The Union Muskaan savings account is a versatile banking option introduced by Union Bank of India to encourage financial literacy among minor children from a young age. Through simple features and benefits, it aims to teach good savings habits in kids and impart first lessons on responsible use of bank accounts and services under the guidance of their parents or guardians.
Union Bank Account for Minors
Union Bank offers savings accounts exclusively for minor children, known as the Union Muskaan account. Parents can start saving and planning for their child’s future early.
Bank Category Minimum Balance Interest Rate Card Offered
Union Bank Muskaan Account Rs. 1000 As per bank rate Debit card for parent/guardian
Some key features of the Union Muskaan account include the following:
- It can be opened for miners of any age with a parent as guardian.
- Free debit cards are issued to parents for cash access and purchases.
- Five free transactions at Union ATMs and three at other bank ATMs.
- Life insurance cover of Rs. 2 lakhs with debit card.
- Concessional education loans and fee payment options.
- The child gets insured for RD amount in case of parents’ demise.
- Free account services like chequebook, SMS banking, etc.
How to Open Union Bank Minor Account Online?
Opening a savings account for your child online with Union Bank is a simple process. The parent or guardian can open the Union Muskaan account through the Bank’s website or mobile app. The steps are:
- Visit the Union Bank website or app and select the ‘apply online’ option.
- Choose ‘Muskaan account’ and enter the minor’s details.
- Fill in the guardian’s details and submit the required documents.
- Verify all details online and apply digitally.
- The account will be opened within three days, and a debit card will be dispatched.
- Login credentials were sent to the registered mobile for account access.
How do you pen a Union Bank Minor Account Offline?
Opening a minor account with Union Bank is wider than the online mode alone. Parents can visit the nearest bank branch and manually open a Union Muskaan account for their child. The steps are:
- Visit the branch with the minor and guardian’s photograph and proof of ID.
- Collect the account opening form and fill in the details.
- Submit the required KYC documents of the minor and guardian.
- Provide signature/thumbprint as per the age of the minor.
- Staff will verify documents and process the application.
- Within two working days, the account will be activated.
- Debit card delivered by post within a week.
Types of Union Bank Savings Account
Union Bank offers different types of savings accounts catering to various customer needs. Some popular account types are:
- Basic Savings Account: No minimum balance, affordable for all.
- Salary Savings Account: Attractive benefits for salaried individuals.
- Muskaan Minors Account: Savings account for children under guardian.
- Nari Shakti Account: Special account for empowering women.
- GST Suvidha Account: Benefits for GST-registered businessmen.
- Union Mitra Account: Savings account for senior citizens.
Services With Union Bank Savings Account For Minors
The Union Muskaan savings account offers various valuable services for grooming children with responsible banking habits. Some essential services include:
- ATM-cum-debit card for easy cash access and purchases.
- Personal accident cover of Rs. 2 lakh on parent’s death.
- Fixed deposit insurance on guardian’s unfortunate demise.
- Concession in education loan interest rates.
- Free fund transfer for school fee payment.
- Access to investments like RD and Sukanya Samridhi.
- Options to start recurring investments via standing instructions.
- View-only facility on mobile/internet banking.
Fees and charges
The Union Muskaan account offers fee-friendly services for children. Some key charges include:
- There is no charge for opening or closing the account within 14 days or after one year.
- The minimum quarterly average balance is Rs. 1000, only to be maintained.
- The first debit card is issued free, with annual maintenance as per bank rates.
- Unlimited free transactions at own ATMs, 3-5 transactions at other bank ATMs.
- One free fund transfer per month for school fee payment.
- Nominal charges apply for additional value-added services like SMS alerts.
The Bank ensures that the essential banking needs of minor account holders are fulfilled at nominal costs. Parents need not worry about heavy charges while grooming their children on financial management basics through this convenient savings account.
Documents Required
Opening a Union Muskaan account is a simple process. The basic documents one needs to submit include:
- Minor’s photo and valid ID proof like birth certificate and passport.
- Guardian’s photo ID and address proof for KYC requirements.
- Signed account opening form by a guardian.
- Specimen signature of guardian.
Transaction limit of Union Bank Minor Account
The Union Muskaan account comes with suitable transaction limits for children’s routine banking needs.
- Cash withdrawal up to Rs. 5,000/- per day from ATMs.
- Point of Sale transactions like buying things capped at Rs. 25,000/- daily.
- Five free monthly withdrawals from the Bank’s ATMs for financial and non-financial transactions.
- 3-5 free withdrawals from other bank ATMs, depending on location.
Union Bank Minor Account opening application form pdf
To open a Union Bank minor savings account known as ‘Union Muskaan’, parents must fill out the account opening form available on the Bank’s website. The process is simple, and the form is easy to fill. One just needs to download the form https://www.unionbankofindia.co.in/pdf/aofeng.pdf and submit it to the nearby Union Bank branch along with required documents like address proof and identity proof of parent and minor child. The bank officials will process further and open the savings account within a few working days.
Eligibility Criteria for Union Bank Minor account
To open a Union Bank minor savings account called ‘Union Muskaan’. Eligibility Criteria for Union Bank Minor account:
- The child must be a minor of any age under their parent’s or legal guardian’s guardianship.
- The applicant’s child and parent/guardian both should be citizens of India.
- Operation of the ‘Union Muskaan’ minor savings account is done only by the parent/legal guardian on behalf of the minor child.
- All eligibility criteria are as per the guidelines issued by the Bank and are subject to change from time to time.
Final Word
In conclusion, the Union Muskaan minor savings account addresses the banking needs of children with user-friendly services offered at nominal costs. With convenient access to investments, debit cards, accident cover and more, it empowers parents to nurture kids’ financial acumen right from the start. The account serves as a stepping stone for imbibing prudent money management practices in the future bankers of tomorrow.
FAQs
Yes, Union Bank offers a ‘Union Muskaan’ savings account for minor children, which can be opened and operated by their parent/legal guardian on their behalf.
No, the Union Bank minor account doesn’t require any minimum balance to be maintained. The account can be opened and maintained without any obligatory minimum balance amount.
In 2020, Andhra Bank and Corporation Bank were amalgamated with Union Bank of India to increase its branch network and improve services.
The current Managing Director & CEO of Union Bank is Ms. A. Manimekhalai. She has been leading the Bank since November 2021.
Union Bank of India was established in 1919 and is headquartered in Mumbai. It was promoted by eminent banker and industrialist Seth Sitaram Poddar from Kolkata.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
