Union Bank Savings Account Review| North Loop Official Blog
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10 Sep 2020

Union Bank Savings Account Review

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Union Bank Background and Overview -

Union bank is one of the leading public sector banks in India and is the first to have implemented a complete core banking solution. Today, it has over 120 million loyal customers and is a popular bank in the Indian subcontinent. Along with around 9500+ domestic branches, it also has four branches overseas in Dubai, Hong Kong, Sydney and Antwerp and a representative office in UAE.

After its amalgamation with Corporation Bank and Andhra Bank from 1 April 2020, it has become the fourth largest bank in terms of branch network in India. Union Bank offers a diverse range of banking services and products through its various channels.

Let us take a look at some of the different Union bank savings account products and their primary features –

Basic Savings Bank Deposit Account – This account offers services like deposition and withdrawal of cash from Union Bank’s branches and ATM’s, electronic transaction of funds and collection of a cheque drawn by central or state government agencies. It allows a maximum of 4 cash withdrawals per month including those from ATMs. The minimum balance requirement for this Union bank account opening is nil.

Regular Savings Account – You get an ATM-cum-debit card with this account which is free of charge along with accidental insurance cover. Facilities of internet banking, mobile banking and nomination are also available with this account. The minimum balance requirement for this Union bank account opening is Rs.1000 for metro cities, Rs.500 for semi-urban areas and Rs.100 for rural areas.

Union Flexi Savings Deposit Account – The minimum balance requirement for this Union bank account opening is Rs.50,000. It also offers a sweep-in facility that means if the balance in this savings account exceeds the minimum requirement at any point, it gets swept into a fixed deposit account to earn higher interest ratess. This savings bank account also provides five free cheque books in a year and facility of NEFT as well as RTGS.

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Union bank savings account interest rates –

All the different types of Union Bank savings account to earn an interest rate of 4% per annum. The interest is calculated daily at the end of the day balance and paid every quarter.

You can avail a considerably higher interest rate (6%) on your savings bank account with additional benefits and added convenience by opting for a digital banking service provider like North Loop. It also provides several other benefits like easy online application, quick sign-up facility, 24*7 customer services, professional financial advisor and option of other financial services like home loans, insurance, personal loans, education loans etc. You can read more about the features and benefits offered by North Loop by clicking here.

Eligibility criteria –

Basic Savings Bank Deposit Account – This Union bank account opening can be done either singly or jointly if you are a resident individual. Clubs, associations, societies, trusts and agencies approved by the RBI are also eligible to open this account.

Regular Savings Account – This account can also get opened by resident individuals or institutions mentioned above.

Union Flexi Savings Deposit Account – You can open this account as a resident individual or an NRI.

Documents required –

For Individuals -
  • Proof of identity
  • Proof of address

For Non-Resident Indians –
  • Copy of Passport & Resident Visa
  • Proof of foreign residence
  • Passport-sized photographs

For Proprietary Concern –
  • Certificate of Registration
  • Sales Tax Returns
  • Income Tax Returns

For Trusts & Foundations –
  • Trust Deed or Certificate of Registration
  • List of Trustees
  • Settlers Declaration
  • Power of Attorney

For Societies, Associations, Clubs and Other Organizations –
  • Registration Certificate
  • Proof of identity of members of the Managing Committee
  • Proof of address of members of the Managing Committee
  • Passport-sized members of all members

The list of documents required for Union bank account opening is formidable. You can steer clear from the hassle of arranging so many documents by opting for a savings account with North Loop. Not only is the offered interest rate higher, but the documents required to open the account is also minimal.

The application process for Union Bank Savings Account –

Union Bank online account opening is not exclusively online or as convenient as that of most other banks because it usually involves the need to visit a physical bank branch. However, if you choose to go for Union Bank of India account opening online, you can do so by visiting their website, filling in your details and selecting your available identity and address proof. You can then select the bank branch of your choice to visit it later with the requisite documents. Since the Union Bank of India online account opening involves physically visiting a bank branch, it can often get highly inconvenient and troublesome. Similarly, if you opt for the “Union Selfie” method of Union bank online account opening and download its App, you still have to visit the bank branch for your account to be activated. Another method for a Union Bank of India account opening is by calling on its customer care number to request a bank officer to visit your house and help initiate the application process. Although this process seems easier, the customer care number can rarely be contacted and more often than not, is inactive. Union Bank of India online account opening options definitely feel medieval in the current era of digital banking. If you want to avoid this confusing application process, you can simply open a high-interest savings account with a 100% digital banking platform like North Loop.

To sign up, click here.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.