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Union Family Savings Scheme
Features Forms & Documents
 
Bank Together, Gain Together.Yes at Union Bank of India,banking together has become even more rewarding. Presenting, the Union Bank’s Family Saving Scheme which is especially designed to meet all the banking requirements of your family members under one roof.

What you need to do is to open the accounts of all the family members & link them together as a group, to enjoy the flexibility of balance maintenance. The free facilities are based on the collective balance maintained by the family as a whole. Thus, all your family members become eligible to enjoy the privileges.

Features & Benefits:
  1. Minimum 2 & maximum 6 family members (accounts) can form a group under this scheme. Customers having multiple SB accounts with us can also club all his/her accounts under this scheme along with other family member/s.

  2. Family members include Grand Parents, Father, Mother, Spouse, Brother, Sister, Son, Daughter.   

  3. The group as a whole will have to maintain Average Quaterely Balance (AQB) of Rs.1 lakh in SB accounts OR Rs.10 lakhs in the Term Deposit accounts in order to avail the benefits. However, for new accounts opened & grouped under this scheme, the combined SB balance has been kept at Rs.50,000.
  4. Free facilities starts from day One. The Facilities can be enjoyed by any member (account) of the family in the group.

  5. Clubbing the accounts belonging to the family members is for the purpose of identification of the group and for arriving at the average quarterly balance only.The individual accounts will be operated strictly as per the mandate submitted by the individual customer/joint holder (necessarily a family member).Secrecy and confidentiality of the individual accounts will not be compromised in any case.

  6. Free facilities per account under this scheme are as under :

    Features Facilities
    A) Cheque Book & Remittances
    Free Personalized Multicity Cheque Books Per Year 2 Books per account
    Inter Sol Transactions Per Month(Excluding Cash) Unlimited Free
    NEFT/RTGS Unlimited Free
    Free Demand Draft/ Pay Order   Up to Rs.20,000 Per Account Per Month
    B) International Debit cum ATM Card Facility
    ATM cum Debit Card Free, No issuance Charge.
    ATM Withdrawal Rs.25,000 Per Day
    Shopping Limit -POS Rs.25,000 Per Day
    Combined Limit(ATM+POS) Rs.50,000 Per Day
    Accidental Insurance Cover upon usage of Debit card Rs.2 Lacs
    No Annual Maintenance Charges For Debit Cards
    Internet Banking (Fund Transfer+  Bill Payments) Free
    Pass Book/ Account Statement Free
    C) Add On  Facilities
    Waiver Of Cash Deposit Charges @Outstations Up to Rs.50,000 per day
    SMS Alerts Free

  7. Penalty for Non-maintenance of AQB by the group :  No Penalty. However, free benefits will cease in case the AQB requirement falls below the stipulated level and the normal service charges will be levied.
  For further details contact our nearest branch.
 
I am a contractor and maintain Current Account with your Branch since the Branch was opened.
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