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 | | Link To: Union Gold Coins |
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| NO FRILLS Savings Account |
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| Features | | | | Forms & Documents | | | | FAQs | | |
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Open a "No Frills savings account" with UNION BANK OF INDIA and avail necessary banking facilities while maintaining a nominal minimum balance.
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| Salient Features of NO FRILLS SAVING ACCOUNT |
- All resident individuals eligible to open a "No frills saving account" except NRIs,trusts, societies, etc.
- Any number of accounts in a family can be opened under this scheme.
- In north eastern states account can be maintained with zero balance.
- No cheque book facility will be available.
- One ATM / International debit card will be issued to the account holder.
- Withdrawal of cash will be available only through ATM wherever online ATM facility is available. At other branches, withdrawals will be through withdrawal slip.
- Number of free customer induced debit entries will be restricted to 30 per half year including debit entries through ECS/ATM. Entries above 30 will be charged @ Rs.5/- per entry.
- Total credits in the account should not exceed Rs.1,00,000/- in a year.
- There is no restriction on entries for deposit of Cash/Cheques in the account.
- Nomination facility is available.
- The balance in all the accounts of the accountholders taken together in the bank should not exceed Rs.50,000/-.
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| Special facilities under "No Frills Account" for residents of North-eastern states i.e. Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland & Tripura:-Clean overdraft upto Rs.500/-once in a year (Conditions apply). |
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| Note: If at any point of time the balance in the NO FRILL ACCOUNT exceeds Rs. 50,000/- or total credits in the account in a year exceed Rs.1,00,000/-, the account will be kept deactivated and can only be re-activated as a regular saving account after completion of KYC formalities. |
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For Useful Information please click the links below :
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LIst of Documents
- Application Form
- Proof of identity (any of the following ) for individuals
- Passport
- PAN Card
- Employee identity card
- Driving License
- Any other valid proof
- Proof of address (any of the following)
- Electricity bill ( should not be older than three months)
- Telephone bill
- Ration card
- Statement of account from existing bank
- Income / wealth tax assessment
- Document / communication issued by GOI / State Govt/ Local Body
- Any other valid proof
- 2 Photographs
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APPLICATION FORM
- To download the application form, please click here
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| 1. What is a No Frills Accounts ? |
| No Frills accounts are the saving bank accounts opened with relaxed KYC norms and can be maintained with nominal balance. |
| 2. How many family members are eligible to open No Frills Accounts ? |
| Any number of eligible family members can open No Frills accounts. |
| 3. What are the nomination facilities available to a No Frills Account ? |
- Nomination facilities are available for No Frills accounts.
- There can be only one Nominee for an account.
- A person legally empowered to operate a minor's account can file a nomination on behalf of the minor.
- Applicants can make nomination by filling up the Form prescribed under the Banking Companies (Nomination) Rules 1985.
- The nomination details can be changed during the subsistence of the account relationship by filling up the Form prescribed under the Banking Companies (Nomination) Rules 1985.
- For more details approach your nearest Bank branch.
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| 4. Can any one avail cheque book facilities in a No Frills account ? |
| No Cheque book facilities are not available for a No Frills Account. |
| 5. What are the limits on number of debit and credit transactions in a No Frills account ? |
30 debit transactions per half year including debit entries through ECS/ATM are permitted free of cost, entries above 30 will be charged @ Rs 5/- per entry.
There is no restriction on entries for deposit of Cash/Cheques in the account. |
| 6. What is the maximum balance permitted for account to be classified as No Frills Account ? |
| Maximum permissible balance for a No Frills account is Rs 50,000/- |
| 7. What is the maximum credit limit for a No Frills Account? |
| Maximum permissible credit limit for a No Frills account in a year is Rs 1,00,000/- |
| 8.What happens to a No Frills account if the limit for maximum balance and total credit exceeds the minimum prescribed limit? |
| At any point of time, the balance in his account exceeds Rs 50,000/- or the total credits in the account in a year exceed Rs 1,00,000/- the account will be deactivated. A letter to this effect will be issued to the Customer and the account will be activated after compliance of KYC norms and will be re-classified as Saving Account. |
For further details and any queries please contact the nearest Branch
Or
24x7 Call Centre on the numbers given on site
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