What is the required minimum balance for a savings account at Union Bank of India?

There is no need for a minimum balance because an account can be started with nothing. Self-withdrawals are permitted at non-base branches up to a maximum of Rs.25000; there is no such cap at the base branch. .

Does the Union bank savings account exempts annual fee?

Annual fees for each savings account are exempt the first year. .

Can I receive money from abroad in my Union Bank account?

Yes, you can get payments from abroad if you have a Union Bank account. Although typically the sender is charged by default, you might need to come to an agreement with them over who will pay the various transfer fees. Give the following to them: Address and name of your bank. .

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Union Bank of India Regular Savings Bank Account

The Union Bank of India's Regular Savings Bank Account offers new-generation banking services with the quickest application processes among savings accounts. Account applications can be submitted online, through tabulous banking, at a bank branch, or through the mobile app.

With access to Internet banking, mobile app banking, phone banking, and ATM banking, customers may experience anytime and anywhere banking.

Students may also profit from the absence of balancing requirements. Ordinary savings accounts demand very little minimum balances and charge very little in terms of fees.

Bank	Union Bank of India
Category	Regular Savings Bank Account
Initial Deposit Requirements	Varies between geographical areas
Minimum Average Balance Requirements (MAB)	Varies between geographical areas
Quarterly Average Balance	Varies between geographical areas
Eligibility	Residents of India that include Illiterates, Pardanashin Women, Visually Impaired persons, Minors, Clubs, Associations, Societies, etc. Trusts, Institutions and Agencies specifically permitted by the RBI are also eligible
Debit Card Offered	ATM cum Debit card
Interest Rate	4% per annum on a daily balance paid every quarter in April, July, October and January.

Balance Requirements of Union Bank of India Regular Savings Bank Account:

The minimum balance requirement for a regular savings bank account depends on the geographic location of the bank branch at which the deposit is held. Pensioners are also given special preference with regards to minimum balance requirements. Given below is the minimum balance and average quarterly balance required.

Category	With Cheque Book	Without Cheque Book
Metro	Rs.1,000	Rs.500
Urban	Rs.1,000	Rs.500
Semi Urban	Rs.500	Rs.250
Rural	Rs.250	Rs.100
Pensioners	Rs.250	Rs.20

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Services Offered with Union Bank of India Regular Savings Bank Account:

The following services are offered with a Union Bank of India Regular Savings Bank Account:

Passbook and e-Statements	Passbook is issued free of cost
Insurance	Free Accidental Insurance cover under debit card
Cheque Book	2 cheque books issued free per year
Cash Withdrawal	No limit on the number of cash withdrawals made through branch banking, Union Bank of India Debit Card, or Internet banking.
Internet Banking	Free facility of Internet banking with Self User Creation and Password Reset.

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Features of UBI Savings Bank Deposit Account:

Some of the important features of Union Bank of India Savings Account have been listed below:

Easy Application	Open an account through Union Selfie & M-passbook app, online, on the phone or at the bank branch.
Joint Accounts	Any two or more individuals can open a joint account except a minor.
Student Accounts	The scheme includes a best zero balance savings account option that is particularly beneficial for students.
Phone Banking	Any time banking through your registered phone number. Generate your ATM pin by calling the toll-free IVR.
Mobile Banking	U-Mobile is a facility available for customers to check their balance, transact through NEFT, pay bills, recharge and more on their mobile phones.
Tabulous Banking	Available for opening accounts from your office or home.
ATM Banking	Withdraw, Deposit, NEFT, IMPS, Union e-cash and Mutual Funds Investments.
Remittance Facilities	Remittance products including NEFT, IMPS, Union e-cash and Mutual Funds Investments available.
Reward Points	Earn rewards by spending on your debit card.
Standing Instructions	Place standing instructions for bills, insurance premiums, installments, fixed and recurring deposits, and more.
Nomination Facility	One person can be nominated by submitting the form prescribed under the Banking Companies (Nomination) Rules 1985. For minors, the person with rights to operate the account can make a nomination on the minor's behalf.

Fees and Charges for Union Bank of India Regular Savings Bank Account:

For the Regular Savings Bank Account, the important fees and charges applicable are listed below:

Service / Product	Fees & Charges
Neft/RTGS inward	Nil
Neft outward	Rs.3 to Rs.29 per transaction
RTGS outward	Rs.29 to Rs.63 per transaction
Electronic Clearing Service	Rs.4 per transaction
Chequebook issuance	Free up to 40 leaves. Rs.4 per leaf thereafter
Account activation	Free
Statement of accounts	Free
Duplicate statement or passbook	Rs.62 per folio, or Rs.1,507 for the maximum entries. Entries that are more than 1 year old will be charged at Rs.77 per folio, or Rs.7,533 for the maximum.
Customer induced debit entries	60 entries free per quarter. Rs.17 charged per entry thereafter
SMS banking	Rs.15 per quarter
Standing instructions	One time charge of Rs.58
Inoperative account	If minimum balance is maintained, no charges are applicable. If the balance is below the minimum limit, the following charges apply: Metro and Urban- Rs.230 Semi-Urban and Rural - Rs.85
Account closure	Within 14 days, no charges are applicable. Closure of account within 12 months costs Rs.173 for accounts with cheque book and Rs.130 for accounts without cheque book.

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Charges for Shortfall of Average Quarterly Balance:

Type of account	Minimum Balance Shortfall	Charges
With Cheque Book	Upto Rs.250	Rs.29
	Rs.251-500	Rs.58
	Rs.501-1000	Rs.115
Without Cheque Book	Upto Rs.350	Rs.22
	Rs.251-500	Rs.43
Pensioners	Nil	Nil

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GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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FAQs on Union Bank of India Regular Savings Bank Account

What is the required minimum balance for a savings account at Union Bank of India?
There is no need for a minimum balance because an account can be started with nothing. Self-withdrawals are permitted at non-base branches up to a maximum of Rs.25000; there is no such cap at the base branch.
Does the Union bank savings account exempts annual fee?
Annual fees for each savings account are exempt the first year.
Can I receive money from abroad in my Union Bank account?
Yes, you can get payments from abroad if you have a Union Bank account. Although typically the sender is charged by default, you might need to come to an agreement with them over who will pay the various transfer fees. Give the following to them: Address and name of your bank.

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