Union Bank Savings Account Interest Rate – 2024

Union Bank of India provides various types of accounts to individuals, and among them, its savings account is the most sought-after option. By opening a savings account with Union Bank, you can park your idle funds and earn attractive interest rates. 

The Union Bank savings account stands out as a preferred choice for investors due to its high liquidity, easy access, and flexible withdrawal or deposit limits. Keep reading to learn more about Union Bank savings account interest rates and other particulars in detail. 

Latest Union Bank Savings Account Interest Rates 2024

Here is a table showing the latest Union Bank savings account interest rates for the financial year 2024:

Union Bank Savings Account Minimum Balance Required

After learning the different Union Bank savings account interest rates, let us explore the minimum balance requirements for various types of Union Bank savings accounts.

Union Bank Savings Account Charges 

The following table highlights the charges on the Union Bank savings interest rate accounts: 

Why Choose a Union Bank Savings Account?

Here are some main reasons why one should choose a Union Bank interest-rate savings account:

• Your money grows over time with competitive interest rates at Union Bank of India.
• Union Bank of India ensures the safety of your funds, providing a reliable place for your money.
• Your money is readily available through a wide network of ATMs and online services, making it convenient for you to manage your finances.
• Union Bank of India’s savings accounts help you plan and achieve your goals, whether it is buying a home, going on vacation, or building an emergency fund.

You can gain additional perks like preferential loan rates, special discounts, and exclusive offers by maintaining a Union Bank of India savings account for a comprehensive banking experience.

Key Benefits of Union Bank Savings Account

The following are some key benefits you can gain by opening a Union Bank savings account:

• Applying for this account is simple and stress-free. 
• It provides a wide range of Union Bank saving account interest on your savings.
• You can open a joint savings account and access services like mobile banking, tabulous banking, and ATM banking.
• Individuals can send money easily using NEFT, mutual funds, IMPS, and Union e-cash.
• Students can open this account at a zero balance.
• You can set up standing instructions for bills, insurance premiums, fixed deposits, recurring deposits, EMIs, etc.
• Every year you can receive 2 free chequebooks and 20 free chequebook leaves annually.

Union Bank provides passbooks and e-statements without extra charges.

Additional Benefits Associated with Union Bank Savings Account

Here are some additional benefits of a Union Bank savings account:

• Accidental insurance is offered.
• A nomination facility is provided.
• The bank provides attractive reward points with your debit card.

How to Open an Online Union Bank Savings Account?

To open a savings account with Union Bank, follow these straightforward steps:

• Step 1: Visit the official website of the Union Bank of India.
• Step 2: Navigate to Digital Banking, click on ‘Online Account Opening’, and choose ‘Savings Account’. This action will prompt an application form to appear.
• Step 3: Complete the online form by providing all the required information and uploading the necessary documents.
• Step 4: Once the application is saved, a reference number is generated, and an SMS is sent to your registered mobile number. Enter the number and submit the application form.
• Step 5: After submission, provide 2 recent passport-size photographs for verification. Once this step is completed, you will officially become a savings account holder.

How to Open an Offline Union Bank Savings Account? 

Follow the below-mentioned steps to open a savings account offline and benefit from the Union Bank savings account interest rate:

• Step 1: Go to your nearest Union Bank branch and complete the savings account application form.
• After successful verification, your account will be opened.
• Step 2: Provide your basic information to the bank official and specify the type of savings account you wish to open.
• Step 3: Submit a self-attested PAN card and Aadhaar card along with your details.
• Step 4: If it is not a zero-balance account, deposit the required amount based on the account type. Collect all documents, including the deposit cash slip or DD, and submit them along with proof of identity documents. 

After successful verification by the bank officials, your account will be opened.

Eligibility Criteria to Open Union Bank Savings Account 

The following are the eligibility criteria you need to fulfil in order to avail the attractive Union Bank savings account interest rate:

• Any Indian resident.
• Two or more individuals can apply for an account together.
• Minors, illiterate individuals, and blind persons.
• Hindu Undivided Families. 
• Clubs, associations, committees, and societies.
• Schools, trusts, executors, and administrators.
• Institutions or agencies specially permitted by the RBI.
• Pensioners and staff members.

Documents Required to Open Union Bank Savings Account 

Here are the documents you have to present to open an account at Union Bank and get an attractive UBI savings account interest rate:

• Form – Account opening application form.
• Proof of Address – Passport, Utility Bills, Driving Licence, Passport, Ration Card, etc.
• Proof of Identity – Aadhaar card, PAN card, Voter ID card, Government ID card, NREGA card, etc.
• Two passport- size photographs

Types of Union Bank Savings Account and its Features

The following table highlights the different types of Union Bank interest-rate savings accounts and their crucial features:

1. Savings Bank Account (SBGEN)

• It allows cash deposits or withdrawals through electronic payments or checks.
• You will get an ATM/Debit/RuPay Debit Card.
• Avail 4 free withdrawals per month.
• There is no maximum deposit limit.
• No fees or penalties are levied for inactive accounts.

2. Flexi Savings Account

• It includes a free debit card for Flexi Deposit account holders.
• You can get 5 free chequebooks annually.
• Access a passbook to get detailed account information.
• Nomination facility available and deposit rollovers upon maturity.
• Free RTGS or NEFT transfer facility.

3. Savings Bank Account for Pensioners (SBPEN)

• Eligible for individuals receiving regular pensions.
• It provides a debit card with daily withdrawal and POS limits.
• You will receive 5 free monthly transactions at Union Bank ATMs.
• Free Personal Accident Insurance (Death) coverage of ₹2 lakhs.

4. Savings Account for Students (SBZER)

• Open to students aged 10 to 25 in regular courses.
• Minors below 10 years can open it with parental assistance.
• It includes free Personal Accident Insurance (Death) coverage.
• SBZER provides a debit card with specified daily withdrawal and POS limits.
• It allows 10 free withdrawals per half-year.

5. Union Super Salary Account (USSA)

• USSA offers different debit cards based on account type.
• USSA includes Personal Accident Insurance (Death), Air Accident Insurance, and a customised chequebook.
• It features daily cash withdrawal and ATM POS limits.



Union Bank Savings Account Transaction Limit

The following table mentions the transaction limits on the different types of Union Bank deposit interest rate accounts:

How to Close a Union Bank Savings Account?

To close your Union Bank Savings Account, follow these steps:

• Step 1: Visit Union Bank’s official website and download the Account Closure Form.
• Step 2: Complete the form by entering your name, account details, your phone number, and choose how you want to receive the remaining balance (cash, cheque, or transfer to another account).
• Step 3: Ensure an authorised person signs the form.
• Step 4: Submit the filled form along with your chequebook, debit card, passbook and other supporting documents. 

Final Word

Thus, Union Bank of India provides a diverse range of savings accounts for you to select from. You can assess your eligibility and secure an attractive Union Bank savings account interest rate from these accounts. Additionally, you can leverage the convenience of Union Bank net banking, mobile app banking, and ATM banking. 

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.