Product Details
Bank Name
Union Bank of India
Account Name
Union Bank of India Premier Salary Account
Account Type
Salary
Interest Rate
Upto 50 Lakh 2.75%. Above 50 Lakh upto 100 Crore: 2.90%
Free Debit Card
Visa Signature/RuPay select
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 Premier Salary Account
Special Features
Overdraft facility: 90% of the one-month net salary with a maximum of Rs. 2,00,000 in the same account.
0.10% concession on interest rate on education loans, vehicle loans, mortgages.
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.
0.5% concession on rate of interest of home loans.
50% concession on 1st year rent of locker.
Eligibility Criteria
Premier Salary Account is available to employees drawing a regular salary of Rs. 75,000 and above per month.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
0.10% concession on interest rate on education loans, vehicle loans, mortgages.
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.
0.5% concession on rate of interest of home loans.
50% concession on 1st year rent of locker.
Overdraft facility: 90% of the one-month net salary with a maximum of Rs. 2,00,000 in the same account.
Free personal accident insurance.
Air accident insurance with debit card of 100 lakhs.
Cons
Low interest rate.
Limited value add features.
Union Bank of India Premier 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
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