Union Bank of India broker Accounts

union bank of india Account Types & Opening Guide 2025: Complete Comparison and Registration Steps

union bank of india Account Types Explained

Union Bank of India offers a variety of account types tailored to meet the diverse needs of its customers. Below is a detailed overview of the available account types:

1. Savings Bank Account (SBGEN)

• Minimum Deposit Requirement: ₹1,000
• Interest Rate: 2.50% to 4.75% depending on balance
• Key Features:
• Free ATM card
• Internet banking and mobile banking facilities
• Monthly account statement
• Target User Profile: General public, salaried individuals
• Trading Instruments Available: Not applicable

2. Union Muskaan Account (for Minors)

• Minimum Deposit Requirement: ₹100
• Interest Rate: 2.50%
• Key Features:
• Designed for minors
• Free ATM card after age 10
• No maintenance charges
• Target User Profile: Parents looking to save for their children
• Trading Instruments Available: Not applicable

3. Savings Bank Account for Pensioners (SBPEN)

• Minimum Deposit Requirement: ₹1,000
• Interest Rate: 2.50% to 4.75%
• Key Features:
• Special interest rates for pensioners
• Free ATM card
• Internet banking
• Target User Profile: Senior citizens
• Trading Instruments Available: Not applicable

4. Basic Savings Bank Deposit Account (BSBDA)

• Minimum Deposit Requirement: No minimum balance
• Interest Rate: 2.50%
• Key Features:
• Zero balance account
• Limited number of withdrawals per month
• Target User Profile: Low-income individuals
• Trading Instruments Available: Not applicable

5. Savings Account for Students (SBZER)

• Minimum Deposit Requirement: ₹500
• Interest Rate: 2.50%
• Key Features:
• No maintenance charges
• Free ATM card
• Target User Profile: Students
• Trading Instruments Available: Not applicable

6. Current Account (Union Classic Current Account)

• Minimum Deposit Requirement: ₹5,000
• Interest Rate: Not applicable
• Key Features:
• Designed for businesses
• Free cash deposit limit
• Unlimited transactions
• Target User Profile: Business entities
• Trading Instruments Available: Not applicable

Account Type Comparison Table

Detailed union bank of india Account Features

Feature Comparison Across Different Account Types

• Minimum Deposit:

• Savings Bank Account (SBGEN): ₹1,000

• Union Muskaan Account: ₹100

• Savings Account for Pensioners: ₹1,000

• Basic Savings Bank Deposit Account: No minimum

• Savings Account for Students: ₹500

• Current Account: ₹5,000

• Maximum Leverage: Not applicable for savings and current accounts.

• Spreads (Typical/Minimum): Not applicable.

• Commission Fees: Not applicable for savings accounts.

• Lot Size (Micro/Mini/Standard): Not applicable.

• Available Trading Platforms: Not applicable.

• Execution Type: Not applicable.

• Islamic Account Availability: Not applicable.

• Swap-Free Options: Not applicable.

• Demo Account Features: Not applicable.

Advantages of Each Account Type

• Savings Bank Account (SBGEN):

• Higher interest rates for larger balances

• Access to digital banking services

• Union Muskaan Account:

• Encourages savings for minors

• No maintenance charges

• Savings Account for Pensioners:

• Special interest rates for pensioners

• Free ATM card

• Basic Savings Bank Deposit Account:

• No minimum balance requirement

• Ideal for low-income individuals

• Savings Account for Students:

• No maintenance charges

• Encourages financial literacy among students

• Current Account:

• Unlimited transactions

• Tailored for business needs

Disadvantages of Each Account Type

• Savings Bank Account (SBGEN):

• Minimum balance requirement

• Union Muskaan Account:

• Limited features compared to adult accounts

• Savings Account for Pensioners:

• Minimum balance requirement

• Basic Savings Bank Deposit Account:

• Limited number of withdrawals per month

• Savings Account for Students:

• Minimum deposit requirement

• Current Account:

• Higher minimum balance requirement

union bank of india Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old for individual accounts.
• Geographic Restrictions: Available to residents of India.
• Prohibited Countries: Not specified.

Identity Verification Documents Needed

• Aadhaar Card: For identity and address proof.
• PAN Card: Mandatory for tax purposes.
• Passport-size Photographs: Typically two required.

Proof of Residence Requirements

• Utility Bill: Recent electricity or water bill.
• Rent Agreement: If applicable.

Additional Documentation for Professional Accounts

• Not applicable for standard savings and current accounts.

KYC/AML Compliance Procedures

• Customers must complete KYC (Know Your Customer) verification, which includes submitting identity and address proof.

Verification Time Frames

• Account verification typically takes 2-3 business days.

Step-by-Step union bank of india Account Opening Guide

Detailed Step-by-Step Registration Process

1. Visit the Website: Go to the Union Bank of India official website.
2. Click Registration: Select the option to open a savings or current account.
3. Personal Information Entry: Fill in your personal details such as name, address, and contact information.
4. Choose Account Type: Select the type of account you wish to open.
5. Set Trading Preferences: Not applicable for savings and current accounts.
6. Document Upload: Upload required documents such as Aadhaar and PAN.
7. Account Verification: The bank will verify your documents.
8. Fund Your Account: Make an initial deposit as required.
9. Start Banking: Once verified, your account will be operational.

Desktop vs Mobile Registration Differences

• The registration process is similar on both platforms, but mobile registration may require the Union Bank app.

Common Registration Issues and Solutions

• Issue: Document upload failure.

• Solution: Ensure documents are clear and in the correct format.

• Issue: Verification delays.

• Solution: Contact customer support for assistance.

Average Account Approval Time

• Typically 2-3 business days.

How to Upgrade/Downgrade Account Types

• Customers can request changes through customer service or by visiting a branch.

union bank of india Demo Account Guide

Demo Account Features and Benefits

• Features: Allows users to practice trading without financial risk.
• Benefits: Helps users familiarize themselves with the banking platform.

How to Open a Demo Account

• Not applicable for Union Bank of India as they primarily offer savings and current accounts.

Demo Account Limitations

• Not applicable.

Virtual Balance Amount

• Not applicable.

Demo vs Live Account Differences

• Not applicable.

Duration/Expiry of Demo Accounts

• Not applicable.

union bank of india Islamic Account Details

Swap-Free/Islamic Account Availability

• Union Bank of India does not offer Islamic accounts.

Eligibility Requirements

• Not applicable.

Differences from Standard Accounts

• Not applicable.

How to Apply for Islamic Account

• Not applicable.

Restrictions or Special Conditions

• Not applicable.

FAQs – union bank of india Account Types & Opening

1. What account types does union bank of india offer？

• Union Bank of India offers savings accounts, current accounts, and specialized accounts for minors, pensioners, and students.

1. What is the minimum deposit for each account type？

• Minimum deposits range from ₹0 (for the Basic Savings Bank Deposit Account) to ₹5,000 (for the Current Account).

1. How long does union bank of india account verification take？

• Account verification typically takes 2-3 business days.

1. Does union bank of india offer demo accounts？

• No, Union Bank of India does not offer demo accounts.

1. Can I have multiple account types with union bank of india？

• Yes, customers can hold multiple account types.

1. Does union bank of india offer Islamic/swap-free accounts？

• No, Union Bank of India does not offer Islamic accounts.

1. What documents do I need to open a union bank of india account？

• Required documents include an Aadhaar card, PAN card, and passport-size photographs.

1. Can I change my account type after registration？

• Yes, customers can request to change their account type through customer service or by visiting a branch.