Product Details
Bank Name
Union Bank of India
Account Name
Union Muskaan (SBMUS)
Account Type
Saving Account
Interest Rate
Upto 50 Lakh 2.75%. Above 50 Lakh upto 100 Crore: 2.90%
Free Debit Card
Platinum debit card (Issued to Parent/gurdian)
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
Quarterly Average Balance (QAB) of Rs 1000.
Debit Card Charges
No issuance charges.
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Union Muskaan (SBMUS)
Special Features
0.25% concession in rate of interest on education loan.
POS limit of Rs. 25000/day.
ATM cash withdrawal limit Rs. 5000/day.
Personal accident insurance covers up to Rs. 2 lakh.
Free one DD/NEFT per month for fee payment.
Eligibility Criteria
Minor of any age under parent’s/guardian’s supervision.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Platinum debit card.
0.25% concession in rate of interest on education loan.
Personalized chequebook of up to 20 leaves.
Free term insurance of parent/guardian on first RD opened in the name of the minor.
Nil debit card issue charges.
POS limit of Rs. 25000/day.
ATM cash withdrawal limit Rs. 5000/day.
Personal accident insurance covers up to Rs. 2 lakh.
Free one DD/NEFT per month for fee payment.
Cons
Low interest rate.
Limited value add features.
Application Procedure
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.
Add a Title
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.
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