Union bank of India was established on 11th November 1919. Its head quarters is located in Mumbai. The head office building of Union Bank of India in Mumbai was inaugurated by Mahatma Gandhi in 1921. This bank is playing a progressive role in supporting the all-round economic growth of the nation. Union bank of India is a government of India undertaken public sector bank.
This bank operates on about 4,200 branches across the country. This bank provides core banking solutions across the country by its connectivity. The bank showed constant growing profits since 96 years of operation.
Minimum balance limit for savings Account
=> Any Indian resident can open Union bank of India account as an individual or joint or as a trust or a family.
=> The minimum balance to be maintained in the bank for savings account varies according to localities.
=> For metro areas the minimal balance limit is Rs.1000 with cheque book facility and Rs.500 without cheque book facility.
=> For semi urban areas the minimum balance limit is Rs.1000 with cheque book facility and Rs.500 without cheque book facility.
=> For urban areas the minimum average quarterly balance limit or AQB should be Rs.500 with cheque book and Rs.250 without cheque book.
=> For account holders of rural areas the minimum balance limit is Rs.250 with cheque book and Rs.100 without cheque book.
=> For pensioner accounts the minimal amount is Rs.250 with cheque book and Rs.20 without cheque book.
=> The charges for not maintaining minimum balance is Rs.230 for metro and urban areas and Rs.85 for rural and semi urban areas.
=> There will be no charges on accounts which maintain minimum balance.
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What is balance