UBI (Union Bank of India) Savings Account online: Looking to open a new Union bank account online? Well, you are in the right place. It is a bit challenging to stand in a long queue and open a bank account. Creating a statement with the bank can take more than a week. But, you can initiate an account online in no time. Well, you can follow our step-by-step procedure to create a new Union Bank of India Savings Account online. So, please keep scrolling and read our full article.
About UBI (Union Bank of India)
The Union Bank of India is one of the leading public sector banks in the country. The bank is a listed entity and the government of India holds 83.50 percent of the bank’s total share capital. The Bank, having its headquarters in Mumbai (India), was registered on November 11, 1919, as a limited company. Recently, Andhra Bank and Corporation Bank were amalgamated into Union Bank of India with effect from 01.04.2020. Today, it has a network of 8850+ domestic branches, 11200+ ATMs, and 8216 BC Points serving over 120 million customers with 75,000+ employees.
The bank’s total business as of 31st March 2022 stood at Rs. 17,48,800 crore, comprising Rs. 10,32,392 crore of deposits and Rs. 7,16,408 crore of advances on that date. The Bank also has 3 branches overseas in Hong Kong, Dubai International Financial Centre (UAE) & Sydney (Australia); 1 representative office in Abu Dhabi (UAE); 1 banking subsidiary in London (UK); 1 banking joint venture in Malaysia; 4 para-banking subsidiaries (domestic); 3 joint ventures(including 2 in the life insurance business) and 1 associate-Chitanya Godavari Gramin Bank.
Union Bank of India is the first large public-sector bank in the country to have implemented a 100% core banking solution. The bank has received several awards and recognition for its prowess in technology, digital banking, financial inclusion, MSME, and the development of human resources. The registered office, as well as the corporate headquarters of Union Bank of India, is in the prestigious Nariman Point area of Mumbai, the commercial capital of India.
To open UBI Savings Account online following are the pre-requisites
- Aadhaar card
- Mobile linked to Aadhaar for OTP
- PAN card
- Recently scanned image of photograph-Size between 20-50 kb
- Scanned image of address proof-Size up to 150 kb
- Scanned image of Identity proof-Size up to 150 kb
- Mobile to be carried in person to branch for OTP verification while account opening.
Eligibility for opening UBI Savings Account online
Any individual in a single name, two or more individuals (joint accounts), minors, illiterate people, blind people, Hindu Undivided Families (HUF), clubs, associations, committees, societies, schools, trusts, executors, administrators, institutions/agencies specifically permitted by the RBI, pensioners and staff members.
Quarterly Average Balance (in Rs)
|With CHQ book||250||500||1000||1000|
|Without CHQ book||100||250||500||500|
How to create UBI Savings Account Online
Step 1: Visit the official website of UBI to open a new account. Select the account opening page.
Step 2: Fill in all the applicant details in the required fields. You will be required to enter your personal details.
Step 3: Also, you should enter your valid proof details, including PAN and Aadhar number, and click “Continue.”
Step 4: Now a one-time password will be sent to your registered mobile number. Enter that OTP and click the “Continue” button.
Step 5: After submitting the application details, you can proceed to the address tab where you will be required to enter the details of the address.
Step 6: In the contact address, you should enter the location, address, and pin code. And, you should enter your city, state, and pin code details in the permanent address field. Then, you would enter other details such as occupation, state, religion, source of income, annual income, and nature of the activity. Once done, click ‘continue’.
Step 7: You can fill in the nominee details, such as the nominee’s name, the number of nominees, the relationship of a nominee, and so on. Enter the address, pin code, city, and state of the nominee in the Nominee Address Field.
Step 8: Select the type of banking facility, such as a credit card, debit card, or net transfer facility. Finally, click Save and then the “Submit application” button.
Step 9: Then you will get a message saying “application submitted successfully“. Now click the ‘OK’ to go to the confirmation page and note down the tracker ID for reference, valid only for 30 days. That’s all.
Final Step: Now download and print out the application. Visit your nearest union bank with your application form. After verifying the details, you will be given the bank account details.
UBI Savings Account Online Details
|Name of the Product||Savings Account|
|Eligibility||Any resident Individual can open and operate Union Digital Savings Account (UDSA) in his /her name. A joint Account or Joint mandate for Operation is not permitted.|
|Account opening mode||Through internet banking, U-Mobile App, and branch.|
|Average Monthly Balance||No minimum balance requirement as an account can be opened with a Zero balance.|
|Free Self-Cash Withdrawal limit per day at Non-Base Branch / Base Branch||Cash Withdrawal (self) at non-base branches is allowed up to Rs.25000/- No such limit for Cash Withdrawal at Base Branch.|
Max 3 withdrawal permitted for base & non-Base branch put together in a month, beyond which charges of Rs.10 + GST for every extra transaction to be levied.
|Type of Debit card||Classic card|
|Debit Card charge||Issue charge – FREE.|
Annual Maintenance charge –As per applicable charges.
|Access to own Bank ATM||5 transactions (financial + non-financial) per month Free.|
|Access to other bank ATM||3 transactions (financial + non-financial) per month at Metro or 5 transactions(financial + non-financial) per month at other centres are Free|
|ATM CASH Withdrawal Limit||Rs 25000 per day|
|POS Limit||Rs 50000/- per day|
|Personal Accident Insurance (Death) cover with account||Rs 5 Lakhs FREE|
|Personal Accident Insurance (Death) with debit card*||Rs 2 Lakhs FREE|
|Issuance of Cheque Books||Charges as applicable to Normal savings Account.|
|Outward Remittances charges through Digital Channels like U-mobile, UPI, BHIM, Net Banking, etc||From Branch – No Charges |
Via All digital platforms-No Charges
|Charges for Purchase of DD/outstation cheques for collection/standing instruction/auto sweep||As applicable to the Normal savings Account|
|Monthly Statement of Accounts||Will be sent by E-mail without any Charges.|
Features of UBI Savings Account
There are many, a few among them are-
- Internet banking and mobile banking services are available.
- There is a passbook and a chequebook.
- Simple exit procedure.
- Competitive interest rates (depending on savings account types and bank policy).
- Accounts must have a minimum balance to be managed (varies as per the savings account variants).
- ATM service is available, as well as the ability to conduct transactions both online and offline.
- There is no restriction on the age at which a person can open a bank account.
- There is no time limit on how long the account can be operated.
In this article, we told all of you readers and youth in detail about the Union Bank of India Account Opening Online. So that all of you can go online and open your bank account and enjoy its benefits as soon as possible, saving you time and money. Please like and share our articles with friends and on social media. Please subscribe to our article by clicking on the One-Signal Push Notification bell icon. You all viewers will get a more important information article in the near future by lifeinawind.com.
Which bank is best to open a savings account?
It is determined by the features, interest rate, benefits, and additional services desired from the bank. Compare several banks and select the best one for your needs.
What is the tenure for a savings account?
One can manage and maintain the savings accounts as per his/her will or till it is feasible for one to manage them. There is no restriction on tenure.
What are the variants of a savings account?
Following are the savings account variants-
- Regular savings account
- Kids savings account
- Zero savings account
- Salary savings account
- Senior citizen savings accounts
- Family savings account