Union Bank of India Zero Balance Account: Documentation, How to Apply

Union Bank Student Account
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Union Bank of India Zero Balance Account: Union Bank of India is one of the renowned public sector banks in India that offers various products and services. It allows individuals to open digital savings accounts with no minimum balance requirement as the account can be opened with zero balance under ‘Union Bank Digital Savings Account’.

This can be a great option for students and help them learn financial lessons. Continue reading to find out more about who is eligible and how to open a UBI zero balance account.

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 bank of digital platforms like BHIM, UPI, or net banking.

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.

Also Read: Planning to study in the USA? Check here for some of the best Government Education Loans to Study in USA

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

How to Open Union Bank Zero Balance 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. 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 given prerequisites for online account opening.
  • 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.
Union Bank of India Zero Balance Account

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.

FAQs

Can I open a zero balance account with the Union Bank of India?

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.

Is there any minimum balance requirement in Union Bank zero account?

There is no minimum balance requirement as the account can be opened with zero balance. It is a zero-balance savings account.

What services can I avail by opening a zero balance Union Bank 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.

Are there any cash deposit charges on Union Bank zero balance account?

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. 

What is the cash withdrawal limit on the Union Bank zero balance account?

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.

Do I get an ATM debit card with a UBI zero balance account?

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.

How can I open 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.

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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About Shubhika Garg

Hey there! I'm Shubhika- a proud graduate in English Literature and Language from Delhi University. My journey as a content writer transitioned from online teacher into the world of words. Stepping into the domain of blogs and articles, I discovered my passion for writing growing deeper and stronger. Having said that, I have experience of writing for diverse industries in automobile, technology, ed-tech, finance and mental-health; crafting details to help you find the solution to what you are looking for. Join me as I invite you all explore and learn together.

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