UBI, the Union Bank of India offers its zero balance account which is also called the Union Digital Savings Account. You are not required to maintain a minimum balance. The account can be opened easily through internet banking, the Vyom App, or at a branch. The UBI zero balance account is suitable for students, low-income individuals, or anyone looking to manage their finances effectively. Check out the major details here in this blog.
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What is a Zero Balance Account?
A zero-balance account is a type of savings account that allows account holders to operate without maintaining any minimum balance. These accounts often come with features such as ATM/debit cards, net banking, mobile banking, and access to government benefits through direct bank transfers. Union Bank of India offers zero balance accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) and for salaried accounts.
Overview of Union Bank Zero Balance Account
Union Bank of India’s zero balance account ensures that individuals can avail of basic banking facilities and not worry about maintaining a minimum balance. Despite being a zero-balance account, the bank ensures that account holders have access to essential banking services such as funds transfer, online banking, ATM debit card facilities, and others.
The bank also offers nominal interest rates on the balance maintained. This enables the account holders to cultivate saving habits and earn a return on their funds. Check out the other benefits of Union Bank zero account-
- The foremost advantage of a balance account is the absence of any minimum balance requirement. This alleviates the financial burden on students, especially for those with limited funds.
- Union Bank offers a complimentary ATM debit which is issued free of cost and low annual maintenance charges.
- Students can manage their finances conveniently through UBI’s online banking facility. These include services like funds transfer, bill payments, UBI education loans to study abroad, etc.
- Students can avail of exclusive offers and discounts which are offered by the Union Bank of India to the account holders.
- There are no charges on outward remittances made through banks or digital platforms like BHIM, UPI, or net banking.
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Union Bank of India Zero Balance Account Opening Online
Union Bank zero balance account opening is very easy. Individuals who wish to open a zero balance account can either visit the nearest bank branch or apply online. Follow the given steps to open a UBI zero balance account offline and online-
Visit the Bank
- Visit the nearest UBI branch.
- Connect with the bank representative and fill out the account opening form.
- Enter all the details carefully and attach the required documents along with a passport-size photograph.
- Sign the form and submit it to the bank.
- The bank will verify the details.
- After verification, the UBI zero balance will be opened successfully.
Online
- Visit the official website of the Union Bank of India.
- Navigate to ‘Digital Banking’ and select ‘Self-service Banking’.
- Click on ‘Online Account Opening’.
- Now, select ‘Savings Account’.
- Press ‘OK’ once you are ready with the prerequisites for opening an online account.
- Fill out the given details and upload the required documents.
- Click ‘Submit’ once done.
- The bank will verify the details.
- After verification, the UBI zero balance will be opened successfully.
Opening a Union Bank Savings Account through the Vyom App is also a quick and convenient process. The overall process typically takes about 10 to 15 minutes for the application itself. Here are the steps involved in Union Bank of India zero balance account opening via the Vyom App.
- Log in to the app using the PIN or fingerprint after registering on the Vyom app.
- Go to the section on Open Savings Account.
- Enter your personal information, including your name, mobile number, email ID, and PAN/ UID details.
- Upload required documents.
- Review all entered information for accuracy and submit your application.
Also Read: If you are planning to avail an education loan from PNB Bank, check out our blog to understand the PNB Bank Education Loan Disbursement Process.
Eligibility Criteria
Any resident individual can open and operate this zero-balance savings account. However, to avail of the Union Bank of India zero balance account, students must fulfil the eligibility criteria.
- Must be a resident of India
- Should be a student pursuing education in a recognised institution
- Age criteria may apply (usually 18 years and above)
- Applying for other savings accounts is not permitted for those who open a Union Bank zero account.
Documents Required
Union Bank aims to simplify the account opening process for customers. This makes it accessible to a wide range of individuals. The process requires minimal documentation which can be submitted by either visiting the bank branch or applying online.
- Aadhaar Card/ Passport/ Voter ID for identification
- Utility bills or rental agreements for address proof.
- Proof of enrollment in an educational institution
- 2-4 recent passport-size photographs
FAQs
Yes, applicants can open a Union Bank of India zero-balance account. It allows individuals to open a digital savings account with no minimum balance requirement as the account can be opened with zero balance.
Yes, you can open a zero balance account online through the Union Bank website or mobile app. The process includes filling out an application, uploading documents, and completing video KYC.
There is no minimum balance requirement as the account can be opened with zero balance. It is a zero-balance savings account.
Despite being a zero-balance account, the bank ensures that account holders have access to essential banking services such as funds transfer, online banking, ATM debit card facilities, and others.
Yes, cash deposit charges are applicable on any cash deposits made in the Union Bank zero balance account. Charges of INR 1 + GST per thousand is applicable. Any amount above INR 500 will be reckoned as INR 1000 for this purpose of cash deposit.
Cash withdrawal of up to INR 25,000 is allowed at non-base branches. There is no limit of cash withdrawal at the base branch and a maximum of 3 withdrawals are permitted in a month (at both base and non-base branches). Any withdrawal beyond the limit is subject to withdrawal charges of INR 10 + GST for every extra transaction.
Yes, Union Bank offers a complimentary ATM debit which is issued free of cost and low annual maintenance charges when opening a Union Bank zero account.
Union Bank zero balance account opening is very easy. Individuals who wish to open a zero balance account can either visit the nearest bank branch or apply online.
Several Indian banks offer zero-balance accounts, catering to different customer needs. Here are some notable options- SBI’s Basic Savings Bank Deposit Account, ICICI Bank’s Zero Balance Savings Account, HDFC’s Basic Savings Account, and Axis Bank’s Basic Savings Account.
You need an Aadhaar card, PAN card, and a passport-sized photograph. Additional documents like income proof or student ID may be required based on the account type.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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