The Union Bank of India (UBI) allows its customers to open accounts that have no initial balance requirements, making it easy to get started with your bank account and start earning interest on your savings as soon as possible.
In this guide, we’ll take you through the steps of opening an account at the UBI and let you know what documents you’ll need beforehand so that you can get started right away!
Zero balance account opening at UBI
Every Union Bank of India (UBI) account holder can enjoy many additional benefits. However, it is not compulsory that you apply for a Zero Balance Account Opening at Union Bank.
All UBI branches are authorized by Central Government under Section 26A of the Banking Regulation Act 1949. This helps them serve all small and medium-sized businesses throughout India better. You can apply for a UBI Zero Balance Account online from home, anytime, anywhere.
Documents required to open an account at union bank of India
You need to submit the following documents at the time of account opening:
- Passport Size Photograph,
- Proof of Identity and Address such as Aadhar Card, PAN Card…
- Aadhar Registered Mobile Number,
- Email ID Residence Address.
Please note that in case of minor accounts all documents should be submitted by either parent or guardian along with his/her Aadhaar card.
If you are not comfortable with the online process then you can visit any branch near your residence for the account opening process. Your respective bank officials will help you accordingly throughout the account opening process.
Eligibility For Opening Account in Union Bank of India
If you want to be a customer of UBI, you need to know that there are some requirements that you need to fulfil before opening an account with them.
These requirements are as follows: age above 18 years, proof of identity and residence address and also you should have an Indian passport. Other than these mentioned things, there is no other requirement.
This means it’s not mandatory for you not to have any assets or money at all or have bank experience or even live anywhere close to their head office.
- Resident Indian individuals
- Joint accounts and account for Hindu Undivided Family can also be opened
- Individuals above 18 years
- Customers who have the necessary KYC documents
Account maintenance in Union Bank of India
For maintaining your account, there is no minimum balance requirement. This means that you can maintain your account and there is no need for you to keep money deposited in it.
However, if you have linked your debit card with your account, then Rs 100 – 250 will be deducted from your savings bank as monthly maintenance charges. It will be credited as per guidelines issued by UBI.
Steps to open Zero balance Account in Union Bank of India
There is no single or simple procedure that can be followed by every Bank. Different banks have different guidelines, thus it is not that easy for everybody. So here we derived Some simple steps to open a bank account in Union Bank of India.
1. To open an account with Union Bank of India, go to their Account opening Page.
2. From the Scheme Type menu, choose Union Digital SavingsAccount.
3. Enter information about the applicant, such as his or her name, father’s name, Aadhar Card number, PAN number, and so on…
4. Continue by pressing the Enter key. An OTP was delivered to your Aadhar registered mobile phone number.
5. Now, without making any mistakes, fill in your address and other information, then click Continue.
6. Finally, click Submit after entering the nominee’s information and selecting the facilities you desire.
7. You’ve Received a Pop Up Window This signifies that you have successfully registered a form, as seen in the image. Click OK.
8. Finally, you arrived at a Thank You Page that included a Tracking ID.
9. Within 30 days, submit this Track ID along with valid documentation to the bank. They can assist you in setting up a zero balance account.
Things you need to know about branch visit
As per RBI guidelines, you can visit bank branches for any of your requirements, at least once in six months. In fact, you can go to your bank branch as often as you like if you want.
The only exception is if you want to change your address or want to close an account, then it is mandatory that you give 90 days’ notice before visiting your bank branch. So make sure you know how much time you will require.
1) Download & fill up application form (available at bank’s website), print two copies and take with yourself one copy for identification and other for submission purposes to concerned officer at bank’s doorstep.
2) Take valid ID proof such as Driving License/Aadhar Card/Passport/Voter ID card with photograph etc. along with you at bank’s doorstep for identification purposes.
3) The applicant is required to bring his original documents for verification and filling up of additional document form by a bank officer. if any discrepancy is found between the date on the application form and date on application documents then the entire process will be delayed without prior notice by a bank officer.
