Union Bank of India, or commonly known as Union Bank, offers various types of savings accounts for minors, students, pensioners and high-net worth individuals to cater to their specific needs. There are specific accounts as well for those who do not wish to maintain a minimum balance, i.e. who prefer zero balance Union Bank savings account.
All these accounts come with the below-mentioned Union Bank savings account interest rates:
Union Bank Savings Account Interest Rate, 2023
| Balance | Rate of Interest (p.a.) |
| Up to Rs 50 lakhs | 2.75% |
| Above Rs 50 lakhs to Rs 100 crores | 2.90% |
Disclaimer: The above-mentioned Union Bank of India savings account interest rates are effective from 16th June 2022 and are subject to change. For interest rates on higher bank balance, please visit the bank official website.
How to Open Union Bank Savings Account Online?
To open a savings account in the Union Bank of India, you must follow the instructions given here:
Step 1: Go to Union Bank official website here: https://www.unionbankofindia.co.in/english/saving-account.aspx
Step 2: Click on ‘Apply Now’.
Step 3: Collect the documents mentioned in the pop-up box.
You’ll be redirected to the Online Account Opening webpage.
Step 4: Click on ‘Savings Account’ and provide your Aadhaar Card (mandatory).
Step 5: Provide all the details asked in the online savings account opening form such as your personal details, address details and nominee details.
Step 6: Here, you need to upload the scanned images of the documents required to support your online application.
Follow the steps as they appear on your device’s screen to complete the Union Bank savings account online account opening application.
Documents Required to Open a Union Bank Savings Account
The following documents are needed when opening a savings account in the Union Bank of India:
- Aadhaar Card (mandatory for online application)
- Mobile linked to Aadhaar
- PAN Card
- Recent photograph
- ID Proof (Aadhaar, PAN Card, Driver’s License etc.)
- Address Proof (Passport, Aadhaar, Voter’s Card etc.)
(scanned images required in case of online application – size 20 KB to 100 KB)
Types of Union Bank of India Savings Accounts
The following are the different types of savings account that are offered by the Union Bank of India to cater to its large customer-base:
Union Savings Bank Account (SBGEN)
- Individuals, HUFs, Clubs, Associations, Committees, Societies, Schools, Trusts, Executors, Administrators etc. can open this account
- Quarterly average balance:
- With Cheque Book Facility
- Rs 250/ Rs 500/ Rs 1000
- Without Cheque Book Facility
- Rs 100/ Rs 250/ Rs 500
- With Cheque Book Facility
- Union Bank Classic Debit card offered – free of issuance charges & AMC*
- ATM cash withdrawal limit – Rs 25,000 per day
- POS limit – Rs 50,000 per day
- Free Personal Accident Insurance (Death) cover of Rs 2 lakhs (with debit card)
*Annual Maintenance Charges
Union Muskaan Savings Bank Account for Minors
- Minor (below 18 years) of any age under custody of parent/guardian may open this account
- To be operated by parent/guardian
- Quarterly average balance – Rs 1,000
- Union Bank Platinum debit card issued free of issuance charges & AMC
- ATM cash withdrawal limit – Rs 5,000 per day
- POS limit – Rs 25,000 per day
- Mobile & Internet Banking – with viewing rights only
Union Savings Bank Account for Pensioners
- Individual pensioner drawing regular pension may open this savings account
- No minimum balance required to maintain
- Union Bank of India Classic debit card issued (free of issuance charges and AMC)
- ATM cash withdrawal limit – Rs 25,000 per day
- POS limit – Rs 50,000 per day
- Union Bank SMS Banking – free of charges
Union Savings Bank Account for Students (SBZER)
- Students between 11 – 25 years pursuing regular courses may open this savings account
- Union Bank Classic debit card issued free of charges
- ATM cash withdrawal limit – Rs 25,000 per day
- POS limit – Rs 50,000 per day
- Cheque Book NOT provided
- Passbook NOT provided
Union Bank SBHNI – for High Net Worth Individuals
- Quarterly average balance – Rs 10 lakhs
- Union Bank RuPay Select or VISA Signature – complementary
- ATM cash withdrawal limit – Rs 1 lakh per day
- POS limit – Rs 3 lakhs per day
- Free Personal Accident cover – Up to Rs 50 lakhs
- Free Air Accident Insurance Cover – Rs 100 lakhs
- Add-on debit card to spouse
- Zero charges on opening DEMAT account
Union Basic Saving Bank Deposits Account-Small Accounts(BSBDS) and Union Basic Saving Bank Deposits Account (BSBDA) are the basic accounts that are offered to those who do not have proper documentation and also do not have any bank account in any bank whatsoever.
Apart from these, Union Bank also offers salary account under the name of Union Super Salary Account.
How to Transfer Funds Online via Union Bank of India Savings Account
To transfer money from your Union Bank of India savings account online, follow these steps:
- Log into your Union Bank netbanking account
- Find the Payments & Transfers option and click on it
- Add Beneficiary
- Select the mode (NEFT, RTGS, IMPS)
- Enter details (your account, beneficiary account, amount and remarks)
- Generate OTP to validate
- Submit to complete the process
Other options to transfer funds include via cheque and demand draft. Please check the Union Bank timings before heading to your branch for deposit of these cheques and/or DDs.
Union Bank of India Customer Care Number
The following are the various customer care numbers via which you can contact the Union Bank customer support:
- 1800 222 243 / 1800 425 15 15
- 1800 208 2244 / 1800 22 22 44
Union Bank Savings Account: FAQs
For bank balance up to Rs 50 lakhs, you will be 2.75% of interest on your Union Bank savings account.
Interest is credited on quarterly basis in all the Union Bank of India savings accounts.
Yes. If you’re opening the Union Bank of India savings account online, you will be mandatorily required to submit your Aadhaar card linked to your PAN and mobile number. If going offline, the compulsory clause is not applicable.
