: Select the “Saving Account” option.
Step 3: You will see all Union Bank Zero Balance accounts. Select one of your needs, then click here for the direct link.
Step 4: Fill in the required personal and financial details.
Step 5: Upload necessary documents (PAN card, Aadhaar, income proof, address proof).
Step 6: Apply and await approval (online applications take 2-3 working days).
Here’s a detailed table outlining the fees associated with the Union Bank Zero Balance Account (Basic Savings Bank Deposit Account - BSBDA) as per Union Bank of India's information.
Service | Charges | Remarks |
Account Opening Fee | Free | No charges for opening a zero-balance account. |
Minimum Balance Requirement | Zero Balance | No need to maintain a minimum balance. |
ATM Card Issuance Fee | Free | A free RuPay debit card is provided with the account. |
Annual Debit Card Fee | Free | No annual maintenance charges for the debit card. |
Cash Deposit Charges | Free at Home Branch Charges apply at Non-Home Branches | Cash deposits at non-home branches may attract nominal fees. |
Cash Withdrawal Charges | Free at Union Bank ATMs Charges apply at Other Bank ATMs | Free unlimited withdrawals at Union Bank ATMs. Charges apply after free limits at other bank ATMs. |
Passbook Issuance | Free | A Free passbook is provided at the time of account opening. |
Mobile & Internet Banking | Free | No charges for mobile and Internet banking services. |
SMS Alerts | Free | Free SMS alerts for transactions. |
Cheque Book Issuance | Charges Apply | Charges may apply for checkbook issuance (not typically required for zero-balance accounts). |
Fund Transfers (NEFT/RTGS) | ₹3 to ₹63 (charges can be applied according to funds) | Charges may apply for NEFT/RTGS transactions as per RBI guidelines. |
Account Closure Charges | Free within 14 Days. Charges Apply after 14 Days | No charges if the account is closed within 14 days of opening. |
Union Bank provides its customers with a zero-balance account. This table outlines the interest rate according to RBI Guidelines and bank policies.
Balance Slab | Interest Rate | Remarks |
Up to ₹1 Lakh | 2.75% | Interest is calculated on the daily closing balance and credited quarterly. |
Above ₹1 Lakh to ₹10 Lakh | 2.75% | The same interest rate applies to balances above ₹1 lakh up to ₹10 lakh. |
Above ₹10 Lakh to ₹50 Lakh | 2.75% | Higher balances also earn the same interest rate. |
Above ₹50 Lakh to ₹100 Crore | 2.90% | Interest rates remain consistent for large balances. |
Key Points to Note:
Union Bank of India requires this specific table to explain the full eligibility requirements for setting up a Zero Balance Account (Basic Savings Bank Deposit Account - BSBDA).
Criteria | Details |
Account Type | Basic Savings Bank Deposit Account (BSBDA) or Pradhan Mantri Jan Dhan Yojana (PMJDY) |
Age Requirement | Individuals: 18 years and above. Minors: Accounts can be opened in the name of minors (below 18 years) with a guardian. |
Residential Status | Resident Individuals: Indian citizens residing in India. Non-Resident Indians (NRIs): Not eligible for zero balance accounts. |
Income Group | Open to all income groups, including low-income individuals and students. |
KYC Documents | Identity Proof: Aadhaar card, PAN card, Voter ID, Passport, or Driving License. Address Proof: Aadhaar card, utility bill, rental agreement, or Passport. Photograph: Passport-sized photograph. Signature Proof: Required for account opening. |
Number of Accounts | Only one zero balance account per individual across all banks (as per RBI guidelines). |
Special Categories | Students can open a zero-balance account with a valid student ID. Senior Citizens: Eligible for zero balance accounts with additional benefits. Low-Income Groups: Priority is given under the PMJDY scheme. |
Joint Account | Joint accounts are allowed, but only the primary account holder can avail of zero balance benefits. |
Key Points to Note:
This table provides you with details of the required documents for the Union Bank Zero Balance Account:
Document Type | Valid Documents |
Identity Proof | Aadhaar card PAN card Voter ID Passport Driving License |
Address Proof | Aadhaar card Utility bill (electricity, water, or gas bill) Rental agreement Passport Bank account statement with address |
Photograph | Passport-sized photograph (recent and clear) |
Signature Proof | Signature on a blank paper (to be attested by the bank official) |
Additional Documents | For Minors: Birth certificate and guardian’s KYC documents. For PMJDY Accounts: An Aadhaar card is mandatory. |
Here’s a concise table with Union Bank Zero Balance Account Helpline details for quick reference:
Contact Method | Details |
Toll-Free Number | 1800 2222 44 |
Email | www.unionbankofindia.co.in |
Website | www.unionbankofindia.co.in |
Branch Locator | Branch Locator |
Here’s a concise table outlining the Union Bank Zero Balance Account Welcome Kit details:
Item | Details |
Debit Card | Free RuPay debit card for cash withdrawals and purchases. |
Passbook | Free passbook to track transactions. |
ATM PIN | ATM PIN is provided separately for security. |
Internet Banking | Login credentials for Internet banking. |
Mobile Banking | Instructions and credentials for mobile banking. |
Welcome Letter | Contains account details, terms, and conditions. |
Customers who need a Zero Balance Account service without any charges or deposits can choose the Union Bank Zero Balance Account. This account suits students, low-income households, and senior citizens because it does not require maintaining a balance. Union Bank Zero Balance Account provides a free Rupay debit card, mobile and internet banking services, a passbook, and a free account.
Through this account, people can earn savings interest and benefit from the PMJDY scheme's features, which include accidental insurance protection and the ability to obtain overdraft funds. The Union Bank zero balance account is a dependable choice for financial management because it provides secure and effective options for basic savings and financial inclusion.
1. Does Union Bank offer a Zero-Balance Account?
Yes, you can open a zero-balance account with the Union Bank of India without worrying about maintaining a minimum balance throughout the year.
2. What is the minimum balance requirement for a Union Bank account?
As the name suggests, opening a zero-balance account does not require maintaining a minimum balance.
3. Union Bank Zero Balance Account Maximum Limit?
You can make ATM cash withdrawals, which are limited to Rs. 25,000 per day, and the limit for POS withdrawals for a day is Rs. 50,000.
Other Zero Balance Accounts | |||
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LoansJagat Team
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