Product Details
Bank Name
Union Bank of India
Account Name
Union Bank Of India Elite Salary Account
Account Type
Salary
Interest Rate
Upto 50 Lakh 2.75%. Above 50 Lakh upto 100 Crore: 2.90%
Free Debit Card
RuPay Select/RuPay Metal Debit Card
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
0
Debit Card Charges
0
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Union Bank Of India Elite Salary Account
Special Features
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.
Users will get 3 month cure.Fit live subscription (online) per year.
Users will get Amazon Prime-12 months subscription per year.
Users will get flat INR 500 off on a minimum booking of two tickets once every month at Book MY Show.
Users will get 3 months of Swiggy One complimentary membership in a financial year.
Eligibility Criteria
Elite Salary Account is available to employees drawing a regular salary of Rs. 1,80,000 and above per month.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
0.15% concession on interest rate on vehicle loans.
0.50% concession on interest rate on education loans.
0.10% concession on interest rate on personal loans, and mortgage loans.
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.
0.15% concession on rate of interest of home loans.
Overdraft facility: 90% of the one-month net salary with a maximum of Rs. 5,00,000 in the same account.
Free personal accident insurance of 100 lakhs.
Air accident insurance with debit card of 100 lakhs.
Users will get 4 complimentary domestic and 4 complimentary international airport lounge visit every calendar year.
Users will get a basic health check-up package at SRL/Agilus Diagnostics per quarter.
Users will get 3 month cure.Fit live subscription (online) per year.
Users will get Amazon Prime-12 months subscription per year.
Users will get flat INR 500 off on a minimum booking of two tickets once every month at Book MY Show.
Users will get a ₹ 100 voucher per quarter- Ola/Uber.
Users will get a Golf Lesson or Golf round (1/quarter).
Users will get Spa services at four fountains Spa/HR Wellness/Aroma Thai/ Kairali /O2/Lakme Saloon (1/quarter).
Users will get 3 months of Swiggy One complimentary membership in a financial year.
Users will get a flat 10% discount on International or domestic flights up to ₹ 1500/- (Per quarter) on MakeMyTrip.
Cons
Low interest rate.
High minimum salary is required.
Union Bank Of India Elite Salary Account
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
Product Review
Account Opening and Procedure
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