Union Bank Of India

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Union Bank of India Type Public Financial Commercial banks Industry Headquarters Mumbai, India Key people Revenue Net income Employees Website M V Nair (Chairman & Managing Director) 15,277.42 crore (US$3.39 billion) [1] USD 0.16 billion 25,630 www.unionbankofindia.co.in Union Bank of India (UBI) is one of India's largest state-owned banks (the government owns 55.43% of its share capital), is listed on the Forbes 2000. It has assets of USD 13.45 billion and all the bank's branches have been networked with its 1135 ATMs. Its online Telebanking facility are available to all its Core Banking Customers - individual as well as corporate. It has representative offices in Abu Dhabi, United Arab Emirates, and Shanghai, Peoples Republic of China, and a branch in Hong Kong. y Because of its acronym UBI, the public sometimes confuses it with United Bank of India. History Union Bank of India (UBI) was registered on 11 November 1919 as a limited company in Mumbai and was inaugurated by Mahatma Gandhi. At the time of India's Independence in 1947, UBI still only had four branches - three in Mumbai and one in Saurashtra, all concentrated in key trade centres. After Independence UBI accelerated its growth and by the time the government nationalized it in 1969, it had grown to 240 branches in 28 states. Shortly after nationalization, UBI merged in Belgaum Bank, a private sector bank established in 1930 that had itself merged in a bank in 1964, the Shri Jadeya Shankarling Bank. Then in 1985 UBI merged in Miraj State Bank, which had been established in 1929. In 1999 the Reserve Bank of India requested that UBI acquire Sikkim Bank in a rescue after extensive irregularities had been discovered at the non-scheduled bank. Sikkim Bank had eight branches located in the North-east, which was attractive to UBI. UBI began its international expansion in 2007 with the opening of representative offices in Abu Dhabi, United Arab Emirates, and Shanghai, Peoples Republic of China. The next year, UBI established a branch in Hong Kong, its first branch outside India. In 2009, UBI opened a representative office in Sydney, Australia. y y Official website Union Bank of India services [hide]v · d · e Central bank Banking in India Reserve Bank of India · NABARD Allahabad Bank · Andhra Bank · Bank of Baroda · Bank of India · Bank of Maharashtra · Canara Bank · Central Bank of India · Corporation Bank · Dena Bank · IDBI Bank · Indian Bank · Indian Overseas Bank · Oriental Bank of Commerce · Punjab & Sind Bank · Punjab National Bank · Syndicate Bank · UCO Bank · Union Bank of India · United Bank of India · Vijaya Bank State Bank of India · State Bank of Bikaner & Jaipur · State Bank of Hyderabad · State Bank of Indore · State Bank of Mysore · State Bank of Patiala · State Bank of Travancore Axis Bank · Bank of Rajasthan · Catholic Syrian Bank · Dhanalakshmi Bank · South Indian Bank · City Union Bank · Federal Bank · HDFC Bank · ICICI Bank · IndusInd Bank · ING Vysya Bank · Jammu & Kashmir Bank · Karnataka Bank Limited · Karur Vysya Bank · Kotak Mahindra Bank · Lakshmi Vilas Bank · Nainital Bank · Ratnakar Bank · Saraswat Bank · Tamilnad Mercantile Bank Limited · Yes Bank · Development Credit Bank ABN AMRO · Abu Dhabi Commercial Bank · Antwerp Diamond Bank · Arab Bangladesh Bank · Bank International Indonesia · Bank of America · Bank of Bahrain and Kuwait · Bank of Ceylon · Bank of Nova Scotia · The Bank of Tokyo-Mitsubishi UFJ · Barclays Bank · Citibank India · Credit Suisse · HSBC · Standard Chartered · Nationalised banks State Bank Group Private banks Foreign banks Union Deposit Reinvestment Certificate Scheme A fixed deposit Scheme with the benefit of quarterly compounding of interest and More over account can be opened for odd periods such as 37 months, 65 months and 6 days, etc. Union Monthly Income Scheme Multiply your money with Union Monthly Income Scheme. Interest is payable at contracted rate every month, on a fixed deposit which is accepted for any period from one year to ten years. Deutsche Bank · Royal Bank of Scotland Regional Rural banks North Malabar Gramin Bank · South Malabar Gramin Bank · Pragathi Gramin Bank · Shreyas Gramin Bank Real Time Gross Settlement (RTGS) · National Electronic Fund Transfer (NEFT) · Structured Financial Messaging System (SFMS) · CashTree · Cashnet · Automated Teller Machine (ATM) Financial Services NO FRILLS SAVINGS ACCOUNT Open a ³No Frills saving account´ with UNION BANK OF INDIA and avail world class banking facilities maintaining nominal minimum balance. Salient Features of ³NO FRILLS SAVING ACCOUNT´ y All resident individuals eligible to open a "No frills saving account" subject to the conditions that only one member of the family can open such account in single/joint name/s. Minimum balance required in the account is Rs.25/- in non-CBS branches and in CBS branches average quarterly balance of Rs.25/No penalty for non-maintenance of prescribed minimum/average quarterly balance. No cequebook facility will be available. One ATM / International debit card will be issued to the account holder. Withdrawal of cash will be available only through ATM wherever online ATM facility is available. At other branches, withdrawals will be through withdrawal slip. Number of free customer induced debit entries will be restricted to 30 per half year including debit entries through ECS/ATM. Entries above 30 will be charged @ Rs.5/- per entry. y y y y y y y y y y Total credits in the account should not exceed Rs.100000/- in a year. There is no restriction on entries for deposit of Cash/Cheques in the account. Nomination facility is available. The balance in all the accounts of the accountholders taken together in the bank should not exceed Rs.50,000/-. Special facilities under "No Frills Account" for residents of North-eastern states i.e. Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland & Tripura. y Clean overdraft upto Rs.500/-once in a year (Conditions apply). Note: If at any point of time the balance in the NO FRILL ACCOUNT exceeds Rs.50,000/or total credits in the account in a year exceed Rs.100,000/-, the account will be treated as normal saving bank account and the facilities attached to "NO FRILLS" will not be available. y Primarily a hosuehold saving plan, the Union Cumulative Deposit Scheme encourages small investors to save in easy monthly instalments over a fixed period of time. Monthly installments can be for any amount starting from as low as Rs.50/- onwards An account can be opened for any period ranging from 6 months to 120 months, in intervals of 3 months The installment amount selected a the start of the scheme will be payable every month The number of installments once selected, cannot be altered. However, in the unlikely case of the monthly installment being discontinued for a valid reason, the account holder can convert the amount of installments already paid, into Fixed or Reinvestment Deposit for a period longer than the remaining period of the Cumulative account. For the period the cumulative account has run, compound interest at the applicable rate is payable Interest at the permissible rate is compounded every quarter. The maturity amount will be paid one month after the deposit of the last installment (latest table giving maturity values available with the branch A pass book will be provided to the depositor. UNION FLEXI-DEPOSIT y y y y y y y Now, with UBI¶s Flexi Deposit Scheme you can just sit back and relax, while you enjoy the high returns of a Fixed Deposit in your regular Savings Account. To put it simply, have the best of both worlds! And, What¶s more, you get the convenience of a free ATM Card. SALIENT FEATURES PURPOSE This all-new Deposit Scheme has integrated features of the Savings Deposit and Fixed Deposit, namely liquidity with higher interest returns on surplus funds. HOW DOES THE SCHEME WORK y The depositor opens a Savings Bank Account with a minimum amount of Rs 10,000/- and will issue standing instructions to UBI to maintain a certain predetermined balance through out the tenure of the account and to transfer the surplus funds over and above the said limit to a Fixed Deposit Account in multiples of Rs 5,000/- with a minimum of Rs 5,000/- for a fixed maturity period. Whenever the outstanding balance in Savings Bank Account goes below the stipulated amount the gap will be bridged by transfer of required funds from depositor¶s Fixed Deposit Account in multiples of Rs 1,000. y WHO CAN OPEN AN ACOUNT All individuals, singly or jointly who are eligible to open Savings A/C- this scheme is also open to Non-Resident Indians who are eligible to open an account as per or existing rules and regulations. PERIOD OF DEPOSIT The Fixed period will vary between 46 days to 5 years.In case of NRI Deposit, minimum period will be one year. AMOUNT OF DEPOSIT y y A minimum Rs 10,000/- as a Savings Bank Account. A Minimum of Rs 5,000/ - as a Term Deposit(Fixed Deposit), increased in multiples of Rs 5,000/-. RATE OF INTEREST As applicable to Savings Bank Deposit and Fixed Deposit in force from time to time. Interest will be paid on a quarterly on the Fixed Deposit account. STATEMENT OF ACCOUNT y y Statement of Account will be issued to the depositor wherein all the details of Fixed Deposits, Savings Account and interest credited will be recorded. No separate Deposit Receipt shall be issued by the Bank. OTHER FEATURES y y Free credit card to depositors who maintains a minimum balance of Rs. 1.00 lac. In selected cities, a international debit card will be issued free of cost to all deposit holders under this scheme if requested for at the time of opening of the account. Roll over of deposit on maturity is permitted. A penalty of Rs 25/- p.m will be levied in case of non-maintenance of minimum balance in the Saving Account and / or in Fixed Deposit A/C is reduced below the minimum level of predetermined sum. Nomination facility is available. No loan / overdraft / lien will be sanctioned / permitted against FDR held under this Scheme. y y y y Capital Gains Exemption Deposit Scheme The Scheme is in force from 22nd June, 1988. The amount so deposited under this scheme would be required to be utilized by the assesseE, within the specified period, for acquisition of new asset under the respective Section of the Income Tax Act, 1961. Under this scheme, the tax payers can avail of the benefit of exemption from Capital Gains, if the amount of Capital Gains or the