The minimum amount required for a Union Bank Regular Savings Bank Account starts from as low as Rs. 20, although this specific amount applies to pensioners maintaining an account without a cheque book. The exact minimum balance required varies significantly based on the type of account and the branch's geographical location.
For a Union Bank Regular Savings Bank Account, the necessary minimum balance is determined by whether the account includes a cheque book facility and if the branch is located in an urban, semi-urban, or rural area, or if it's a special account for pensioners.
Union Bank Regular Savings Account Minimum Balance Requirements
Here's a detailed breakdown of the minimum balance requirements for a Union Bank Regular Savings Bank Account:
| Category (Branch Location) | With Cheque Book (Minimum Balance) | Without Cheque Book (Minimum Balance) |
|---|---|---|
| Urban | Rs. 1,000 | Rs. 500 |
| Semi-Urban | Rs. 500 | Rs. 250 |
| Rural | Rs. 250 | Rs. 100 |
| Pensioners | Rs. 250 | Rs. 20 |
Key Considerations for Your Account
- Lowest Minimum: As shown in the table, the absolute lowest minimum balance is Rs. 20, applicable to pensioner accounts that do not opt for a cheque book. This makes banking accessible for this specific demographic.
- Varying Requirements: For other customers, the minimum balance can range from Rs. 100 for rural accounts without a cheque book to Rs. 1,000 for urban accounts with a cheque book.
- Maintaining Balance: These minimums typically refer to the average monthly or quarterly balance you need to maintain in your account.
- Consequences of Non-Maintenance: Failing to maintain the stipulated minimum balance may lead to the bank imposing service charges or penalties. It's crucial to be aware of these potential fees to avoid unexpected deductions from your account.
- Current Information: While these figures provide a clear overview, it's always advisable to verify the most current minimum balance requirements and specific terms directly with Union Bank of India, as policies can be updated.
