Union Bank of India| UBI Savings Flexi Deposit Scheme (SBNFD) account Interest Rates, Minimum Balance, Features

Product Details

Bank Name

Union Bank of India

Account Name

UBI Savings Flexi Deposit Scheme (SBNFD)

Account Type

Saving

Interest Rate

Upto 50 Lakh 2.75%. Above 50 Lakh upto 100 Crore : 2.90%

Free Debit Card

Platinum Debit Card

Account Opening Fees

Debit Card Charges

Issuance fee: Nil. Annual fee: INR 300 + GST

Annual Maintenance Fees

NEFT Charges

Free

Minimum Account Balance

Minimum balance required - Rs. 50000/- in SB account.

IMPS Charges

Free

Fees and Charges of

UBI Savings Flexi Deposit Scheme (SBNFD)

Special Features

• It is a combination of a savings account and a term deposit.
• Free NEFT Transfer.
• Nil debit card issue charge.
• ATM cash withdrawal limit - Rs. 75000/day.
• ATM POS limit - Rs.1,50,000/day.

Eligibility Criteria

Benefits

Features, Eligibility and Benefits of

UBI Savings Flexi Deposit Scheme (SBNFD)

Pros & Cons of

Pros

• Free NEFT Transfer.
• Nil debit card issue charge.
• ATM cash withdrawal limit - Rs. 75000/day.
• ATM POS limit - Rs.1,50,000/day.
• Nil penalty for non-maintenance of minimum balance.
• Free personal accident insurance cover of 2 lakhs with account and up to 2 lakhs with debit card.

Cons

• Low interest rate.
• Limited value add features.

UBI Savings Flexi Deposit Scheme (SBNFD)

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

UBI Savings Flexi Deposit Scheme (SBNFD)

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

UBI Savings Flexi Deposit Scheme (SBNFD)