Union Bank Savings Account

Union Bank Savings Account is a financial product offered by the Union Bank of India, that helps in safe storage of your money and lets you earn interest on it. The Union Bank Savings Account interest rates range up to 4.20%, helping you grow your savings. The account offers banking facilities including fund management, deposit, withdrawal through ATMs, net banking, and mobile banking. Learn about the Union Bank of India Savings Account in the article.

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Maximum returns Offered by Guaranteed

6.5%**

Fixed Deposits

(by SBI bank)

(5-10 Years)

7.1%***

Public Provident Fund

(other popular options)

(15 Years)

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5.3 Crore
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We are rated++
rating
10.5 Crore
Registered Consumer
51
Insurance Partners
5.3 Crore
Policies Sold
Disclaimer: *The Guaranteed Returns are dependent on the policy term and premium term availed along with the other variable factors. 7.1% rate of return is for an 18 years old, healthy male for a policy term of 20 years and premium term of 10 years with Rs.10,000 monthly installment premium. All plans listed here are of insurance companies’ funds.

Union Bank Savings Account Interest Rate

Union Bank Saving Account interest rates are :

Balance (₹) Interest Rate (%p.a.)
Up to Rs. 50 Lakh 2.75%
> Rs. 50 Lakh to Rs. 100 Crore 2.90%
> Rs. 100 Crore to Rs. 500 Crore 3.10%
> Rs. 500 Crore to Rs. 1000 Crore 3.40%
> Rs 1000 Crores to Rs. 1500 Crores 4.10%
> Rs 1500 Crores to Rs. 2000 Crores 4.15%
Above Rs. 2000 Crores 4.20%

Rates are applicable from June 2025. Interest is calculated daily and paid out quarterly, specifically in April, July, October, and January.

Information About
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.1% (TAX-FREE)
Returns After Tax
7.1%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

Features of Union Bank Savings Accounts

A savings account offers core financial benefits. The Union Bank Savings Account offers multiple features to its customers, including: 

  • ATM Cash Withdrawal Limit: You can withdraw up to ₹25,000 in cash per day from ATMs using your associated debit card.

  • POS Limit: This allows you to make Point-of-Sale (POS) transactions (e.g., swiping at merchant outlets) up to a maximum of ₹50,000 per day.

  • Classic Debit Card: Account holders receive a standard Classic Debit Card which enables convenient cashless payments and ATM access.

  • Digital Banking Access: The account comes with comprehensive Internet Banking, Mobile Banking (via the Vyom App), and SMS Banking facilities. These facilities offer flexible account management.

  • Cheque Book Facility: A cheque book is provided to you, allowing you to make seamless cheque-based transactions and payments.

Types of Union Bank Savings Accounts

With the aim of catering to the needs of different customer types, Union Bank of India offers a choice of savings bank accounts. Some of the prominent types of savings accounts offered by Union Bank of India:

