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Fee Based Products of Union Bank of India

Insurance and investment


Union bank provides platforms for proper investment like Insurance, Mutual Funds
etc;
Insurance:
The Products which union bank offers:
Savings Plan
Endowment Assurance
Children Plan
Money Back Plan
Investment Plan
Single Premium Whole Life Policy
Protection Plans
Term Assurance
Loan Cover Term Assurance Plan
Retirement Plan
Personal Pension Plan
Other Attractive Plans
Key Man Insurance
Partnership Insurance Plan
Employer – Employee Insurance Plan
Unit Linked Insurance Plan.
ISSUE AGE: Issue age of the policyholder is calculated as age attained (i.e. las
t birthday).
Optional benefits:
Choice of adding optional benefits to basic plan to create ideal insurance solut
ion to suit the needs of customer is available with selected plans. Customers ca
n choose any of the following benefits.
CI*: Critical Illness Benefit,
*CI: Critical Illnesses applicable are cancer, coronary artery bypass graft sur
gery, heart attack, kidney / renal failure, major organ transplant (as recipient
) and stroke
DSA: Double Sum Assured benefit,
ADB : Accidental Death Benefit,
WOP: Wavier of Premium Benefit.
All optional benefits must be selected at the outset of the plan
Union Health Care
Mediclaim Insurance Product in tie-up with The New India Assurance Co Ltd, which
will provide the insurance cover
Scheme available for Union Bank Customers, irrespective of the fact whether they
are maintaining SB/CD/Deposit Account or having Demat, Borrower Account, Debit
Card and Credit Card
Group Floater Insurance for a family of maximum four persons (Customer, his/her
spouse and two dependent children)
Entry up to 65 years of age and it can be renewed up to the age of 80 years
Sum Assured is offered in the range of Rs.50,000/- to Rs.3,00,000/- per family,
as per the Insured’s desire
Very competitive premium due to group-floater nature of the product
Premium paid under this policy will be eligible for deduction under S/80D of Inc
ome Tax Act
Mutual Fund
Mutual funds are funds that pool the money of several investors to invest in eq
uity or debt markets. Mutual Funds could be Equity funds, Debt funds or balanced
funds.
Funds are selected on quantitative parameters like volatility, risk adjusted ret
urns, rolling return coupled with a qualitative analysis of fund performance and
investment styles through regular due diligence processes.
Mutual Fund products of all leading AMC’s are made available to their customers th
rough all major CBS branches across the country with the help of AMFI Certified
Marketing Officers.
The reason that mutual funds are so popular is that they offer the ability to ea
sily invest in increasingly more complicated financial markets. A large part of
the success of mutual funds is also the advantages they offer in terms of divers
ification, professional management and liquidity.
Union Gold
As per RBI guidelines, the precious metals Gold, Silver and Platinum can be impo
rted by the nominated agencies such as Minerals & Metals Trading Corporation and
Banks on consignment basis or on fixed price basis.
* Union Bank has been one of the Banks nominated for import of precious metals m
entioned above.
* The Import and sale of gold will be carried under the separate scheme by name
Union Gold
• Import of Gold on Consignment Basis:
Gold may be imported by the nominated agencies as mentioned above where the owne
rship of the gold will remain with the supplier of the Gold and the importer (Ba
nk) will be acting as an agent. Remittance towards the cost of import of gold sh
all be made as and when the Bank sells the gold as per the agreed terms and cond
itions with the supplier. The Import of Gold through this mode is more.
• Import of Gold on unfixed prices:
The Bank may import gold on outright purchase basis subject to the condition tha
t although ownership of the gold shall be passed on to the Bank at the time of i
mports itself. The price of the gold shall be fixed later as and when the Bank s
ells the gold to users.
As per RBI guidelines, Bank has to collect 100% margin in cash for the provision
al value of gold and suitable additional margin (normally 10%) to take care of p
rice fluctuation.
In any case, the price has to be fixed by the Bank and the payments are to be se
ttled within a period of five days.
* Bank had captive clients who were dealing in bullion with other nominated agen
cies since decades. By introducing this product, these clients have diverted the
ir business through Union Bank.
