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When you need a bank you can trust, the Union Bank of India Savings Account is a popular choice for people who want a safe and convenient place to keep their money and earn good interest.

Below, we’ll explore the features, benefits, and the latest interest rate for the Union Bank Savings Account in 2025. Whether you're thinking about opening a new account or want to learn more about the terms, this guide will cover everything you need to know.

United Bank of India Savings Account Overview

Feature

Details

Account Types

Regular, Senior Citizen, Minor, Student, Women, etc.

Interest Rates

2.75% - 3.55% per annum (varies based on balance)

Minimum Balance

₹500 - ₹1,000 (depends on account type and location)

Key Features

Competitive interest rates, Online & Mobile Banking, Multiple account types, No minimum balance for some, Easy beneficiary nomination

Benefits

High security, Easy access to services, Competitive interest rates, Customized features for different needs, Free debit card & passbook

Charges

Potential penalties for non-maintenance of minimum balance

Opening Process

Online or at a branch

Documents Required

Identity proof, Address proof, Photographs, Income proof (if applicable)

Key Features of Union Bank of India Savings Account

Union Bank of India Savings Account is made for people with different needs. It has many helpful features, including:

1. Many Types of Accounts

Union Bank offers a wide variety of savings accounts to fit the needs of different people. This includes accounts for regular people, older adults, children, and women. Each type of account has special benefits, like higher interest rates or no fees.

2. Good Interest Rates

Union Bank pays good interest rates on your savings. The amount of interest you earn depends on how much money you keep in your account. In 2025, Union Bank is expected to have some of the best interest rates in the market.

3. Easy to Use Online Banking

Union Bank makes it easy to manage your money online. You can use your phone or computer to easily transfer money, pay bills, and even open a savings account online.

4. Accounts with No Minimum Balance

Some types of accounts, like accounts for students or accounts under government programs, don't require you to keep a minimum amount of money in them. This makes it easier for people from all walks of life to use banking services.

5. Easy to Name a Beneficiary

The Union Bank savings account makes it simple to choose who will get your money if you pass away. This acts as a safeguard for your family's monetary security.

Union Bank Savings Account Interest Rate in 2025

The interest rate is a very important thing to consider when choosing a savings account. Union Bank offers very competitive interest rates on its savings accounts, and the rate you earn depends on how much money you have in your account. Here's how it works:

1. For Balances Up to ₹50 Lakhs

Balances up to ₹50 lakhs earn an interest rate of 2.75% annually. While slightly lower than other tiers, this rate is suitable for individuals maintaining modest savings.

2. For Balances Between ₹50 Lakhs and ₹100 Crores

For balances in this range, the interest rate is 2.90% annually, ensuring a stable return for larger savings without crossing the ₹100-crore threshold.

3. For Balances Between ₹100 Crores and ₹500 Crores

Customers maintaining balances in this bracket will earn a higher interest rate of 3.10% annually, reflecting the bank’s effort to reward substantial deposits.

4. For Balances Between ₹500 Crores and ₹1,000 Crores

The interest rate climbs further to 3.40% annually, benefiting high-value account holders who save significantly in this range.

5. For Balances Above ₹1,000 Crores

The highest tier offers an attractive interest rate of 3.55% annually, making it highly rewarding for those maintaining exceptionally large balances.

These interest rates make Union Bank a great choice for people who want to see their savings grow steadily over time.

How to Open a Union Bank Savings Account?


1. Opening a Savings Account Online

Opening a savings account online with Union Bank is very easy. Here's how you can do it:

  1. Go to the official Union Bank of India website or use their mobile app.
  2. Identify the choice marked as "Open a Savings Account."
  3. Fill out the application form with all the correct information, such as your full name, address, and identification documents.
  4. Upload the necessary documents, such as your PAN card, Aadhaar card, and passport-sized photos.
  5. Submit the form for review. Once approved, you will receive your account information through email or text message.

2. Opening a Savings Account at a Branch

If you prefer to open your account in person, it's just as simple:

  1. Visit the nearest Union Bank branch and get an application form for a savings account.
  2. Complete the form and ensure all required documents are attached.
  3. Give the completed form to a bank employee.
  4. Upon approval of your application, your account will be activated and ready to use.

