Is Union Bank 0 balance account open?
What is the maintaining balance requirement? There is no required amount to maintain your account however, for Savings+ you need to maintain PHP 25,000 to be qualified for insurance coverage.
- Aadhaar card.
- Mobile linked to Aadhaar for OTP.
- PAN card.
- Recent scanned image of photograph-Size Up to 1 Mb.
- Scanned image of address proof of address (POA) -Size up to 1 Mb.
- Scanned image of Proof of Identity - Size up to 1 Mb.
What is the maintaining balance requirement? There is no required amount to maintain your account however, for Savings+ you need to maintain PHP 25,000 to be qualified for insurance coverage.
scheme in addition to the basic savings account or zero-balance savings account offered by banks across the nation. The Modi-led Government launched the program in 2014 to provide financial access to everyone in the nation, even those without any, particularly in rural areas.
| QAB | Rural | Urban |
|---|---|---|
| With Cheque book | 250 | 1000 |
| Without Cheque book | 100 | 500 |
Various popular banks such as SBI, Standard Chartered Bank, IDFC First Bank, HDFC Bank, YES Bank, Kotak Mahindra Bank, and more allow you to open a zero balance account.
IDFC Bank
IDFC offers limitless withdrawals at any micro ATM on its zero balance accounts. This type of savings account in IDFC is a BSBDA (Basic Savings Bank Deposit Account). Net and mobile banking options are available. You get a free chequebook, passbook, and debit card.
Other benefits The holders of a zero-balance account can get access to a debit card as well as ATM. They can also choose to opt for mobile and/or net banking. Apart from these, the safe deposit locker facility is also provided. The charges collected for these facilities are nominal.
Can I create another account if I have an existing profile in UnionBank Online? Currently, this is only available for new UnionBank customers as well as...
All transactions and deposits in the account can be done free of charge, but charges will be levied under certain conditions. You have to make sure that your balance does not exceed Rs 50,000 or that the total credit in the account remains within Rs 1,00,000 or below it in a year.
Which bank is best for opening account?
| Sr.No. | Bank Name | Rates of Interest(p.a.) |
|---|---|---|
| 1 | State Bank of India | 2.70% - 3.00% |
| 2 | Union Bank of India | 2.75% - 3.55% |
| 3 | HDFC Bank | 3.00% - 3.50% |
| 4 | ICICI Bank | 3.00% |
| Account tier classification | CARD VARIENT | |
|---|---|---|
| Classic | Signature | |
| Daily withdrawal limit – ATM | 25000/- | 100000/- |
| Daily shopping limit- POS | 50000/- | 300000/- |
| Total daily limit | 75000/- | 400000/- |
By default, you can transfer up to PHP500,000 daily. You may change this anytime under Settings > Transaction Limits.
Daily transfer limit is N250, 000. However, you can request for a limit increase but you will have to complete an indemnity form for this request to be granted.
A zero balance account (ZBA) is an account in which a balance of zero is maintained by transferring funds to and from a master account. ZBAs are not consumer products but are used by larger businesses.
The savings account minimum balance requirement for different banks ranges from Rs 2,000 to Rs 10,000, depending on whether you live in a metro, urban, or rural area. Moreover, if you fail to maintain the required average balance every month, you might be charged a penalty of up to Rs 500.
Some of the disadvantages of a zero balance account include limited features, lower interest rates, higher transaction fees, limited customer support, and difficulty in receiving payments.
IDBI Bank Basic Savings Account Features and Benefits
Get an ATM cum Debit Card (free of cost) and cheque book on request.
You can use debit cards/ ATM cards to withdraw money from their zero-balance accounts through ATMs. For most banks, the first 3 - 5 withdrawals in a given month are free of cost, after which a small fee gets levied on each withdrawal.
Download UnionBank Online and open an account through the app.
What are the requirements for opening UnionBank account?
To open an account with UnionBank, present any valid government ID. Find a branch nearest to you or any branch of your preferred choice. And you're done! After going to your preferred branch, present all the documents and they'll open the account for you.
When it comes to selecting a Savings Account, a Zero Balance Account may not possibly be the best choice. This is primarily because even though it saves you the hassle of maintaining an average balance every month, it is crucial that you look at all facets of the account before you opt for it.
The short answer is that it depends on the bank's policies and procedures. Some banks may close a current account if it has been inactive for a certain period of time, such as six months or a year, regardless of the balance.
No Minimum Balance
As the name of the account implies, this is a zero-balance account. Therefore, you don't have to maintain a minimum balance. Consequently, there is no penalty in the case of zero balance. This is the main allure for customers when opening this type of account.
