A Savings Account is very beneficial with multiple advantages as detailed below:
- Union Bank Of India Interest Rates On Saving Account Calculator
- Union Bank Of India Interest Rates On Saving Accounts
- Which Bank Gives Maximum Interest On Saving Account In India
- Union Bank Of India Interest Rates On Saving Account 2021
- Union Savings Bank Deposit Rates
For instance, Union Bank of India SCSS interest rate as on September 15th, 2020, is 7.4%. So the deposits that are made now will generate interest at the rate of 7.4% till September 2025. Under Union Bank of India Senior Citizen Savings Scheme, the interest will be paid out on a quarterly basis. Is there a minimum deposit required to open a Union Savings Bank personal savings account? The minimum opening deposit varies depending on the type of savings account: Club Savings and Young Savers Account is $5.00; Essential Savings is $25, Landlord/Tenant Savings is $100.00; and Access Savings is $300.00.
(1) Earns Interest on your Savings
This is the first and foremost benefit of opening a savings account. It starts earning interest on your money as soon as it is deposited. The interest rate is decided solely by the bank and changes from time to time. Regular interest depends upon the balance of the savings account.
Interest rate in savings account ranges from 3.5% to 7%.
(2) Provides Security of Funds
Union Bank Of India Interest Rates On Saving Account Calculator
There is no risk involved in your savings account. It is considered as one of the safest investment alternatives. It even offers you the opportunity to put your money into another investment whenever the time comes.
(3) No Lock-in Period
There is no lock-in period under savings account which means that you can withdraw your deposits anytime you need. There is no need to keep your money in this account for any specific period. You have full flexibility in withdrawal of amount from it.
(4) Offers Liquidity
You can withdraw the amount anytime 24X7 with the use of ATM card or debit card from your account during any emergency even when the bank is closed. In fact, being able to access your money when you need it, is one of the biggest benefit of having a savings account.
(5) Availability of Variety of Savings Account
Many banks offer comprehensive range of savings accounts from regular to premium suiting to your personal banking needs. There are different types of savings accounts offered by various banks that differ based on the interest rates and duration of time commitments. You can choose any of them which suits your financial objectives and requirements.
(6) Services of Customer Relation Manager
Now-a-days many of the banks engage a Customer Relation Manager (CRM) who will help not only solve your queries but also assist you in tax saving, investment, mutual fund schemes, insurance, bank procedures, etc. You need to just call your CRM and he/ she will assist you solve your problem.
(7) Online Banking Facilities
If you maintain a savings account, you can make many transactions online also such as payment of bills, fund transfers using RTGS/ NEFT or IMPS, etc. This will save your time and efforts.
(8) Provides ATM/ Debit Card
You will be offered a debit or ATM card with a nominal charge or without any charges, as offered by your bank. With the help of this card, you can withdraw the funds, make transactions in shops, make payments of bills, etc.
(9) Helps you Get Credit or Loan
The relation you maintain with the bank will help you in getting credits from the bank such as home loan, personal loan. You will also be in a position to negotiate with the banker on the interest rates.
(10) No Cap on Deposits
There is no limit on the amount deposited and number of times it is deposited.
(11) Facility to link Loan EMIs, Mutual Fund SIPs or RD deductions
You get a facility to link your monthly loan EMIs, Mutual Fund SIPs or RD deductions through the savings bank account.
(12) Free Mobile App
Most of the banks provide their mobile app for free. Through this app, you can get to know your account balance, check your statement, make transactions, easy transfer of money, etc.
| You are here : | Products Personal Savings Flexi Deposit Scheme (SBNFD) |
Savings Flexi Deposit Scheme (SBNFD)
Union Bank Of India Interest Rates On Saving Accounts
Integrated features of the Savings Deposit and Fixed Deposit, namely liquidity with higher interest returns on surplus funds.
Eligibility | Individuals, Non-Government bodies/Organisations/Bodies are eligible to open savings bank accounts. |
Minimum balance in SB | Rs 50,000/- |
Sweep Out amount | Minimum of Rs 10,000 and in multiples of Rs 10,000 Up to Rs 1 Crore per day. |
Periodicity of Sweep out | Daily |
Sweep in amount | Rs.5,000/ and in multiples of Rs 5,000/- |
Period of Term Deposit | 46 days to 1 year |
Type of Debit card | Classic card |
Debit Card charge | Issue charge –Free |
Access to own Bank ATM | 8 transactions (financial) per month Free. |
Access to other bank ATM | 3 transactions (financial + non-financial) per month at Metro or 5 transactions(financial + non-financial) per month at other centres are Free |
ATM Cash Withdrawal Limit | Rs 25,000/- Per day |
ATM POS Limit | Rs 50,000/- Per Day |
Free Personal Accident Insurance (Death) with debit card* | Rs 2 Lakhs (by bank), Rs 1 Lakhs (additional by RuPay). |
SMS banking charges | As per applicable charges |
Personalized Cheque Leaves | 60 leaves per year FREE. |
DD | As per applicable charges. |
RTGS, NEFT | Unlimited FREE |
IMPS | As per applicable charges |
Penalty for non-maintenance of min balance | NIL |
Account closure -within 14 days or after 12 months | Nil |
Account closure -Between 15 days to 12 months | As per applicable charges. |
Which Bank Gives Maximum Interest On Saving Account In India
*Personal Accident insurance with debit card is subject to terms and conditions of debit card policy/usage and policy of RuPay which may change from time to time.
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Union Bank Of India Interest Rates On Saving Account 2021
