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Union Bank Of India

Union Bank of India – Current Account 

When you open the current bank account with Union Bank of India, you are offered additional benefits including the card convenience, easy & wide accessibility, ease of monitoring your account, ease of making transactions, overdraft facility, Internet Banking facility, lower minimum balance facility available, and so more. Any resident of India including corporate organizations, trusts, associations, and others can go for opening the current account with the Union Bank of India.

Different banks offer different types of current accounts in order to satisfy the diverse needs of the customers in an effective & convenient manner. Owing to the vast number of current account options available out there, it is important to hold a proper understanding of your specific needs and which account type will be best-suited for the diverse requirements. Avail full benefits of the current accounts for running your business in a seamless & hassle-free manner. Watch your business escalate and grow as you open & maintain the current bank account with the leading banks in India.

Current accounts are most popular among companies, businesses and financial institutions. It offers a wide range of facilities for daily transactions and banking products that aid businessmen in managing their finances. The Union Bank of India identifies the various needs of different organizations and has thus provided different current account services to meet their several needs. The types of Union Bank current account are as follows:

  • Regular Current Account:

The Union Bank of India aims to create a current account that can be accessed by all of its customers. Thus, there exists a wide eligibility criterion to avail a regular current account. Any resident individual (singly or jointly), partnership firms, trusts and different institutions can avail this facility. Its features include:

  • Card convenience:

The Union Bank of India offers an ATM card to customers who hold a single or joint current account and to the accounts of proprietary concerns. Current account holders can use this card to access a host of ATMs across the country to make cash withdrawals and to shop at a number of merchant establishments. Customers can also avail the International ATM- cum Debit Card facility, which can be used outside India at a nominal fee.

  • Easy accessibility and monitoring facility:

With the help of the Internet Banking facility, a current account holder can easily access and monitor his/her account at his convenience, even at the comforts of his home. A customer can also control his/her funds with the help of the statement/passbook of account facility.

  • Ease of transactions:

Transactions and payments have never been easier! As a current account holder, you can make unlimited payments, remit funds from any part of the country to your account and avail the Upcountry Cheque Collection facility.

  • More benefits

You can also use the overdraft facility and nomination facility to your advantage. There also exists a low minimum balance requirement for your current account. 

Union Classic Current Account For Banks(UCCA- B)

This current account specifically caters to the needs of different banks including RRBs and Co-operative Banks. The features of this Premium Current Account are:

  • Ease of transactions:

This banking product offers its customers with free transactions and free remittances up to a certain predisposed level.

  • Fund Transfer:

You are offered concessions as Domestic Fund Transfers involving PO/DD/NEFT/RTGS are clubbed together. Schedules Commercial Banks are allowed complete free remittances up to Rs. 250 lakhs and RRBs and co-operative Banks are allowed total free remittances up to Rs. 125 lakhs.

  • Cash Withdrawal:

A prior imitation of at least 1 day is required for cash withdrawals above Rs. 10 lakhs in Semi- Urban and Rural centers.

  • Cheque Leaves:

As a current account holder you will receive a Multicity chequebook with 100 leaves per month, absolutely free of charge.

  • Union Flexi Current Deposits:

The Union Flexi Current Deposits Account is made available for different individuals, NGOs, societies, clubs, and others with a current account minimum balance of Rs. 5 lakhs. The benefits of this current account are:

  • Sweep Out facility:

As an account holder, you can avail the sweep out facility of your current account. With the Union Bank of India, this means that you can move money from a current account to a flexi term deposit account. This facility is available for amounts above Rs. 1 lakh and in multiples of Rs. 1 lakh. A customer can avail the sweep out facility on a weekly basis.

  • Other Facilities provided:

Standing instructions, Multicity Chequebooks, Net Banking, Remittance through NEFT/DD/PO/RTGS, etc are other facilities provided by Union Flexi Current Deposits Account.

  • Other Benefits:

You are permitted to make cash deposits up to Rs. 1 lakh on a daily basis, with no charge levied.

Union Flexi Premium Current Deposits:

This current account is available to all entities that are eligible to open a regular current account. The features of this current account include:

  • Free Benefits:

No limit on free remittances through a PO or DD. Unlimited cheque book facility with no charge. No charges for a RTGS/NEFT Transfer. As an account holder, you are also allowed to make free cash deposits up to Rs. 50 lakhs on a monthly basis.

  • Sweep Out facility

You are eligible to move money from a current account to a flexi term deposits account. This facility is available on a weekly basis. Although, you can only sweep out amounts above Rs. 5 lakh and amounts in multiples of Rs. 5 lakh.

  • Transfer of Funds:

FD units that are most recently created are closed first for transfer to be linked to the Current Flexi Premium Account. Thus the transfer of funds from an FD Flexi Account to a Current Flexi Premium account is in LIFO (Last In First Out) order.

The Union Bank of India recognizes the importance of a current account for businesses and thus emphasizes the difference between a current account and saving account. Since current accounts provided cater to financial institutions on a larger basis, it does not promote saving. But it does provide a helpful overdraft facility which does not exist for a savings account. 

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