* In the process, the bank has nominated the following Branches to deal in gold;
(i) Zaveri Bazaar Branch, Mumbai.
(ii) M.SMarg Branch, Mumbai.
(iii) Overseas Branch, Kolkotta.
(iv) Ellis Bridge, Ahmadabad.
(v) IFB Branch, Bangalore.
(vi) Coimbatore Main Branch.
(vii) Overseas Branch at SEEPZ ++, Mumbai.
(viii) Ramkote Branch, Hydrabad.
(ix) Chennai Main, Chennai
(x) Overseas Branch, Ernakulam
(xi) Karol Bagh.
UNION BULLION
* In terms of Gold import guidelines of FEMA, Authorized Dealers are permitted t
o extend loan under the agreed terms with the supplier of the gold.
* In tune with this, Union Bank has also come out with its own scheme for financ
ing the working capital requirements of importers given below:
Import of gold for the purpose of export:
- The export has to be completed within a maximum period of 90 days from the dat
e of release of gold on loan basis.
- The price of gold to be fixed within 180 days from the date of shipment.
Domestic Jewellery Manufacturers:
- The price of gold has to be fixed within 90 days from the date of release of g
old on loan basis.
GOLD FORWARD
* The importers can hedge their Gold exposures by booking forward contracts with
the Bank, which will take care of their price risk.
* This forward contract can be booked for a maximum period of 180 days in terms
of RBI guidelines.
Credit cards
UNION BANK OF INDIA IN ASSOCIATION WITH VISA INTERNATIONAL
Union Bank of India in association with VISA International is offering its Inter
national credit card ‘Union Card”-Classic, Silver & Gold. The card is marketed throu
gh the Branch network of over 2000 of Union Bank of India throughout India. The
card is widely accepted across the globe at over three crore-member establishmen
ts.
ELIGIBILITY
Minimum annual income criteria of Rs.60000/per annum for salaried class, Rs.8000
0/per annum for self-employed and Professionals. Our Depositors who cannot give
any Income Proof but maintain a minimum unencumbered deposit of Rs.25000/ are al
so eligible for Credit Cards.
Category Age Eligibility Minimum Annual Gross Income Eligibility(Rs.
In lacs)
Classic Silver Gold
Salaried Over 21 years & Under 60 years 0.60 1.00 3.00
Self employed & Professional Over 21 years & Under 65 years 0.80 1.20
3.50
Union Bank deposit holders Over 21 years Any depositor with a minimum of
Rs.25000 deposit in his name, can get a Credit card upto 100% of the deposit amo
unt Free of Cost. The Deposit receipt is to be discharged and handed over to the
Branch, which will be kept under line.
GLOBAL ACCEPTANCE:
Accepted, worldwide, at all Merchant Establishments (ME) where VISA logo is disp
layed.
CASH ADVANCE:
Cardholder can have access to Cash Advance round the clock at all ATMs of Union
Bank of India, and ATMs where VISA logo is displayed, in India and abroad.
PHOTO CARDS:
Cards are issued with photograph and signature of the cardholder printed for enh
anced safety.
SPENDING LIMIT:
25% of annual income with a minimum of Rs.15000 and a maximum of Rs.5.00 lacs.
ACCIDENT INSURANCE:
Free Accident Insurance cover ranging from Rs.1 lac to Rs.8 lacs depending on th
e type of card.
Type of Card Other than Air Accident(Rs. In Lacs) Air Accident(Rs. In Lacs
)
Classic 1.0 2.0
Silver 2.0 4.0
GOLD 5.0 8.0
There are no pre conditions like, for claiming accident insurance benefits; the
cardholder must have utilized his card at least a certain number of times before
.
LOST CARD LIABILITY:
Lost card liability of the Cardholder is restricted to Rs.1000 in case of misuti
lisation after report to Bank / VISA.
REWARDS PROGRAMME:
One Reward point for every Rs.100/ worth of purchases through Merchant Establish
ments, which can be accumulated and redeemed against renewal fees.
FREE CREDIT PERIOD:
Free credit period ranging from 20 to 50 days depending on the date of purchase.
