Product Details
Bank Name
Union Bank of India
Account Name
Savings Bank Account For Pensioners (SBPEN)
Account Type
Saving account
Interest Rate
Upto 50 Lakh 2.75%. Above 50 Lakh upto 100 Crore: 2.90%
Free Debit Card
Classic debit card
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
0
Debit Card Charges
No issuance charges.
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Savings Bank Account For Pensioners (SBPEN)
Special Features
ATM POS limit Rs. 50000/day.
Nil debit card issuance charges.
Nil minimum balance is required.
Eligibility Criteria
Individual pensioners drawing regular pension
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Personal accident insurance (death) cover with debit card.
ATM cash withdrawal limit Rs. 25000/day.
ATM POS limit Rs. 50000/day.
Nil debit card issuance charges.
Nil minimum balance is required.
Cons
Low interest rates.
Very few features.
Savings Bank Account For Pensioners (SBPEN) Review
The account offers quite low interest rate. However, the account comes loaded with a number 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