Union Bank charges list is an important document that provides insight into the fees associated with different personal banking services that they provide. Staying informed about the latest charges is important to avoid any unexpected penalties. Here’s the latest list of Union Bank service charges.
Bank charges encompass the fees levied by banks for the range of banking services they provide, including account maintenance, transactions, overdrafts, and more. These charges contribute to the bank’s operational expenses and infrastructure, enabling them to deliver high-quality banking services to its client base. The rate of charge may vary for each bank. Read through to learn about the Union Bank charges list.
Union Bank of India is one of the leading public sector banks in India. With a rich history spanning over a century, Union Bank of India has established itself as a prominent bank with an extensive reach. Its network comprises over 8,500 domestic branches, 10,800 ATMs, and 17,600 BC Points, catering to a vast customer base exceeding 155 million individuals. The bank offers a diverse range of financial services, striving to meet the varied needs of its customers.
Union Bank customers can avail themselves of a variety of banking services, subject to nominal fees for each category. The Union Bank charges list outlines the specific fees associated with different services. Union Bank service charges are revised periodically. They are charged under the following categories:
- Maintenance of Quarterly Average Balance – If the account balance falls below the required minimum amount in a quarter, charges are imposed.
- Internet Banking Payments (IMPS, RTGS, NEFT) – Charges are applicable for online fund transfer transactions.
- Cheque-Related Charges – Charges are applicable for ECS instructions, standing instructions, cheque return charges, and other cheque-related services.
- ATM cum Debit Card Charges – Charges are associated with using the ATM cum Debit Card.
- Miscellaneous Service Charges – Charges may apply for services like SMS alerts, anywhere banking, and other miscellaneous services.
While availing of Union Bank’s personal banking services, it’s crucial to be aware of the Union Bank service charges. This will help avoid unnecessary deductions from your Union Bank savings account. By understanding and using banking services wisely, one can minimise Union Bank service charges. Some helpful methods include:
- Choose the Right Bank Account – Union Bank of India offers various Savings accounts like for senior citizens, women, students, etc. Each comes with different features. Choose the bank type that matches your banking needs.
- Maintain the Minimum Balance – Ensure that your Union Bank account always maintains the required minimum balance for every quarter. Familiarise yourself with the specific minimum balance requirement for your account type.
- Use Additional Services Wisely – Exercise caution when opting for miscellaneous services like SMS alerts and anywhere banking. Subscribing to services you don’t use will lead to unnecessary charges.
- Prefer Union Bank ATMs – Whenever possible, use Union Bank ATMs for cash withdrawals and non-banking transactions. This helps avoid Union Bank charges associated with using other banks’ ATMs.
- Minimise Cash Handling – Cash withdrawals based on Average Quarterly Balance and cash deposits beyond the free transaction limit are charged. Prefer using online payment methods.
- Choose Locker Size Wisely – Union Bank locker charges depend on the size of the locker. Assess your locker requirements carefully to avoid paying for an unnecessarily larger locker and incurring extra charges.
Typically, Union Bank does not impose charges for opening a Savings Account. Account opening charges are not applicable; however, customers are required to make an initial deposit to activate the account and maintain a specific minimum balance to avoid penalties. One should be aware of the Union Bank minimum balance charge, Union Bank Debit Card annual charges, and Union Bank ATM charges for the smooth functioning of the account.
Debit-cum-ATM cards provide the advantage of easy cash withdrawals from Union Bank ATMs and other bank ATMs. However, cash withdrawal transactions initiated at other banks’ ATMs are chargeable. The charges are as under:
|Access to Union Bank ATM||5 free transactions (financial + non-financial) per month Beyond free transactions, applicable charges are: Financial Transaction Rs. 21/- + GST. Non-Financial Transaction Rs. 8/- + GST|
|Access to other bank’s ATM||3 free transactions (financial + non-financial) per month at Metro 5 free transactions (financial + non-financial) per month at other centres Beyond free transactions, applicable charges are: Financial Transaction Rs. 21/- + GST. Non-Financial Transaction Rs. 8/- + GST|
Union Bank offers safety lockers in different sizes. The Union Bank locker charges are charged on an annual basis. The Union Bank charges list is as follows:
|Amount in Rs., excluding GST|
|Loss of Locker Key||Actual expenses + service tax + SBC + KKC Subject to minimum of Rs.1150|
|Charges for Locker Operations – Free operations Subsequent operations||24 57 per operation|
Union Bank of India offers services for money transfers through Union Bank NEFT. The charges applicable are:
|Service||Particulars||Unit||Service Charge (Amount in Rs.)|
|NEFT – Inward||Nil||Nil|
|NEFT- Outward||Up to Rs. 10000||Per Transaction||3||3|
|Rs. 10,000 to Rs. 1,00,000||6||6|
|Rs. 1,00,000 to Rs. 2,00,000||17||17|
|Above Rs. 2,00,000||29||29|
Transfer of money through RTGS attracts Union Bank service charges. The Union Bank RTGS Charges in 2023 are:
|Service||Particulars||Unit||Service Charge (Amount in Rs.)|
|RTGS – Inward||Nil||Nil|
|RTGS – Outward Rs. 2,00,000 to Rs. 5,00,000 (as per time of entry in FINACLE)||8:00 to 11:00 hrs||Per Transaction||29||29|
|11:00 to 13:00 hrs||31||31|
|After 13:00 hrs||35||35|
|Rs. 5,00,000 and above (as per time of entry in FINACLE)||8:00 to 11:00 hrs||Per Transaction||58||58|
|11:00 to 13:00 hrs||60||60|
|After 13:00 hrs||63||63|
Union Bank IMPS transaction charge is levied on each transaction. It will depend upon the amount transferred via IMPS. The facility is available 24X7, 365 days a year. The charges applicable are:
|Up to Rs.1,00,000||Rs.5 + GST|
|Above Rs.1,00,000||Rs.15 + GST|
Union Bank Charges : FAQs
Union Bank of India allows 24 free locker operations per year. Subsequently, each operation is charged at Rs. 57 per operation.
Union Bank allows 5 free transactions per month from Union Bank ATMs and 3 free transactions from other banks’ ATMs. Subsequently, each financial transaction is charged at Rs. 21/- + GST, and non-financial transactions at Rs. 8/- + GST.
For IMPS transfers, up to Rs. 1,00,000 are charged at Rs. 5 + GST. For transactions above Rs.1,00,000, Union Bank IMPS charges are Rs. 15 + GST.
Cash Deposit up to Rs. 25,000 per day is free of charge. Cash deposited over Rs. 25,000 per day is charged at Rs.5 + GST per packet or a part thereof.
Union Bank locker charges are linked to the size of the locker. The annual rent for a small size locker – Size A, is Rs. 861 in rural/semi-urban branches. Rs. 1148 in urban branches and Rs. 1437 in metro branches.