Account Name / Type Purpose Key Highlights / Features
Savings Bank Account (SBGEN) This is a general-purpose savings account suitable for most individuals.
  • It allows cash deposits and withdrawals, and facilitates payments via electronic channels or cheques. Account holders receive an ATM/Debit/RuPay Debit Card and typically get 20 free cheque leaves per year. 
  • The account offers anytime, anywhere banking through branches, ATMs, net banking, and phone banking.
Basic Savings Bank Deposit Account (BSBDA) Designed as a basic banking facility for all sections of society, especially aimed at financial inclusion.
  • Does not require a minimum balance. Provides facilities like cash deposits, cash withdrawals, and electronic payment transactions. Account holders receive a free ATM/ATM cum Debit/RuPay Debit Card.
  • There are usually limits to 4 withdrawals per month, including from branches and ATMs.
Basic Savings Bank Deposit Account - Small Accounts (BSBDS) A simplified account, often part of government financial inclusion schemes like PMJDY, for those who don't have full KYC documents immediately. The account has a zero minimum balance requirement. A RuPay debit card is issued. Ensure that the account balance typically should not exceed ₹50,000, and total credits in a financial year are usually limited.
Union Digital Savings Account (UDSA) / Digital SB General (DUSBG) Designed for online account opening through a completely digital and paperless process with Video KYC. Requires an initial funding (e.g., ₹1000 for DUSBG). Comes with a Classic Debit Card. Offers ATM cash withdrawal and POS limits. SMS Banking charges are typically applicable.
Digital SB Premium (DUSBP) A premium digital savings account variant with higher limits and enhanced features, also opened online. Requires a higher initial funding (e.g., ₹15,000). Provides a Platinum Debit Card with higher ATM cash withdrawal and POS limits. Free SMS Banking is usually included.
Savings Bank Account for Pensioners (SBPEN) Specifically tailored for individuals receiving regular pensions. Often has no minimum balance requirement. Provides a debit card with specific ATM cash withdrawal and POS limits. May offer free personal accident insurance and a certain number of free monthly transactions.
Savings Account for Students (SBZER) Caters to students aged 10 to 25 years who are enrolled in regular courses. Minors below 10 can open with a guardian. Typically a zero-balance account. Provides a debit card with specific ATM and POS limits. May include free Personal Accident Insurance (Death) coverage. Offers a set number of free withdrawals per half-year.
Union Super Salary Account (USSA) A specialized account for salaried employees, often offered in multiple variants. Usually requires no minimum balance. Offers different types of debit cards (Classic, Platinum, Signature/RuPay Select) based on the variant. Includes higher daily ATM cash withdrawal and POS limits. May come with benefits like Personal Accident Insurance (Death) and Air Accident Insurance.
Union Savings Flexi Deposit Account Combines the liquidity of a savings account with the higher interest rates of a fixed deposit through an auto-sweep facility. Linked to a Fixed Deposit (FD) for automatic transfer of surplus funds. Provides a debit card and typically offers free cheque books annually. May include free NEFT/RTGS facilities.
UNION MUSKAAN – Saving Bank Account for Minors Designed to inculcate savings habits in children. Can be operated by the minor or a guardian depending on the minor's age. Comes with basic banking facilities suitable for minors.
MACT CLAIMS SB ACCOUNT (MACT) A specialized savings account for beneficiaries of Motor Accident Claims Tribunal (MACT) awards, ensuring secure disbursement of funds. Designed to facilitate court-mandated payments to accident victims.
Special SB Schemes Variant - I (SB Premium) (SBPRE) A premium savings account variant with enhanced features and benefits. May include higher ATM/POS limits, free SMS banking, larger number of free cheque leaves, and other premium services.
Special SB Schemes Variant - II (SB High Networth Customers) (SBHNI) Tailored for High Net Worth Individuals (HNIs) with significant balances, offering bespoke services. Likely includes very high transaction limits, dedicated relationship management, and a suite of premium banking services.
Capital Gain SB Account Specifically for individuals who need to deposit capital gains to avail tax exemptions under the Income Tax Act. Allows for deposits under specific schemes (Account-A for savings, Account-B for term deposits) to meet re-investment requirements for tax benefits.
Savings Flexi Deposit Scheme (SBNFP) This scheme is designed for individuals who wish to combine the liquidity of a savings account with the higher returns of a fixed deposit.
  • It includes an auto-sweep facility that automatically transfers surplus funds above a threshold from your savings account into a linked fixed deposit. When funds are needed in the savings account, they are automatically swept back from the fixed deposit. This ensures optimum utilization of idle funds.
  • Offers enhanced interest earnings on idle funds while maintaining accessibility for daily transactions.
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Documents Required for Union Bank Savings Accounts

Union Bank savings account opening involves filling the application form and submitting documents. To open a Union Bank Savings Account, you will generally need to provide these essential documents:

  1. Proof of Identity (Any one):

    • Aadhaar Card

    • Passport

    • Voter ID Card

    • Driving License

    • NREGA Job Card

  2. Proof of Address (Any one):

    • Aadhaar Card

    • Passport

    • Voter ID Card

    • Driving License

    • Utility Bills (not older than 2-3 months)

    • Bank account statement/passbook (last 3 months)

    • Property/Municipal Tax Receipt

    • Pension Payment Order (PPO)

    • Rent Agreement

  3. Permanent Account Number (PAN) Card or Form 60:

    This is a mandatory requirement for all financial transactions. If you don't have a PAN, you'll need to submit Form 60.

