Product Details
Bank Name
Union Bank of India
Account Name
Special SB Scheme variant-II (SB High Net worth individuals) (SBHNI)
Account Type
Saving
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
Debit Card Charges
0
Annual Maintenance Fees
0
NEFT Charges
Free
Minimum Account Balance
Quarterly Average Balance (QAB) of INR 1,00,000
IMPS Charges
Free
Fees and Charges of
Special SB Scheme variant-II (SB High Net worth individuals) (SBHNI)
Special SB Scheme variant-II (SB High Net worth individuals) (SBHNI)
Special Features
Air accident insurance with debit card of Rs 50 lakhs.
Free NEFT, RTGS, Demand Draft, and IMPS services.
Free unlimited ATM withdrawals from other bank ATMs.
Nil debit card maintenance charges.
Eligibility Criteria
The SBHNI scheme is open to all individuals who are eligible to open a regular savings bank account. However, the key differentiator is the high quarterly average balance requirement of Rs. 1,00,000/-.
Benefits
Features, Eligibility and Benefits of
Special SB Scheme variant-II (SB High Net worth individuals) (SBHNI)
Pros & Cons of
Pros
Free NEFT transfer. services.
Personal accidental death insurance of INR 10 lakhs.
Free NEFT, RTGS, Demand Draft, and IMPS services.
Free unlimited ATM withdrawals from other bank ATMs.
Nil debit card maintenance charges.
Air accident insurance with debit card of Rs 50 lakhs.
Cons
Low interest rate.
High Quarterly Average Balance (QAB) is required.
Special SB Scheme variant-II (SB High Net worth individuals) (SBHNI)
Special SB Scheme variant-II (SB High Net worth individuals) (SBHNI) Review
The account comes with low interest rate and offers average 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
Review of
Special SB Scheme variant-II (SB High Net worth individuals) (SBHNI)
Account Opening and Procedure of
How to open an Account?
To open an SB High Networth Customers (SBHNI) Prime account in Union Bank of India, you can follow these steps:
Visit the Union Bank of India website: Go to the official website of Union Bank of India.
Navigate to the SBHNI account page: Look for the "Saving Account" section and find the "SB High Networth Customers (SBHNI) Prime" option.
Review the account details: Read about the features, benefits, eligibility criteria, and documents required for the SBHNI account.
Apply online or offline: You may have the option to apply for the account online through the website or visit your nearest Union Bank of India branch to open the account in person.
Fill out the application form: Provide all the necessary details and submit the required documents.
Meet the eligibility criteria: Ensure you meet the minimum balance requirements and other criteria set by the bank for SBHNI accounts.
Account activation: Once your application is approved, your SBHNI account will be activated, and you can start enjoying its exclusive benefits.