Union Bank Savings Account Minimum Balance Requirements

Union Bank savings accounts come with varying minimum balance requirements depending on the account type.

  • For a regular savings account: ₹500 to ₹1,000 (varies by location and type)
  • For specialised accounts like student or pension accounts: Zero balance required

Maintaining the stipulated minimum balance helps avoid penalties while enjoying account benefits.

Benefits of Union Bank Saving Account

Opening a Union Bank of India Savings Account comes with a range of benefits, such as:

1. High Security

Your funds are secure, with the bank following stringent safety protocols.

2. Easy Access to Banking Services

Union Bank provides round-the-clock access to its digital services, including mobile and internet banking, for your convenience.

3. Competitive Interest Rates

Earn attractive returns on your deposits, with rates among the highest offered by major banks.

4. Customised Features for Different Demographics

Senior citizens enjoy higher interest rates, while minors benefit from exclusive perks.

5. Free Debit Card & Passbook

Most accounts include a complimentary debit card and passbook for transaction tracking.

Recommended Read: Union Bank Of India Credit Card Eligibility

Documents Required for Union Bank Saving Account Opening

To open a Union Bank of India Savings Account, ensure you have the following documents ready:

  • Identity Proof: Aadhaar, PAN, or voter ID.
  • Address Proof: Passport, utility bill, or Aadhaar card.
  • Photographs: Two recent passport-sized photos.
  • Income Proof (if applicable): For specific account types.

Steps for Union Bank Saving Account Opening Online

Follow these steps to open your Union Bank savings account online seamlessly:

  1. Visit the Union Bank website or mobile banking app.
  2. Navigate to the savings account section.
  3. Complete the Union Bank saving account opening form.
  4. Upload scanned copies of the required documents.
  5. Verify your application via an OTP sent to your registered mobile number.
  6. Submit the form. After verification, your account details will be shared.

Union Bank Saving Account Opening Form: Things to Know

The Union Bank savings account opening form asks for your personal and financial information. It's important to fill out the form correctly to avoid delays in opening your account. Make sure all the documents you submit are valid and easy to read so the bank can process your application smoothly.

Union Bank Saving Account for Specific Needs

1. Accounts for Senior Citizens

Higher interest rates and relaxed minimum balance requirements make this an ideal choice for retirees.

2. Accounts for Minors

Guardians can open accounts for children to inculcate savings habits early.

3. Student Accounts

Zero-balance options are available to encourage students to manage finances effectively.

FAQs on Union Bank of India Savings Account

1. What is the minimum balance requirement for a Union Bank savings account?

The minimum balance requirement varies between ₹500 to ₹1,000, depending on the account type and location. Zero-balance accounts are available for students, senior citizens, and other specific categories.

2. What is the procedure for opening a Union Bank savings account online?

You can open an account online by visiting the Union Bank of India website or mobile app, filling out the account opening form, and uploading the necessary documents. Once verified, your account will be activated.

3. What is the interest rate on Union Bank savings accounts in 2025?

The interest rate ranges from 3.00% to 5.00% per annum, depending on the balance of the account. Higher balances attract better rates.

4. What documents are required to open a Union Bank savings account?

You’ll need identity proof (Aadhaar card, PAN card, etc.), address proof, passport-sized photographs, and income proof (if applicable). Ensure all documents are valid and updated.

5. Can I open a Union Bank savings account for my child?

Yes, Union Bank offers savings accounts for minors, allowing parents or guardians to manage the account until the child reaches legal age. These accounts have special features to encourage saving habits.

6. Do I have to pay charges if I don’t meet the minimum balance requirement?

Yes, non-maintenance of the required minimum balance may attract nominal penalties. Zero-balance accounts are exempt from such charges.

7. Can I open a joint savings account with Union Bank?

Yes, Union Bank allows joint savings accounts with up to three individuals. All account holders must submit their KYC documents during the account opening process.

Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.

Union Bank Of India Savings Account - Customer Reviews

4 / 5 (57 Reviews)
4.2 Stars
Five Stars
1 Oct 2020

Usefulness of information,very gud

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