Union Bank of India Savings Account

Last Updated : Feb. 11, 2025, 12:23 p.m.

Union Bank is one of the leading banks in India. It is a public sector bank. It was incorporated on 11th November 1919. Union bank has over 8300 domestic branches. It has 2 overseas branches and banking and para banking subsidiaries in London and Australia. Union Bank has received many accolades in the field of banking technology and implementing core banking solutions. In this article we will take a look at the types of Union Bank of India savings accounts and also the features and benefits.

Union Bank of India Savings Account Interest Rates May 2026

Below are the savings account interest rates for Union Bank of India

Types of Union Bank of India Savings Account

Below are the types of savings accounts provided by the Union Bank of India .

Sb High Net Worth Customers (SBHNI): Individuals who are eligible for opening a normal savings account can open an SBHNI account with Union Bank. This is the best savings account for individuals .

• A visa signature/ Rupay select card is issued to account holders
• No charges for account closure
• Higher POS and ATM withdrawals
• Debit cards with lounge and other faculties
• Personal accident cover death - Rs. 10lakhs
• Free RTGS/NEFT and no charges
• No charges on the issue of debit cards

SBHNI Prime: Any individual with basic KYC requirements and above the age of 18 is eligible to open this savings account.

• The quarterly average balance of Rs. 10 lakhs to be maintained
• Free debit card
• ATM access
• Free NEFT/RTGS and IMPS
• Enhanced banking services
• Higher POS and ATM limits
• Premium debit cards
• Discounts and concessions on locker rent, home loans

Union Digital Savings Account: Any individual above the age of 18 can open this account.

• Classic debit card
• POS Rs. 50,000
• Rs. 25,000 per day ATM withdrawal limit
• Monthly statements via email
• No minimum balance requirement
• Personal accident cover Rs. 5 lakhs
• Zero balance account
• No debit card charges

Union Muskaan (SBMUS): This is the top savings account for minors . Any minor can open this account under the supervision of the parents.

• No debit card issue charge
• POS for ATM Rs. 25,000
• ATM withdrawal Rs. 5,000 per day
• Personal accident insurance covers Rs. 2 lakhs
• One DD/NEFT is free of charge per month
• Platinum debit card issued to parents
• Personalised chequebook with 20 leave
• Free term insurance on first RD issued in the name of minor

Savings Bank Account For Pensioners (SBPEN): Individuals drawing a regular pension are eligible to open this savings account.

• Personal accident death cover
• ATM withdrawal Rs. 25,000
• ATM POS Rs. 50,000 per day
• Free debit cards
• Zero balance account
• No SMS banking charges.
• Nil account closure charges.

Union Bank of India Savings Account Features & Benefits

• The account opening process for Union Bank of India is very simple and hassle-free.
• One can open a single or a joint savings bank account.
• Union e-cash, RTGS/ NEFT and IMPS are available.
• Debit cards are issued based on the account type.
• Accidental insurance is available.
• Chequebooks with 20 leaves per year are available for customers.
• Union Bank of India provides competitive interest rates.
• The types of savings accounts help in financial planning.
• The liquidity and accessibility of funds are of great help to customers.
• There are special services available for blind customers.
• Interest is earned twice in the months of June and December.
• Internet, mobile and TAB banking are available.

Documents Required for Union Bank of India Savings Account

The KYC documents and verified identity and residence proof are required for opening a savings account in Union Bank of India. An existing customer with a great track record can recommend you which can accelerate the process of creating a savings account. Some of the documents are -

Proof of Identity:

• Aadhar Card
• PAN Card
• Voter ID
• Passport
• Company ID Card in case of some companies

Proof of Residence:

• Telephone Bill
• Electricity Bill
• Passport
• Ration Card
• ITR returns

What is the Minimum Balance for a Union Bank of India Savings Account?

Union Bank of India provides zero balance accounts and hence no monthly minimum balance is to be maintained. But, there is a minimum quarterly balance requirement that one should adhere to -

Union Bank of India Savings Account Charges & Fee

Below are some of the charges and fees levied by the Union Bank of India.

Penalty for not maintaining the quarterly balance in the account is -

How to open a Savings Account in Union Bank of India?

Opening a savings account in Union Bank of India can be done either online or offline.

Online:

For opening a savings account in Union Bank of India online, there are some mandatory prerequisites. The Aadhar card should be linked to your phone number.

Step 1: Go to the mobile banking portal and select the self-service tab.

Step 2: Click open a new account and select Savings account.

Step 3: Fill in the application form and save the acknowledgement to carry to your visit to the branch.

Step 4: Once your application is verified, the account is opened.

Offline:

Step 1: Carry all the necessary documents required for opening a savings account.

Step 2: All KYC-compliant procedures will be done by the bank officials.

Step 3: Once all the details are verified, the mobile number is verified using OTP

Step 4: After all the verification is done, the account is opened by the bank.