  4. Other Requirements:

    • Recent Passport-sized Photographs

    • Your Signature

Any other document required by the bank.

Guaranteed return plan Guaranteed return plan

Union Bank Savings Account Opening Procedure

Union Bank of India Savings Account opening can be done through both online and offline methods.

  1. Online Method

    • Step 1: Go to the Union Bank's official website or mobile app.

    • Step 2: Navigate to "Online Account Opening" for Savings Account.

    • Step 3: Fill out the online application form.

    • Step 4: Upload scanned copies of required documents.

    • Step 5: Complete Video Know Your Customer (Video KYC).

    • Step 6: Submit the verification application.

  2. Offline Method

    • Step 1: Visit your nearest Union Bank of India branch.

    • Step 2: Collect the savings account application form.

    • Step 3: Fill the application form accurately.

    • Step 4: Gather all necessary KYC documents (identity, address, PAN, photos).

    • Step 5: Submit the filled form and self-attested document copies.

    • Step 6: Make an initial deposit (if required by account type).

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Eligibility Criteria for Union Bank Savings Accounts

To open the account, the following general eligibility criteria must be fulfilled:

  • Individuals: Either yourself or jointly with another person.

  • Minors: Under 18, typically with a guardian operating the account.

  • Hindu Undivided Families (HUFs)

  • Organizations: This includes Clubs, Associations, Committees, Societies, Schools, Trusts, Executors, and Administrators.

  • Approved Institutions: Agencies specifically permitted by the Reserve Bank of India (RBI).

Note: Keep in mind, some specific account types (like student or pensioner accounts) may have additional requirements.

Why Choose Union Bank for Your Savings Account?

The Union Bank Savings Account offers the following advantages to its customers, including; 

  • Growth of Savings: Your deposited funds earn competitive interest rates, allowing your money to grow over time.

  • Security and Peace of Mind: Union Bank ensures the safety of your funds, providing a reliable and secure place for your savings, safeguarding them from fraud and errors.

  • High Liquidity: You have easy and ready access to your funds through various channels, ensuring your money is available when you need it.

  • Debit Card Privileges: Get additional advantages such as reward points on purchases and complimentary accidental insurance coverage on your debit card. 

  • Nomination Facility: Simplify fund transfer in unforeseen circumstances.

  • Cost-Effective Banking: Benefit from various free services, including passbooks, e-statements, and a certain number of free cheque leaves, contributing to overall cost savings.

  • Joint Account Option: Open and operate the account jointly with another individual.

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Conclusion

Union Bank Savings Accounts offer a secure way to grow your money with competitive interest rates and modern digital banking access. Fulfilling diverse needs through various account types, they provide convenient features and a straightforward opening process, making them a practical choice for accessible and reliable banking. Take your first step towards savings. 

FAQs

  • What are the main benefits of a Union Bank Savings Account?

    Union Bank Savings Account offers secure money growth with competitive interest rates. It also offers modern digital banking access.
  • Does Union Bank offer different types of savings accounts?

    Yes, Union Bank offers different types of savings accounts, catering to the needs of different customers.
  • Is opening a Union Bank Savings Account complicated?

    Not at all. Opening a Union Bank Savings Account is an easy process. You have to follow the procedure mentioned on their official website or visit their bank branch.
  • Can I manage my Union Bank Savings Account digitally?

    Indeed! It includes modern digital banking access.

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
* Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 30,000/- monthly (exclusive of all applicable taxes)
** Fixed deposit rate applicable for 5 year's 1 day to 10 years for investment amount less< 2 Crore ( Not for senior citizens).
*** PPF interest rate applicable for 15 years for investment amount upto 1.5 Lac
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
#Discount offered by insurance company
## The Guaranteed Returns are dependent on the policy term and premium term availed along with the other variable factors. 7.1% rate of return is for an 18 years old, healthy male for a policy term of 20 years and premium term of 10 years with Rs.10,000 monthly installment premium. All plans listed here are of insurance companies’ funds.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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