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Union Bank of India Zero Balance Account

Many people find it impossible to open a new bank account. It is because it requires a certain minimum balance that needs to be met. Customers have to pay a penalty, if the minimum balance is not met. For economically weaker sections of the society who don’t earn a fixed monthly salary, keeping a minimum balance requirement in their bank accounts may be next to impossible. To cater to these individuals and help them avail the different benefits of a savings account, Union Bank has introduced Basic Savings Bank Deposit Accounts (BSBDA), a zero balance account to make it possible for individuals to open a savings account.

This zero balance savings account offers basic facilities such as transactions, debit card, cheque facility to customers. However, this zero balance account has restrictions on the maximum amount of deposit that can be maintained in the account. Customers can maintain an upper monetary limit of Rs. 50,000, while the limit for the total credits in an account stands at Rs.1 lakh. The upper limit on the amount of withdrawals that can take place in the month is Rs.10,000.  

Online Account Opening Of Union Bank of India’s Zero Balance

Customers can open 0 balance of Union Bank of India online by filling up the online account opening form of Union Bank of India. Click here to open a savings account. In the online account opening form, the customer needs to fill up the personal details, address and other details, and submit the nominee details.  

Features of Union Bank Zero Balance Account 

No Balance Requirement 

Union Bank Basic Savings Bank Deposit Accounts (BSBDA) is a zero balance account. This means that there is no minimum average balance requirement. Hence, customers can use their money without worrying about keeping the minimum average balance.

Most savings bank accounts have a minimum average balance requirement that can range from Rs.1,000 to Rs.10,000 every month or every quarter. In the case of non-maintenance, customers are charged penalty based on the percentage of non-maintenance. A bank customer with the average minimum balance falling below 75% is charged more than a customer whose minimum balance is below 50%.

No initial deposit

A basic savings account does not have any initial deposit. It signifies that Union Bank zero balance account can be opened without any initial deposit. This makes it easier for individuals in low-income groups to open a savings account and avail the different facilities of the banking sector.  

ATM/Debit card 

Individuals can opt for free RuPay ATM/ debit card after opening Union Bank of India’s zero balance account. Debit cards have several advantages such as ease of transactions, offers, staying accountable and highly secured. As customers can easily shop with the debit card, money lying in the savings account can continue to earn the prevailing savings account interest rate.

Transaction facilities available

Accountholders can undertake credit and debit transactions. There is no limit on credit transactions. On the other hand, in case of debit transaction, customers can use four free debit transactions including ATM withdrawals.   

No charges for account closing 

There are other charges in a savings account as well.

While closing regular savings account, customers have to pay closing charges. The Union Bank zero balance account does not carry any charges on account closure or activating inoperative account.

Overdraft facility 

An overdraft facility of up to Rs.50,000 is available to customers of basic savings account holders. However, it depends on the discretion of the bank and the credit history of the individual or account holder. The overdraft facility can help customers to tide over an emergency and help them to increase their earning potential.  


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