net consideration is deposited in the bank on or before the due date of filling the return of income. OPENING OF ACCOUNTS y Accounts under the Scheme can be opened only at Semi-Urban / Urban / Metropolitan Branches. y Two types of deposit accounts can be opened under this Scheme. DEPOSIT A y The deposits made under this account shall be in the form of Savings Bank Deposits. DEPOSIT 'B' Deposit made under this account will be in the form of Term Deposits, with an option to retain the deposit either as cumulative i.e. similar to our DRC Deposit or as non-cumulative i.e. similar to our Fixed Deposit. Such deposits may be made as a single lump sum amount or in instalments at any time on or before furnishing the return of income. WITHDRAWLS Withdrawals under Deposit Account µA¶ can be made from time to time by the depositor, subject to prevailing terms and other provisions of the Scheme. Withdrawals under Deposit Account µB¶ can be made after the expiry of the deposit period . Senior Citizens Scheme Union Bank offers an additional rate component (over and above the normal interest rates applicable) to senior citizen on any size of deposit in all of its domestic term deposit schemes. This additional rate component, applicable to domestic term deposits of one year and above is 0.50% over the normal rate. ELIGIBILITY Any person who has completed the age of 60 years is treated as a senior citizen for obtaining the benefit of the additional interest. DOCUMENTATION At the time of opening of a new deposit account, the senior citizen may produce any of the following documents as proof of age. 1) Senior School Leaving Certificate indicating date of birth. 2) LIC policy 3) Voters Identity Card 4) Pension Payment Order 5) Birth Certificate issued by the competent authority 6) Passport 7) Any other document acceptable to the bank VERIFICATION Once the age of a senior citizen is verified for accepting deposit under the special scheme for senior citizens, no further proof of age is required while accepting subsequent deposits or for renewal of deposit of the senior citizen. JOINT ACCOUNT Senior citizen may deposit jointly with other persons below the age of 60, under the special scheme for senior citizen. In such cases the name of the senior citizen is to be given as the first name in the application. Union Super Salary Account (USSA) USSA is a unique product packaged to suit the salaried class, with salient features as under: Employees of any Corporate, Institution, Business Organisation, Govt. Dept., etc. with employee strength of minimum 15 and minimum net monthly salary disbursement not less than Rs.1.50 lacs, can open USSA with us. Net salary of an individual can be below Rs10000/-, but the average monthly salary size of the employees of the Organisation should be Rs10000/- or above. Minimum 15 employees should open account with us at entry level . Comprehensive Welcome Kit, containing International Debit Card, Internet Banking (Union eBanking) PIN, Phone Banking (Union Dial) PIN and Multicity Cheque Book, is provided to the USSA holder at the time of opening. The Welcome Kit facilitates the USSA holder Any Where/Any Time Banking of his choice, as under:ATM Banking Net Banking Phone Banking Branch Banking USSA holder can use his Debit Card at over 1200 Union Bank ATMs at various locations in India, free of cost. USSA holder can also access,free of cost , around 32000 ATMs of other Banks, for cash withdrawals in India. USSA holder can also access over 1 million ATMs, globally, bearing VISA logo USSA holder can transact through internet (Union e-Banking) from his place of residence/work or anywhere, any time. USSA holder can, by dialling the telephone numbers specified, enjoy the benefits of phone banking (Union Dial). USSA holder can use his multicity cheques for cash withdrawals/ payments at any Union Bank branch located in all prime centres in India. USSA holder can avail SMS Banking services for his account. USSA holder can avail RTGS/NEFT/Intersol transfers absolutely free. USSA holder can apply for an overdraft facility to the extent of 90% of the net salary credited in the previous month, subject to a ceiling of Rs 50000/-, which will be considered at the discretion of the Bank. USSA can be opened with Zero Balance. USSA Opens doors for a wide range of additional financial services, such as Retail Loans (Home, Vehicle, Comfort), Insurance (life/non-life), Mutual Funds, Demat, Online Trading etc., subject to usual terms. Union Bank of India reserves it¶s right to change/alter/withdraw the terms and conditions of the scheme.General purpose credit cards, can be used for meeting all your requirements, be it shopping, eating out, holidaying, fuelling up your vehicle, air and rail reservations, cash withdrawals just about any financial requirement, planned or on impulse. Features & Benefits: Globally Accepted Accepted world wide in millions of merchant establishments and ATM s where VISA logo is displayed Photo cards with signature Cards are issued with photograph and signature of the cardholder for enhanced safety Cash advance facility Cardholders can have access to cash advance round the clock at all ATMs of Union Bank in India and ATMs where VISA logo is displayed in India and abroad