Union Bank of India| Savings Bank Account For Pensioners (SBPEN)account Interest Rates, Minimum Balance, Features

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

Debit Card Charges

No issuance charges.

Annual Maintenance Fees

NEFT Charges

Free online

Minimum Account Balance

IMPS Charges

Free online

Fees and Charges of

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 of

Savings Bank Account For Pensioners (SBPEN)

Pros & Cons of

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)

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

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

Savings Bank Account For Pensioners (SBPEN)

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

Savings Bank Account For Pensioners (SBPEN)