Get upto 50 days of free credit on your purchases, on payment of full bill amoun
t. Monthly bills are generated on 20th of every month, and payment due date woul
d be 10th of succeeding month.
FLEXI PAYMENT:
Option to pay a minimum of 10% of the outstanding amount and option to carry ove
r the balance.
LOWEST RATE OF INTEREST:
Lowest interest rate of 20.40% per annum only on the outstanding balance on dail
y product basis.
Classic:
a) 25% of Annual gross income reported with a minimum limit of 15000/.
Silver:
b) 25% of Annual Gross Income reported with a minimum of Rs.25000/.
Gold:
c) 25% of Annual gross income or Rs.1 lac whichever is higher.
GET CASH ANYTIME, ANYWHERE
Get quick access to cash advance upto 20% of credit limit through any of ATMs of
Union Bank of India, and any ATM where VISA logo is displayed in India and abro
ad. Interest @ 24% per annum along with Service tax will be charged on the cash
withdrawals.
ADD ON CARDS:
Cardholders have the advantage of applying for two add-on members on his/her car
d. Add on cards are issued only to the following family members: spouse, Major s
on, Major unmarried daughter & parents.
DOCUMENTS REQUIRED:
1) Salaried Class
• For Persons working in Govt./PSU/Listed Companies/ consultancies /Multinational
companies
a) Salary slip (Last one month)
b) Computer pay slip (last 1 month)
c) Salary certificate
d) Form 16
e) IT return ack copy (last financial year)
• For Persons working in Pvt ltd companies/Trading concernsProp. / Partnership fir
ms
a) Computer pay slip (last 1 month)
b) Salary certificate (As per Annexure VI)
c) Form 16
d) IT return ack copy (last financial year)
2) Self employed/Business segment
• For Proprietors / PartnershipsQualified professionals/Agents / Contractors
a) IT Return (for the last financial Year)
b) Form 16 A
LOWEST ANNUAL MEMBERSHIP FEE:
All the above features are available at a very nominal fee. We do not charge any
thing, which is not mentioned in the Schedule of charges.
Particulars Classic Silver Gold
Entrance fee Waived as an introductory offer Waived as an introductory offer
Waived as an introductory offer
Renewal Fee Rs.200 Rs.300 Rs.500
Add on card Rs.50 Rs.100 Rs.250
Finance charges on Roll over amount 20.40 % per annum 20.40 % per annu
m 20.40 % per annum
Cash Advance Charges for cash withdrawal 24% per annum 24% per annum
24% per annum
Cash advance on credit limit 10% of limit Min 2000/. 10% of limit 10% of l
imit
Cash Advance charges at our Bank ATM Rs.50 per transaction Rs.50 per transa
ction Rs.50 per transaction
Cash Advance charges at other Bank ATMsIn India Rs.75 per transaction Rs.75 pe
r transaction Rs.75 per transaction
Cash Advance charges (Overseas) Rs.125 per transaction Rs.125 per transaction
Rs.125 per transaction
Late fee payment charges Rs.100 Rs.100 Rs.100
Charges for over the credit limit usage Rs.100 for Each Occasion Rs.100 f
or Each Occasion Rs.100 for Each Occasion
Returned cheque Rs.100 per instrument Rs.100 per instrument Rs.100 per instr
ument
Limit enhancement fee Rs.100 for each occasion Rs.100 for each occasion
Rs.100 for each occasion
Card Replacement fee Rs.100 Rs.100 Rs.100
Retrieval of charge slip as levied by VISA Rs.100 or the actual charges whi
chever is higher Rs.100 or the actual charges whichever is higher
Rs.100 or the actual charges whichever is higher
PIN Replacement Fee Rs.50 Rs.50 Rs.50
Service Tax As applicable from time to time.Presently it is 10.20% As appli
cable from time to time.Presently it is 10.20% As applicable from time to time.