Absolutely Free Card - No annual / renewal fee Cards are issued absolutely free without any annual / renewal charges Free accidental insurance cover Cardholders are eligible for free accidental insurance cover ranging from Rs.1.0 lac to Rs.8.0 lacs depending on the type of card. Lower Interest rates Interest rate on rollover credit at 1.90% per month only calculated on the outstanding balance on daily product basis. Attractive reward scheme The cardholders can earn while they spend using the card and avail the benefit of attractive reward programmes launched by the bank from time to time. Flexi payment option Cardholders can opt to pay a minimum 10% on the outstanding amount and option to carry over the balance. Free value added services Cardholders can avail SMS alert and Email Statement services Union Bank has taken lot of new initiatives for the benefit of our valued customers. Along with Banking, we are one stop shop for customer¶s all financial needs. We provide many platforms for proper investment like Insurance, Mutual Funds etc; believe it or not this is all under one roof. All this gives you peace of mind and pride of being the customer of Union Bank. Life Insurance The quality of your own life as well as of near and dear ones, Always keep smiling by putting your money in Insurance plans. With a sole aim to serve our customer in a better way in Insurance Sector, Union Bank is having a corporate agency tie-up with Star Union Dia-ichi Life Insurance Co. More Non-Life Insurance Having an ambition to become a Financial Hub for our customers we are having corporate agency tie-up with one of the largest Non-life Insurance Co. in India viz. New India Assurance Co. Ltd for offering wide range of Non- life Insurance products to our valuable customers. More Union Health Care - Group Mediclaim Floater Policy We do take care of you as well as your family members. Your Bank has introduced Group Floater Mediclaim Policy for the family up to maximum four persons, at a very competitive premium Demat Accounts Having a Demat Account is compulsory for share trading in today's scenario but its opening and maintenance is easy with your own Bank. We are privileged to service more than 1,00,000 Demat Accounts. More.... ................................................................................................ Online Viewing facility for your Demat Account Now you can have the power of access to your Demat Account through Bank¶s Internet Banking. The service is named Union eDemat. Union Bank is Depository participant of Central Depository Services Ltd. A number of its branches are authorized to open Demat accounts on behalf of CDSL. Union Bill Pay You may leave your bill payment and payment due date worries with your Bank. Now you can pay your Electricity, MTNL, and Mobile etc. Bills at selected centers through Standing Instructions and anywhere through Internet banking. At Union BillPay you can pay your bills and make other payments online. Instead of writing a cheque each time, now you can use any device connected to the Internet (computer, kiosk, etc) and make payments with the click of a mouse. y y y no more late payments no more queues no more hassles of depositing cheques Everything at a click of mouse. With 2207 branches, 1024 core banking branches and extension counter. Union Bank of India offers host of services like Internet Banking, Tele banking, Online Payment of central excise and service tax, Bill Bay, Reservation and more «« Online Tax Payment No more queues and waiting for paying your taxes, with Union Bank¶s e-TaxPay you can pay central excise and service tax online. UNION BULLET- REAL TIME GROSS SETTLEMENT (RTGS) WHAT OUR UNION BULLET SCHEME DOES FOR YOU. y y y y y Fastest credit of your remittance to beneficiary's account. Safest and secure mode of fund transfer. Cheaper than demand draft - No extra charges. No need to incur courier/postal expenses as in the case of Demand Draft. Money can be put to use by beneficiary on the same day. ELIGIBILITY All customers of core banking branches can send remittances under Union Bullet Scheme to any destination bank/branch that is registered with RBI under its RTGS system. AMOUNT OF REMITTANCE Minimum amount of remittance under the scheme is Rs. 100,000/- (Rupees One lac Only). No upper limit is prescribed. DELIVERY The beneficiary's banker will credit the beneficiary account on the same day within two hours of the receipt of message. HOW THE SCHEME WORKS y y y y Submit the application form in a prescribed format to the branch. Mention beneficiary bank and branch name with Indian Financial System Code (IFSC), which should be registered with the Reserve Bank of India under its RTGS system. Message will be sent in electronic form in a highly secured manner through Reserve Bank of India to beneficiary bank¶s branch. Credit to beneficiary¶s account will be made within 2 hours from the receipt of message by the beneficiary's banker. THE TIMING FOR THE OPERATING SESSION You can affect remittances between 0900 - 1400 hours from Monday to Friday and during 0900-1030 hours on Saturday UNION e-REMIT Union Bank of India presents fast safe secure way for sending money to India where you Get competitive exchange rates do watch it out.