The product is well suited for small traders and small /retail businessman whose turnover per day is quite low and aimed at migrating them to Digital Payment /settlement environment. The maximum turnover in these types of accounts will be restricted to Rs.40.00 lakh per annum. The account will be converted to normal Current account if the turnover exceeds Rs.40.00 lakh per annum. Name of the Product Union Micro Digital Current Account ( UMDCA) Eligibility Any Resident Individual-Single accounts, Two or more individuals-Joint Accounts, Sole Proprietary Concerns, Partnership Firms are eligible to open Union Micro Digital Current Account(UMDCA), HUF Annual Turnover Maximum turnover Rs.40.00 lakhs per annum. Account will be converted to normal current account if the turnover exceeds Rs.40.00 lakhs per annum. Average Monthly Balance (AMB) Rs.1000/- Free Cash Deposit limit per month Rs.1.00 lakh over and above free daily limit of Rs 50000/- Free Self-Cash Withdrawal limit per day at Non Base Branch / Base Branch Cash Withdrawal(self) at non base branches is allowed up to Rs.25000/- No such limit for Cash Withdrawal at Base Branch. Type of ATM/Debit card Classic card Debit Card charge Issue charge –FREE Annual maintenance charge –As per applicable charges. Access to own Bank ATM 5 transactions (financial + non-financial) per month Free. Access to other bank ATM As per applicable charges from first transaction onwards (No free transaction). ATM Cash Withdrawal Limit Rs.25,000/- Per day POS Limit Rs. 50,000/- Per day Cheque Book charges As per applicable charges Outward Remittances charges through Digital Channels like U-mobile, UPI, BHIM, Net Banking etc From Branch –Charges as applicable Through Internet Banking No Charges up to Rs.50000/- per month. Beyond that normal charges will apply. DD charges As applicable to General Current Account Biometric Aadhar Pay Device Free of Cost at the time of account Opening. Ledger Folio Charges No Folio Charges will be levied in the account. Monthly Statement of Accounts Will be sent by E-mail without any Charges. Penalty for non-maintenance of AMB Rs 25 per month
Union Micro Digital Current Account (UMDCA)
FAQs
Is it safe to deposit money in Union Bank of India? ›
Yes, Union Bank of India (UK) Ltd is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority and is entered on the Financial Service Register under reference FRN 601551.
Is Union Bank a private bank? ›About Us. Union Bank of India is one of the leading public sector banks of the country. The Bank is a listed entity, and the Government of India holds 74.76 percent in Bank's total paid-up capital. The Bank, having its headquarters at Mumbai (India), was registered on November 11, 1919 as a limited company.
What is minimum balance in Union Bank of India? ›| QAB | Rural | Urban |
|---|---|---|
| With Cheque book | 250 | 1000 |
| Without Cheque book | 100 | 500 |
Customers can get their primary account balance by giving Missed call to 09223008586.
Which bank is safe to keep money in India? ›| S. No. | Bank Name |
|---|---|
| 2 | HDFC Bank |
| 3 | ICICI Bank |
| 4 | Punjab National Bank (PNB) |
| 5 | Bank of Baroda (BoB) |
100000/- can be deposited per transaction. BNA impounds any counterfeit currency and such notes are not returned to the depositor. SNAs deposits cash by pulling one note at a time inside the machine and verify the genuineness.
How good is Union Bank of India? ›I have Union Bank OF India Saving account which is very good to use . I am using net banking service which is very user friendly it is used for money transfer . Customer service is also good if contact for any query and transaction is safe and secure ,I am convenient with the overall service . 0.5 5.0/5 "Blown Away!"
Who owns Union Bank of India? ›Union Bank of India is one of largest state-owned banks in India. The Bank is a listed entity and the Government of India holds 83.49 percent in Banks Total Share Capital.
Who owns Union Bank now? ›Union Bank was an American national bank with 398 branches in California, Washington and Oregon. It was owned by MUFG Americas Holdings Corporation and was acquired by U.S. Bancorp in December 2022.
How much money can be deposited in a savings account in a year in India? ›The RBI has set a Savings Account deposit limit of ₹10 lakhs per financial year. If your cash deposits exceed this amount, then you may receive a notice from the Income Tax Department, flagging your transactions.
How much money can be deposited in a savings account in a day in India? ›
The cash deposit limit in savings account per day is Rs.1 Lakh. You can, however, deposit up to Rs.2,50,000 in a day as long as you don't do it too often.
How many transactions are free in Union Bank of India? ›Union bank customers are eligible for 5 free transactions (Inclusive of financial and non-financial transactions) every month from union bank's ATM.
How to activate Union Bank account online? ›- Select 'Union Bank Net Banking' under 'Online Banking'
- Click on 'Self User Creation'
- Select 'Transaction Facility' or 'View Facility' depending on whether you have a debit card or not.
- Click on 'Continue'
Go to any branch of your bank, they can help. in case you don't have account no. they can find it using your phone no in the account/PAN card. They can tell whether your account is active or not.
Can I check my Union Bank account balance online? ›UBI Balance Enquiry through Internet Banking
Enter your Customer ID and Password. Go to the 'My Accounts' section. Click 'Check Account Balance' to track your UBI bank balance.
We are members of a special network. When you place a large amount with us, we place your funds into certificates of deposit issued by other banks in the network – in increments of less than $100,000 – so that both your principal and interest are eligible for complete FDIC protection.
Is there any charges for cash deposit in Union Bank of India? ›Cash Deposit Charges Beyond Free Cash Deposit per day
Cash deposited in excess of Rs. 25000/- service charges will be levied @ Rs. 5/- plus applicable GST per packet or a part thereof.
You have online, real time access for different services provided under a completely secure , using 128 bit to 256 bit encryption Secure Socket Layer (SSL). Q 2. Why Union e-Banking? e-Banking opens up an entirely new way of doing your banking, anytime and from anywhere in the country 24 hours a day, 365 days a year.
Can I deposit cash in any branch of Union Bank of India? ›Yes, you can deposit the cash in another branch even if it is not your home branch. You can deposit cash and cheque in all the branches of Union Bank in India if your account is KYC verified. PAN and Aadhaar number is must.