What if I am unable to visit the branch after open account online?
If you are unable to visit any branch of your choice within 30 days of opening an account online, do not worry. you can re apply same method and again you got new reference number. You will be given permission by Unio bank to visit any branch of your choice for verifying your identity.
You will have an option on your application form (to be filled after you have opened an account online) where you can mention any branch that is convenient for you.
This reference number can be taken to any branch and once verified, they will continue with further formalities such as cheque book, Debit card, Passbook and so on.
So relax if you could not able to visit bank for verification, it is no big deal at all. Make sure you enter correct address details during application.
Please do not leave it blank or enter incorrect data like an office or home address etc., otherwise, you will find difficulty in accessing your accounts later without visiting any branches ( Such as receiving ATM Card, Cheque Book, Statement).
Things to remember
1. The Union Bank of India needs proof of address for opening an account.
2. You cannot open joint accounts.
3. They might give you free ATM cards.
4. Always check your bank statement and report any mistakes/unusual charges within 3 working days.
5. Report lost/stolen cards immediately and you can get a new card issued within 7 days from the date reported.
6. You will get ATM instructions with your debit card as well as a PIN number which can be changed easily through phone banking or ATM machine.
Benefits of Zero Balance Account
There are various benefits associated with Zero Balance Account. It can be opened by anyone, irrespective of age and occupation. You can operate any number of savings or current accounts under it, without incurring any fees or charges.
Since there is no minimum balance requirement, you don’t have to worry about making small deposits on a monthly basis.
Also, your transactions will not attract any charge-sheet items like service tax etc., which is applicable for bank accounts with balances above Rs 1 lakh and more.
If you use ATMs from other banks (Branch Unions) linked to UBI servers, you will incur no additional cost for your ATM transactions (except other banks). The same goes for internet banking transactions also.
Types of Bank Accounts in Union Bank of India
There are different types of bank accounts in Union Bank of India. Account holders can select anyone as per requirement or convenience. The Account holders should go through the below mentioned details regarding different types of accounts and then decide which account to opt for.
Following are different types of bank accounts present in Union Bank of India.
SAVINGS BANK DEPOSIT PRODUCTS
- Savings Bank Account(SBGEN)
- Savings Bank Account for Pensioners (SBPEN)
- Savings Bank Account for Students(SBZER)
- Basic Saving Bank Deposits Account-Small Accounts(BSBDS)
- Basic Saving Bank Deposits Account (BSBDA)
- Union Super Salary Account (USSA)
- Savings Flexi Deposit Scheme (SBNFD)
- Savings Flexi Deposit Scheme (SBNFP)
- CAPITAL GAIN SB ACCOUNT (SBCAP)
- MACT CLAIMS SB ACCOUNT (MACT)
- SPECIAL SB SCHEMES VARIANT – I (SB Premium) SBPRE
- SPECIAL SB SCHEMES VARIANT – II (SB High Networth Customers) SBHNI
- Union Digital Saving Account (UDSA)
CURRENT DEPOSIT PRODUCTS
- Union Micro Digital Current Account (UMDCA)
- Current Account(CD General)
Open a low-balance bank account at Union Bank by completing your Know Your Customer KYC form. Make sure you have all your documents on hand for verification purposes. You should also make copies of these documents for future reference, especially when you travel or need to provide additional information about yourself.
You must use new blank forms for each type of document – you cannot use photocopies. Downloading these forms from official bank websites is easy, and it’s usually just a matter of clicking and printing.
Though most banks will accept photos of ID cards and driver’s licenses, some banks may ask that you visit them in person. This means bringing along two passport size photos with a plain white background. Bring multiple copies of all documents so that you can submit one copy right away while keeping another set on file until such time as an authority requests another set.
It is good practice to store any original document in a safe deposit box or hide it somewhere where nobody but you knows where to find it.
By following these simple steps and being prepared before you visit your local branch, opening a bank account becomes much easier than you might think. More importantly, these same tips apply if applying for a credit card as well.