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Union Bank of India Current Account

A Current Account or Demand Deposit Account is a kind of bank account that is prominently chosen by companies, firms, public enterprises and entrepreneurs to keep up with large and multiple transactions that occur on a regular basis. This account, being a zero-account, can be opened in most national and commercial banks as it is associated with a higher frequency of transactions. These accounts do not offer any interests on the amount it holds due to the advantage of fluidity offered by it. Among the many highlighted benefits, a current account does not have a limit on the number of transactions to be carried out. This article is intended to give you an idea about the Union Bank of India Current Account and what it has to offer.

Types of Current Accounts

The following are the types of current accounts offered by the Union Bank of India:

1. Union Classic Current Account
2. Union Classic Current Account for Banks
3. Union Flexi Current Deposit
4. Union Flexi Premium Current Deposit

Common Features

The features mentioned below are applicable for all the current accounts offered by Union Bank of India.

Eligibility

A Current Account can be opened by:

1. Any resident individual (for Single Accounts).
2. Two or more individuals (for Joint Accounts).
3. Entities such as Proprietorships, Partnership Firms, and Limited Companies.
4. Disabled Individuals such as Visually Impaired Persons, Illiterate individuals, etc.
5. Minors (if the account is to be operated by the Guardian).
6. Groups such as Associations, Clubs, Societies, Trusts etc.
7. Joint Hindu Families (non-trading accounts only).
8. Government bodies such as Municipalities and Panchayats.
9. Religious Institutions.
10. Educational Institutions (including Universities).
11. Charitable Institutions.

Benefits

Card facilities

Individual current accounts, joint current accounts and the accounts linked to proprietary businesses are offered with ATM cards to facilitate quick and easy access. Union Bank of India has an extensive network of ATMs across the country offering a variety of facilities such as withdrawal of cash, balance inquiry, mini statement of accounts, recharging mobiles, etc. With access to a large number of merchant establishments within India, an ATM-cum-Debit-Card, which is usable in and outside the country, can be applied for at a nominal fee.

Unlimited Accessibility

Customers can now save time and cost through Union Bank Internet Banking and transact conveniently. Usage of ATM card at any bank’s ATM is also available, subject to an INR 20 per transaction as nominal charges.

Account Accessibility

The customer can monitor and control all funds conveniently through Union Bank Internet Banking and the account’s passbook and statements.

Transactional Ease

1. Unlimited payments
2.  Availability of Customizable payment options
3. Receipt of monetary funds from anywhere in the world with ease.
4. Upcountry Cheque Collection Facility.

Other Advantages

1. Overdraft Facility.
2. Easy transfer of accounts between the bank’s extensive network of branches without any additional charges.
3. Nomination facility.
4. Low minimum balance requirements.
5. Internet banking facility.

Union Classic Current Account (UCCA)

UCCA is a premium current account that is tailor-made for Traders, Business Entities, Corporates, and Institutions. Three ranges of Average Monthly Balance has to be maintained in this current account. free facilities are also granted for the account holder based on the AMB maintained in the current account.

The AMB ranges from:

1. INR 50,000 to less than INR 1,00,000.
2. INR 1,00,000 to INR 4,99,999.
3. INR 5,00,000 and above

The Average Monthly Balance (AMB) in UCCA is calculated from the 16th of a specific month to the 15th of the following month. The transactional details and features of this account have been listed below for a quick review:

Union Classic Current Account for Banks

The Union Classic Current Account for Banks (UCCA-B) is designed to cater to needs of banks including Co-operative Banks and RRB’s. This product facilitates the banks for free remittances and free cash transactions up to a pre-determined level.

The Average Monthly Balance (AMB) for Scheduled Commercial Banks under in this particular current account is INR 100 Lakhs.

The Average Monthly Balance (AMB) for RRBs and Co-operative Banks under this particular current account is INR 50 Lakhs.

Charges, as applicable to ordinary Current Accounts, will be imposed for operations over & above the free limits mentioned if the determined AMB is not maintained. Cheque leaves of 100 numbers are available for this account holder. The transactional details and features of this account have been listed below for a quick review:

Union Flexi Current Deposits

Whenever the outstanding balance in a Current Flexi Account goes below INR 5,00,000, the gap will be bridged by a transfer from the linked FD Flexi Account in units of INR 100,000. The balance in the Current Flexi Account cannot to go below INR 5,00,000 or the specified initial amount at the time of opening the account unless the flexi-account deposits are exhausted. Transfer of funds from FD Flexi to Current Flexi Account will be under LIFO (Last in First Out) method where the linked FD units created most recently will be closed first for transfer to the Current Flexi Account. The transactional details and features of this account have been listed below for a quick review:

Union Flexi Premium Current Deposit

Whenever the outstanding balance in the Premium Current Flexi Account goes below INR 25,00,000, the gap will be bridged by a transfer from the linked FD Flexi Account in units of INR 5,00,000. The balance in Current Flexi Account will not be allowed to fall short than INR 25,00,000 or the desired initial amount at the time of opening the account unless the flexi-account deposits are exhausted. Transfer of funds from FD Flexi to Current Flexi Account will be under LIFO (Last in First Out) method where the linked FD units created most recently will be closed first for transfer to the Current Flexi Account. The transactional details and features of this account have been listed below for a quick review:

Current Account Opening

Current Account opening requires a form similar to the one indicated below. The Form in the article is just for a reference and not for actual use. The opening forms of the current accounts differ according to the applicant and the need for the account. It also depends on the type of current account the applicant is registering themselves for. Original forms can be downloaded from the official site of the Union Bank of India.