Union Bank of India| Union Bank of India Premier Salary Account account Interest Rates, Minimum Balance, Features

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

Debit Card Charges

Annual Maintenance Fees

NEFT Charges

Free online

Minimum Account Balance

IMPS Charges

Free online

Fees and Charges of

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 of

Union Bank of India Premier Salary Account

Pros & Cons of

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

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

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 of India Premier 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

Application Procedure

Union Bank of India Premier Salary Account