Product Details
Bank Name
Union Bank of India
Account Name
Union Bank Classic Salary Account
Account Type
Salary
Interest Rate
Upto 50 Lakh 2.75%. Above 50 Lakh upto 100 Crore : 2.90%
Free Debit Card
Platinum Card
Account Opening Fees
0
Debit Card Charges
0
Annual Maintenance Fees
0
NEFT Charges
Free online
Minimum Account Balance
0
IMPS Charges
Free online
Fees and Charges of
Union Bank Classic Salary Account
Union Bank Classic Salary Account
Special Features
Overdraft facility of 90% of the one-month net salary witha maximum of Rs. 20,000 in the same account.
0.10% concession on interest rate on education loan, vehicle loan, mortgage.
100% concession on processing fee for Home loan of Rs 25 lakhs and above.
50% concession on processing fee for Home loan below Rs 25 lakhs.
50% concession on other retail loans.
Eligibility Criteria
Classic Salary Account is available to employees drawing a regular salary.
Gross salary should be less than Rs. 25,000 per month.
Benefits
Features, Eligibility and Benefits of
Union Bank Classic Salary Account
Pros & Cons of
Pros
0.10% concession on interest rate on education loan, vehicle loan, mortgage.
100% concession on processing fee for Home loan of Rs 25 lakhs and above.
50% concession on processing fee for Home loan below Rs 25 lakhs.
50% concession on other retail loans.
Overdraft facility: 90% of the one-month net salary with a maximum of Rs. 20,000 in the same account.
Free personal accident insurance of 4 lakhs.
Air accident insurance with debit card of 5 lakhs.
Cons
Low interest rate.
Limited value add features.
Union Bank Classic Salary Account
Union Bank Classic Salary Account Review
The account comes loaded with a number of value add features. However, the account offers low interest rate. It can be considered by individuals who are looking for a good package of value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Review of
Union Bank Classic Salary Account
Account Opening and Procedure of
How to open an Account?
You can open a savings account in Union Bank of India either online or offline. Here's a breakdown of both methods:
Online Method
Visit the website or download the app: Go to the official Union Bank of India website or download their mobile app, "Union Selfie & M-Passbook."
Start the application: Look for the "Online Account Opening" section and choose "Savings Account."
Fill in the details: Provide all the required information in the application form.
Upload documents: Upload scanned copies of your Aadhaar card, PAN card, proof of identity, proof of address, and signature.
Submit the form: Once you've filled in the form and uploaded the documents, submit it online. You'll receive a reference number and an SMS on your registered mobile number.
Visit a branch: After submitting the online application, you'll need to visit a Union Bank of India branch with your original documents and passport-size photographs for verification.
Offline Method
Visit a branch: Go to your nearest Union Bank of India branch.
Collect the form: Ask for the savings account opening form.
Fill in the details: Fill out the application form accurately.
Submit the form: Submit the filled-out form along with copies of your KYC documents (Aadhaar card, PAN card, proof of identity, and proof of address) and passport-size photographs.
Verification: The bank will verify your documents and process your application