Do you know, Union Bank of India offers a Zero Balance account that can be opened online ?. Union Bank of India has introduced an online zero balance account that can be opened digitally without visiting the Bank Branch.
In this article, I will share you the all Zero Balance Account of Union Bank of India.
What is a zero balance savings account?. A Zero Balance Savings Account is a saving account where there is no minimum commitment of keeping balance in the account. Even if you maintain a Zero balance in the account, you will not be charged a penalty for the same.
Union Digital Saving Account (UDSA)
Union Digital Saving Account (UDSA) is Zero Balance Account that can be opened instantly with the use of PAN Card and Aadhar Card. Any Individual can open and operate Union Digital Savings Account (UDSA) in his /her name, however Joint Account or Joint mandate for Operation is not permitted for this account.
Union Digital Saving Account (UDSA) Charges
|1||Debit Card charge||Nil (Annual Maintenance charge –As per applicable charges.)|
|2||Cash Deposit limit per month||Re.1/-+ GST per thousand.(Amount above Rs.500/- will be reckoned as Rs.1000/- for this purpose for cash deposits above Rs.1000/-)|
|3||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.
|4||Outward Remittances charges through Digital Channels like U-mobile, UPI, BHIM, Net Banking, etc.||From Branch – No Charges
Via All digital platforms-No Charges
|5||Monthly Statement of Accounts||Will be sent by E-mail without any Charge|
Features of Union Digital Saving Account (UDSA) Charges
- Any Individual can open and operate Union Digital Savings Account (UDSA.
- Saving Account can be opened Through internet banking, U-Mobile App and branch.
- No minimum balance requirement as the account can be opened with a Zero balance.
- Cash Deposited Charges applicable.
- Cash Withdrawal at nonbase branches is allowed up to Rs.25000
- No such limit for Cash Withdrawal at Base Branch.
- Classic card Debit Card is issued for USDA Account.
- There are No issues Charges Classic card.
- You Can use 8 Free transactions (financial) per month at ATM.
- Personal Accident Insurance: Rs.2 Lakhs FREE (by the bank), Rs.1 Lakhs FREE (additional by RuPay).
- Any individual living in India can open Union Digital Savings Account (UDSA). You cannot open joint accounts.
- Individuals need to be above 18 years
- You should not have any existing relationship with the bank.
- You Aadhar No should be linked with Mobile No.
- Copy of PAN card
- Passport of Passport
- Copy of Voter’s Identity Card
- Copy of Driving License
- Copy of Aadhaar Letter/Card
- Copy of NREGA Card etc
Savings Bank Account For Students(SBZER)
Union Bank offers Zero Saving Balance Account for Students. Students bewteen10 years to 25 years are permitted to open these accounts. Zero Saving is auto-converted to a Normal Saving account after the student crosses to 25 years. A checkbook can be issued after the student becomes a major. Parents/guardians will operate accounts of minors below the age of 10.
Features of Savings Bank Account For Students
- Students above 10 years and up to 25 years of age and are pursuing regular courses can open these accounts.
- The account will be auto-converted to normal SB after 25 years. A checkbook can be issued after the student becomes a major.
- Accounts of minors below the age of 10 will be operated by Parents/guardians.
- Quarterly Average Balance: Nil
- Types of Debit Card issued: Classic card.
- ATM Cash Withdrawal Limit: Rs.25,000/- Per day
- ATM POS Limit: Rs.50,000/- Per day
- Free Personal Accident Insurance: Rs.2 Lakhs (by the bank), Rs.1 Lakhs (additional by RuPay).
- SMS Banking Charge: As per applicable charges
- Cheque Book: Cheque Book not allowed
Eligibility and Document Required
- You should be a student pursuing regular courses
- Your age should be between 10 years and up to 25.
- Scholl Certificate or Marksheet.
Basic Saving Bank Deposits Account-Small Accounts(BSBDS)
The Basic saving account can be opened if you want to open an account under the government’s PMJDY scheme. There are no charges for non-maintain of Balance in the Account. Here are the details Union Bank PMJDY account.
Features of Basic Saving Bank Deposits Account-Small Accounts(BSBDS)
- This account can be opened with limited KYC(with self-attested photograph and declaration on Account opening form.
- The account can not be opened in the name of Institutions, Organizations, Non-Resident Indians & Staff.
- Quarterly Average Balance Requirement: Nil
- Issued Debit Card: Allowed, RuPay debit card.
- Debit Card charges Issue charge – Free.
- Number of withdrawals: 4 per month FREE
- The total Deposited shall not exceed Rs.1,00,000
- The aggregate of all withdrawals & transfers in a month shall not exceed Rs.10,000/-.
- The balance at any point in time should not exceed Rs.50,000/-.
- Withdrawals at the base branch only through withdrawal slip / Lose leaf.
- This account is valid only for 12 months and shall be extended to a further 12 months.
- Foreign remittance cannot be credited to small accounts without completion of normal KYC formalities.
- Small accounts shall be opened at CBS linked branches of banks or at such branches where it is possible to monitor the condition’s fulfillment of the condition manually.
Eligibility and Document Required
- All people are eligible for this account who do not have a stable income.
- Copy of PAN Card as ID Proof.
- Copy of Aadhar Card/Voter ID Card or Address proofs approved by the Government.
- Check all the documents issued by Government at Bank Portals.
These are the Best Zero Balance Account of the Union Bank of India. Other Bank also opens Zero balance account. You Can Check Best ICICI Bank Zero Balance Account.
Note : Image Taken From UOB Website