Product Details
Bank Name
Union Bank of India
Account Name
UBI Savings Flexi Deposit Scheme (SBNFP)
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
0
Annual Maintenance Fees
0
Minimum Account Balance
Minimum balance required - Rs. 10,00,000
Debit Card Charges
Not specified by the bank
NEFT Charges
Free
IMPS Charges
Free
Fees and Charges
UBI Savings Flexi Deposit Scheme (SBNFP)
Special Features
It is a combination of a savings account and a term deposit.
Period of term deposit - 46 days to 90 days.
Nil penalty for non-maintenance of minimum balance.
Nil cash deposit charges up to Rs 50 lakh per month.
Eligibility Criteria
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Weekly sweep-out facility.
Unlimited personalized cheque leave.
Free unlimited RTGS/NEFT/DD facility.
Period of term deposit - 46 days to 90 days.
Nil penalty for non-maintenance of minimum balance.
Nil cash deposit charges up to Rs 50 lakh per month.
Cons
Low interest rate.
Limited value add features.
UBI Savings Flexi Deposit Scheme (SBNFP) 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
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