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Union Bank of India
Union Bank of India

Union Bank of India

Union Bank of India is among the largest government-owned banks in the country. The Government of India owns over 90% shares in this bank. This bank has 4300 branches with four of these being located in Hong Kong, Antwerp, Dubai and Sydney.

History of Union Bank of India

  • Union Bank of India or Union Bank as it is popularly called was registered as a limited company in Mumbai on 11th November 1919.
  • Union Bank of India was inaugurated by Mahatma Gandhi.
  • At the time of inauguration, the bank had four branches. Three of these were in Mumbai and one in Saurashtra.
  • The bank was nationalized by Government of India in the year 1969. By that time, the number of branches had increased to 240.
  • In the year 1985 and 1999 respectively, Union Bank of India acquired Miraj State Bank and Sikkim Bank respectively.
  • The bank expanded internationally in the year 2007 and now has 4 branches overseas.

Services offered by Union Bank of India

Union Bank of India offers a range of services to its customers. These include:

Personal Banking

NRI Banking

Corporate Banking

Internet Banking

Union Bank of India offers personalized accounts and deposit service to its customers. This includes services under cumulative deposit scheme, monthly income scheme, senior citizen scheme, no-frills saving accounts and classic current account among others.

Remittance services are offered to NRI depositors by Union Bank of India. E- Remittance facilities in the form of Union E-Remit is offered to depositors who are Non-Resident Indians.

Union Bank of India offers CMS range of services for its corporate clients. It includes centralized debit/credit services.

A range of internet banking services is provided by Union Bank of India to its customers. They can get detailed information about the status of their account through the click of a button when they opt for Internet Banking.

Retail loans are also offered under personal banking. These include education and home loans along with some other loan categories like vehicle loan.

Saving and depositing benefits also apply for NRI customers and they can open an account under NRO Non-Resident Ordinary A/C scheme or NRE category as the case might be. The foreign Currency deposit scheme is also applicable for NRI depositors so that they do not suffer any inconvenience.  

E-Tax services are also offered under the corporate banking niche. This includes customs and direct taxes services, central excise and service tax facilities. Trade finance for exporters, importers and foreign currency loans can also be availed under this category.

Transfer of funds can be initiated through Union Bank of India internet banking portal. Different categories of bills can be paid and requests can be generated.

Union Bank of India also offers numerous cards including classic/ silver/gold and adds on cards to its users. Insurance and investment schemes in form of mutual fund investment and Demat accounts along with facility of online share trading are also offered.

Loan facility from Union Bank of India can also be availed by NRIs and they can apply for a house, loans, foreign currency loans, loans against deposits and unmovable properties.

Corporate agency insurance and MSME banking are also provided by Union Bank of India to its corporate clients.

Users can also set up their individual limits so that proper banking can be done and the account is not misused by any person. Financial and non-financial enquiries can also be done with the help of Internet Banking portal of Union Bank of India.

Interest rates offered by Union Bank of India

Union Bank of India offers an interest rate of 3.50% per annum for saving deposit balance of up to 25 Lakh and 4.00% for balance over 25 Lakh.

FD interest rate offered by Union Bank of India

FD tenure for Deposit

Regular FD Interest Rate

Senior Citizen FD Interest Rate

7-14 days

5

5.5

15-30 days

5

5.5

31-45 days

5

5.5

46-90 days

5.5

6

91-120 days

6.25

6.75

121-179 days

6.25

6.75

180 days

6.5

7

Between 181 days and less than 10 months

6.50

7

Between 10 months and 14 months

6.75

7.25

Between 14 months and 3 years

6.7

7.25

Between 3 months 1 day and 5 years

6.85

7.35

Between 5 years 1 day and 10 years

6.85

7.35

The interest rates offered by Union Bank of India are the best as it offers Fixed Deposit rates of 6.75% on term deposits for a tenure of 10 months to 1 year 2 months. Moreover, the bank also offers a special interest rate of Fixed Deposit for senior citizens.

Phone Number 080-61817110, 1800 22 22 44, 1800 208 2244
Fax Union Bank of India
Email [email protected]
Web Site https://www.unionbankonline.co.in/
Head Office Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021.
Disclaimer: The Details shown may be different from actual. Please confirm on the bank site before process.

Loan Type Interest Rate Minimum Age (in yrs.) Minimum Income (in Rs.)
Home Loan 10.25% to 13.25% Minimum 21 years Regular Source of Income should be there
Business Loan N.A. Not applicable Not applicable
Personal Loan 15% Minimum Age 18 Years Information Not Available
Car Loan 10.7% p.a for new cars; 15.5% for old (fixed) 18 years and above Income Criteria Not Available
Loan Against Property 14% 18-60 years Rs.1.20 lacs p.a.
Education Loan 11.05 % , For Girls - 10.55%
Disclaimer: The Details shown may be different from actual. Please confirm on the bank site before process.

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