Presently it is 10.20%
Renewal Fee is waived if used for more than Rs. 25000 in the previous 12 months
ATM SERVICES
A T M (Automated Teller Machine) facilitates the customer to do Banking transact
ions such as Cash withdrawal, balance enquiry, obtaining mini-statement, transfe
r of funds between his/her own accounts etc. Union Bank of India tied up with Vi
sa for issuing International Debit Cards to the customers of all its branches. T
he Debit Card provides ‘ANY TIME / ANY WHERE’ Banking to the customers. Presently, B
ank has 1276 ATMs (As on 30.06.2008) which are on-line , conveniently located an
d spread across the country. The Debit Card can also be used for making purchase
s. The daily withdrawal limit through ATMs is Rs.25000/- and the limit for makin
g purchases is Rs.25,000/- (combined limit Rs.50,000/-).
Issue of ATM cum Debit Card to customer is made very simple and most convenient.
A Ready kit containing both Debit Card and Pin are handed over to the customer
immediately on opening of the account and in case of existing customers, the sam
e is provided immediately on demand. The Debit Card is activated on the next wor
king day. There is absolutely no waiting period for obtaining the Debit Card fro
m the Bank. Experience for yourself by opening an account with any of our CBS br
anches and getting the Ready kit instantly. .
The Debit card gets activated only when it is used along with PIN at ATM for cas
h withdrawal. Only after the first transaction at ATM, the customer will be able
to use the Debit Card for making purchases.
For providing better facility and wider acceptance of the Debit Card, the Bank h
as entered into ATM sharing arrangements with Cash Tree Group, SBI group, NFS gr
oup and VISA. Under these arrangements Union Bank cardholder can access over 320
00 ATMs of 42 banks across the country
Union Bank has completely freed the transaction charges for using it’s cards in an
y other Bank’s ATM all over India.
International Transactions – 2% Currency Conversion charges extra
Other Benefits:
1. Free Insurance against Accidental death of principal card holder Rs.2.00 lacs
and in case of Add on cardholder – Rs.1.00 lac.
2. Lost card liability restricted to Rs.1, 000 from the time of reporting the lo
ss.
3. Multiple account access: The customer can get 3 accounts linked to the Card.
4. Issue of Add on Card in case of Joint accounts with Either or Survivor mandat
e.
Charges:
No joining fee or Annual fee is collected during the first year of issue. From s
econd year onwards, an annual fee of Rs.100/- is collected and the same is waive
d for customers maintaining an average quarterly balance of Rs.5, 000 in the acc
ount.
Replacement of Lost card attracts charges of Rs.100/-.
Regeneration of Pin Rs.25/-.
Validity: The Debit card is valid for 5 years from the date of issue.
Cardholder should sign in the signature panel on reverse of the Card immediately
on obtaining from the Bank.
Kisan ATM
As technology is spreading its wings across the length and breadth of the countr
y, a need was felt by Bank to provide its customers in rural areas with an ATM w
hich is easy to operate, does not warrant high level of literacy, remembering PI
NS and can read out instructions on screen to get cash or services. As a solutio
n to this Bank plans to deploy Kisan ATMs in rural areas to serve the customers
of our remote rural branches. The first such ATM is installed at Sivagangai bran
ch Tamilnadu and inaugurated by the Hon’ble Finance Minister Shri P. Chidambaram.
Kisan ATMs are user-friendly cash dispensing machines, which are voice enabled a
nd work on bio-metric authentication like finger print verification. Kisan ATMs
can communicate with the users in local language. To make the operations easier
Kisan ATMs are provided with touch screen monitor. The screen options glow as th
e instructions are read out to the customer and the customer needs only to touch
the option desired by him. The ATMs also have dip-type card reader and hence en
sure that the machine never captures the card inserted by the customer. All the
above features make these ATMs so easy and convenient that people with practical
ly no exposure to technology can use it comfortably.
Kisan ATM cards
Bank has issued a new series of cards for the Kisan ATMs. The cards have an attr
active design.

ATM Functions
The ATM will support the following functions:
1. Cash Withdrawal
2. Balance Enquiry

ATM operation

Kisan ATMs are meant to bring in 24x7 banking facilities with the state of art t
echnology, which was so far available only to metro and urban population now wit
hin the reach of rural masses and thus providing an much needed fillip for Finan
cial Inclusion.