united bank of India savings accounts

United Basic SB Account:

Target Group

Any un-banked population segment uptill denied basic banking facilities due to stipulation of minimum balance requirements and levying of service charges. The target group will include low-income families in rural/ urban areas, industrial/ agricultural labourers in rural/ urban areas and non-pensioner senior citizens.
Eligibility:

The account may be opened in the name of an individual or in the name of two or more individuals.

• Initial deposit and Minimum balance
  The account can be opened and continued with even 'zero' balance.

• Number of transactions in the account

1. For deposits - No restriction.
2. For withdrawals - Maximum 5 withdrawals p.m. A charge of Rs. 5/- per month for every additional withdrawal transaction.

Cheque Book

For cheque book facility minimum balance would be Rs. 250/-.

United Anand Deposit Schemes:

A multi unit deposit scheme with the objective to facilitate the customer in having term deposit in units and instant facility of overdraft.
Eligibility:
Account may be opened in the name of individuals, sole proprietorship concern, partnership firm, association, clubs, societies, trust, companies, etc. The illiterate, minor, blind persons are not eligible to open account under this scheme.

• Nature of Deposit
  Term Deposit, for a period of 12 months to 60 months.
  
  
• Minimum Deposit
  a) Initial deposit Rs. 10000/- and in multiple of Rs. 1000/- thereof with no ceiling. Facility of further deposit of minimum Rs. 5000/- or more in multiple of Rs. 1000/- with no upper ceiling will be allowed in the same United Anand account.
  b) In case of premature withdrawal, part amount in multiple of Rs. 1000/- may be allowed without affecting the whole amount.
  
  
• Issue of Pass Book
  Specially designed pass book to be issued instead of deposit receipt certificate.
  
  
• Overdraft
  A current account will be opened with zero balance at the time of opening of the United Anand Account through which 90% of the deposit as overdraft will be available. 

United Bonanza Current Deposit Schemes:

A deposit scheme which combines liquidity of current deposit account and return of fixed deposit with value addition.
Eligibility:

Anyone eligible to open current deposit account of the bank is eligible to open United Bonanza Current Deposit A/c.

• Minimum Initial Deposit & Balance
  The account shall be opened with minimum initial deposit of Rs. 1.00 lac and minimum balance to be maintained Rs. 1.00 lac.
  
  
• Automatic Transfer of Fund to Fixed Deposit
  At the option of the depositor at the time of opening of the account ,the balance in United Bonanza Current Deposit account in excess of Rs. 1 lac or any higher limit as may be, specified by the depositor shall automatically be converted into Fixed Deposit in multiple of Rs. 10,000/- or in multiple of any other higher limit as specified by the depositor without requiring the compliance of formalities for opening of Fixed Deposit account for the purpose.
  
  
• Period of Fixed Deposit
  Fixed Deposits under this scheme shall be for any period ranging from 15 days to 45 days & by default, it is 15 days as may be opted by the account holder at the time of opening of the United Bonanza Current Deposit account. The period shall remain fixed for all Fixed Deposits to be created until the mandate for period of Fixed Deposit is changed by the depositor in writing to the Bank.
  
  
• Procedure for Reverse Sweep
  If, at any point of time , in the process of operation of UBCD A/C, the balance in the account falls below the minimum level of Rs. 1 lac or if the balance is found short to honour the cheque drawn on the said account presented for payment, the required fund in multiple of Rs. 10,000/- shall automatically be transferred from Fixed Deposits to United Bonanza Current Deposit Account. The reverse sweep of Fixed Deposits shall be "last in first out" basis. This will allow the depositor to earn interest uninterrupted on the remaining balance in the Fixed Deposits under the scheme.
  
  
• Value Addition
  1. Two (2) cheque books of 25 leaves each free p.m. to UBCD A/c holders.
  2. Issue of statement at fortnightly interval free of charge.
  3. No folio charge shall be levied in the UBCD A/c.
  4. Free DD purchase favouring UBI for any amount both against cash or transfer transaction.
  5. Free United International Debit card.
  6. Free Internet Banking.
  7. Free Telephone Banking.

United Bonanza Savings Schemes:

A saving scheme which combines liquidity of Savings Bank and interest of Fixed Deposit Account. Under the scheme, a depositor will open a Savings Bank Deposit Account with an in-built arrangement of transferring balance over a specified limit to Fixed Deposit Account automatically for a specified period to be stipulated by the account holder and earn interest at Term Deposit rate. The details of the scheme are given below.
Eligibility:

Anyone eligible to open Savings Bank Deposit Account of the Bank is eligible to open United Bonanza Savings Account either singly or jointly. Employees, Ex-employees, spouse of deceased employees of United Bank of India and senior citizens are also eligible to open account under this scheme.

• Minimum Balance Required
  The minimum balance required is Rs. 10,000/-
    
• Automatic Transfer of Fund to Fixed Deposit
  At the option of the depositor at the time of opening of the account, balance in United Bonanza Savings Account in excess of Rs. 10,000/- or any other higher limit as may be specified by the depositor shall automatically be converted into Fixed Deposit in multiple of Rs. 1,000/- without requiring the compliance of formalities for opening of Fixed Deposit Account for the purpose.
     
• Period of Fixed Deposit
  Fixed Deposits under United Bonanza Savings Scheme shall be for any period ranging from six months to 1 year as may be specified by the account holder at the time of opening of the account. However, it is 6 months by default. The period shall remain fixed for all Fixed Deposits to be created from the United Bonanza Savings Account.

• Procedure for Reverse Sweep
  If, at any point of time, in the process of operation of the United Bonanza Savings Account, the balance in the account falls below the minimum level of Rs. 10,000/-, then funds in multiple of Rs. 1,000/- shall automatically be transferred from Fixed Deposits to Bonanza Savings Account. The reverse sweep of Fixed Deposits shall be on last in first out basis. This will allow the depositor to earn interest uninterrupted on the remaining balance in Fixed Deposits under the scheme. The outstanding balance of Fixed Deposit held under the scheme shall be shown in United Bonanza Savings Account ledger suitably for operational convenience.
  There shall be a penal charge of 1% for premature closure and/or transfer of Fixed Deposit to United Bonanza Savings Account if the amount of Fixed Deposit so closed prematurely.