India has a large network of banks and one of the major banks is Union Bank of India, this bank is under the Government of India and is famous for providing safe, reliable and convenient banking services to the customers. Union Bank’s Savings Account is an excellent option for those who want to protect their money as well as earn interest on it.
How many types of savings accounts are there in Union Bank
Union Bank provides the following types of savings accounts:
1. Regular saving Account
2. Union Digital Saving Account
3. Union Classic Saving Account
4. Union Senior citizen Saving Account
5 Union Smart Salary Account
6. Basic Saving Bank Deposit Account
Documents required to open an account
The following documents are to be submitted while opening an account:
1. Identity Proof
- Aadhaar Card
- Pan Card
- Votar ID
- Passport
- Driving Licence
Address Proof
- Electricity bill
- Telephone bill
- Ration card
- Bank statement
3. Passport Size Photograph – 2 copies
4. PAN Card or Form 60 (if not PAN)
Union Bank Savings Account Opening Process
Online Process
- Visit the Union Bank website.Click on the “Open Savings Account” or “Digital Account” option.Fill in the details like name, mobile number, email, address.Do e-KYC through Aadhaar and PAN card.Upload the required documents.You will receive details via SMS/email upon successful account opening.
OFLINE PROCESS
- You go to your nearest Union Bank branch. And on that you get the savings account opening form and fill it. Submit identity proof and address proof. Give passport size photo. Deposit the required minimum amount. After opening the account, you will receive the passbook, check book and debit card.
Some benefits of Union Bank savings account
- Simple and Secure Banking
- Special schemes for senior citizens and women
- Extensive cash withdrawal facility
- Direct benefit of government schemes
- Availability of digital services
- Interest earning facility
Some disadvantages of Union Bank Savings Account
- Low Interest rates
- Penalty for not maintaining minimum balance
- Transaction limit in BSBDA accounts
Conclusion
Union Bank Saving Account is the perfect choice for those who want to keep their money safe, simple and digital banking services. This account not only keeps the money safe, but also allows you to earn interest on that money and withdraw it easily when needed. If you want to open an account in a trusted and government bank, then Union Bank can be a great option.
