Union Bank of India offers a wide range of NRI services to cater to the financial needs of NRIs. Some of the services include speedy and easy remittances, internet banking, international debit/credit cards, home loans, special deposit schemes, etc. This blog aims to provide a comprehensive guide to Union Bank of India NRI accounts, including their features, benefits, and process of opening an account.
Union Bank of India NRI Accounts
Union Bank of India provides two main types of NRI bank accounts to its customers. These are-
- NRE Savings Account
- NRO Savings Account
Other than these two accounts, it also provides three more NRI savings accounts:
- Savings Flexi NRE
- Savings Flexi NRO
- NRO Capital Gain 1988 Savings Account
In the further section of this blog, we will understand the features and benefits of the Union Bank of India NRE savings account and NRO savings account in detail.
Understanding Union Bank of India NRI Accounts
NRE Savings Account
- A Union Bank of India NRE Savings account helps NRIs to maintain their foreign income in Indian Rupees (INR).
- Sources of funding in an NRE account:
- Money sent from overseas in any authorized currency through banking channels.
- A cheque/draft in a foreign currency.
- Fund transfer from other NRE/FCNR accounts held by the account holder or another account holder with the bank or another bank, supported by a certificate from the paying bank.
- Personally surrendering foreign currency or foreign currency travelers’ cheques to the bank by the account holder.
- NRI/PIOs/OCIs (Other than person resident in Nepal and Bhutan) can apply for a Union Bank of India NRE account. Individuals from Pakistan and Bangladesh will require prior approval from RBI.
- Joint Account facility is permitted with NRIs/PIOs/OCIs as well as with Resident Indian. In case of a joint account with a Resident Indian, the joint account holder should be a close relative and the account must be opened on ‘former or Survivor’ basis only.
- The interest earned on the Union Bank of India NRE Savings Account is tax-free in India.
- The principal amount and the interest earned in the account are fully repatriable, meaning you can freely transfer the funds abroad.
- Minimum Balance requirement for the Union Bank of India NRE savings account is as follows-
- Metro/Urban Areas: Rs. 1000
- Semi-urban/ Rural Areas: Rs. 500
Other Features-
| Type of ATM/Debit Card | Classic Card |
| Charge of Debit Card | – Free of cost credit card-Charges will apply for annual maintenance |
| Access to Own Bank ATM | 8 transactions per month are free of cost |
| Access to Other Bank ATM | 3 transactions per month in metro cities or 5 transactions per month at other centers are free |
| ATM Cash Withdrawal Limit | Rs. 25,000 per day |
| POS (Point of Sale) Limit | Rs. 50,000 per day |
| Cheque Leaves | 20 leaves are free per year |
NRO Savings Account
- Union Bank of India offers NRO savings accounts for the purpose of managing the income earned in India, such as rental income, dividends, pension, etc.
- Sources of Funding in NRO accounts:
- Fresh remittances by way of TT/MT/DD/IMO/FCTC/FC
- Funds transfer from existing NRO/NRE/FCNR(B) account
- Out of legitimate dues of the NRIs in India.
- NRI/PIO/OCI can apply for an NRO account at Union Bank of India. Individuals from Pakistan and Bangladesh will require prior approval from the RBI.
- Loan facility is available for Union Bank of India NRO accounts.
- The repatriation of the money in Union Bank of India NRO savings account can be done up to a maximum of 1 million USD per financial year.
- Income earned through an NRO account is subject to taxation in India at the rate of 30% (along with surcharge and education cess).
Other Features-
| Type of ATM/Debit Card | Classic Card |
| Charge of Debit Card | – Card will be issued for free of charge – Charges will apply for annual maintenance |
| Access to Own Bank ATM | 8 transactions per month are free of cost |
| Access to Other Bank ATM | 3 transactions per month in metro cities or 5 transactions per month at other centers are free |
| ATM Cash Withdrawal Limit | Rs. 25,000 per day |
| POS (Point of Sale) Limit | Rs. 50,000 per day |
| Cheque Leaves | 20 leaves are free per year |
How to Open NRI account in Union Bank of India?
Through Bank’s Website
Opening an NRI account online with the Union Bank of India is a simple process. Here are the steps that NRIs need to follow in order to apply for a Union Bank of India NRI savings account:
- Access the official website of Union Bank of India.
- Download the Union Bank of India NRI account opening form from the form center.
- Complete the form by providing your personal details and necessary signatures.
- Choose the type of NRI account you want to open with the Union Bank of India.
- Once you have filled out the form and collected the documents, send the Account Opening Form and supporting documents to the address of the chosen branch.
- After the account is activated, you can proceed with remitting funds to your NRE/NRO Savings Bank Account.
- Your account will be opened upon receiving and verifying all the necessary documents by the respective branch where you intend to open the account.
Through SBNRI App
NRIs can apply for NRI account online by clicking the ‘Apply for NRI Account’ button in this blog or follow the given steps below:
- Download the SBNRI App and sign in using your credentials.
- Click on the ‘Open NRI Account’ button and select the bank where you want to open an NRI account.
- With the help of the in-app scanning feature, scan and upload your KYC documents.
- Click on ‘Apply’ and that’s it.
Union Bank of India NRI Account Interest Rates
Check out the Union Bank of India latest NRI account interest rates. The given below are rates are subject to change and the rates are effective from 1st June 2022.
| Balance in the NRI Account | Interest Rates (p.a.) |
|---|---|
| Balance up to Rs.50 lakhs | 2.75% |
| Balance > Rs.50 lakhs to Rs.100 Crores | 2.90% |
| Balance > Rs.100 Crores to Rs.500 Crores | 3.10% |
| Balance > Rs.500 Crores to Rs.1000 Crores | 3.40% |
| Balance above Rs.1000 Crores | 3.55% |
Union Bank of India NRI Account Minimum Balance Requirements
Given below are the NRI account minimum balance requirements of the Union Bank of India. It is important to note that the banks can change the minimum balance requirement for NRI accounts from time-to-time. Therefore, NRIs must stay updated with the latest information provided on the bank’s website.
| Type of Account | Minimum Balance Required |
|---|---|
| NRE Savings Account | -Rs. 1000 for Metro & urban areas-Rs. 500 for Semi-urban and rural areas |
| NRO Savings Account | -Rs. 1000 for Metro & urban areas-Rs. 500 for Semi-urban and rural areas |
| Savings Flexi NRE | Rs 50,000/- |
| Savings Flexi NRO | Rs 50,000/- |
Contact SBNRI
Due to lots of information and documentation required to apply for NRI accounts, NRI account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRI account with nominal documentation in just 10 minutes.
You can also click on the button below to apply for an NRI account. Visit our blog and YouTube Channel for more details.
