United Bank of India Savings Account

United Bank of India (UBI) Savings Account gives the customers an exquisite banking experience. There are different types of savings bank (SB) acc. for regular customers, senior citizens, pensioners, non-pensioner senior citizens, women, minors, salaried individuals, and other entities. The bank offers a 3.50% interest rate maximum on the standard account. There are options for auto-sweep and reverse-sweep, higher interest-earning schemes, and other facilities.

In this post, we will discuss UBI Savings Account Interest Rate, Types of SB Accounts (eligibility and features), and frequently asked questions.

NOTE: UBI has been amalgamated with Punjab National Bank (PNB), with effect from 1 April, 2020. The new customers can refer to the updated details of the SB account by visiting the official website of PNB.

United Bank of India Savings Account Interest Rate

Here are details about UBI Savings Account Interest Rate:

• The interest rate is 3% and 3.50% on a savings account with a balance lower than Rs. 100 crores and balance over Rs. 100 crores, respectively
• The interest is calculated on a daily basis.
• The interest amount is payable on a half-yearly basis in June and December

Types of United Bank of India Savings Account

Here are the top 4 types of UBI Savings Account:

1. United Bank of India Regular Savings Account

The United Bank Regular Savings account comes with several facilities such as Nomination, cheque book/Passbook, ATM-cum-Debit Card, Standing Instruction for fund transfer to another account, instant credit up to Rs. 15,000 for outstation cheque collection, Safety lockers or safe custody of articles. Also, under the United Suraksha Scheme, a person can get insurance coverage with up to Rs. 1.25 lakhs benefit on paying a premium of Rs. 17 per year.

Eligibility Criteria

Here are the eligibility norms:

• It is possible to open the account in the name of an individual or two or more individuals
• Account for individual minors operated solely or by a natural guardian
• Minors or 13 years of age or above can operate the acc. individually
• A joint account is also allowed jointly or severally with former, survivor clause, or either of survivor
• An illiterate individual can open the acc. jointly with an illiterate. However, in the case of the survivor, the same should be literate
• The account is also possible for blind people, society, club, or association

2. United Bank of India Basic Savings Account

The UBI Basic Savings Account is for the unbanked population who do not or cannot avail of the basic banking facilities because of the service charges or minimum balance requirement. This is a zero-balance account. Every branch of the bank will offer this savings account. All KYC norms will apply to the acc. The account is transferable to a normal SB account after the necessary KYC verification.

The target group includes industrial/agricultural labourers or families in rural/urban areas. Also, the account is available for non-pensioner senior citizens. One can opt for the nomination facility.

Eligibility Criteria

Here are the eligibility norms:

• In the name of a sole acc. holder or that of two or more individuals (for a joint account)
• It is also operable with either or survivor, former, or survivor clause
• Account operable by the natural guardian in the name of minor
• Minor’s age in this case if 13 for an individual account
• Illiterates can also open the account with ‘Former or Survivor; as the mode of operation
• Here, the illiterate can operate the acc. but is a survivor

Features of UBI Basic Savings Account

Here are the details:

3. United Bank of India Children Savings Account

A minor can open an SB account in their name at UBI. Also, he/she can operate it solely. The minimum age limit for the applicant is 10 years or above. The intention of the acc. is to inculcate the habit of savings and banking among children. The applicant has to submit the duly filled and signed an account opening form. On the top of the acc. there the rubber stamp will read as ‘United Children Savings A/c.’ A nomination facility is available. You can deposit in the SB account through a pay-in-slip.

Eligibility Criteria

Here are the eligibility norms:

• Minimum age of the applicant 10 years or above (single acc. holder)
• Illiterate children cannot open the United Bank Savings Account
• The child attains majority at 18
• If he/she is under a Court-appointed guardian, then he/she attains majority at 21
• No need to take a new form for those attaining majority
• However, the person must submit his/her latest photograph
• If the signature style varies, one can take a new specimen card

Features of UBI Children Savings Account

Here are the details:

4. United Bank of India Bonanza Savings Schemes

UBI has a savings scheme to boost liquidity for savings acc. customers. The scheme combines the benefits of the SB account as well as the interest of an FD (Fixed Deposit) acc. When opening the UBI Saving Account, the deposit will receive an in-built arrangement. This facility is the permission to automatically transfer the balance over a certain amount to the FD account. The transfer is for a specific period as per the instruction of the acc. holder. The FD amount will earn the Term Deposit rate as set by the bank.

Eligibility Criteria

Here are the eligibility norms:

• Anyone eligible to open an SB account at UBI
• Single and joint accounts
• Current employees of the bank
• Senior citizens, ex-employees, spouse of passed away employees

Features of UBI Bonanza Savings Scheme

Here is more about the product:

Frequently Asked Questions on United Bank Savings Account

Here are the UBI Savings Account FAQs: