|Period||< 1 Cr|
|Interest Rate||Senior Citizen Rates|
|7 to 14 days||5.00 %||5.50 %|
|15 to 29 days||5.00 %||5.50 %|
|30 to 45 days||5.00 %||5.50 %|
|46 to 90 days||5.50 %||6.00 %|
|91 to 120 days||6.25 %||6.75 %|
|121 to 179 days||6.25 %||6.75 %|
|180 Days||6.50 %||7.00 %|
|181 Days to less than 10 months||6.50 %||7.00 %|
|10 Months to 14 months||6.75 %||7.25 %|
|14 Months 1 day to 3 years||6.70 %||7.20 %|
|3 Years to 5 year||6.85 %||7.35 %|
|5 Years 1 day to 10 year||6.85 %||7.35 %|
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The Union Bank of India is popularly known as UBI in the banking industry. The bank started its journey in 1919. It is one of the largest banks available in India. The bank has the headquarters situated at the financial capital of the country Mumbai. The bank was nationalized in the first phase of the nationalization in 1969 due to the bigger size and on 19th July 1969, the bank was nationalized along with 13 other banks. The bank thus nationalized became a public sector undertaking which has the major stake owned by the government of India.
The bank has grown from there and has reached the total number of 4200 plus branches in pan India presence. The bank is presently headed by its Chairman and Managing Director Shri Arun Tiwari and has Shri Vinod Kathuria as its Executive Director. The bank is a rapidly changing bank like any other nationalized bank in India.
The bank has the tagline of “good people to bank with”. The bank has the pan India presence with the majority of the branches in the western part of the country. It has significantly less presence in the eastern states where the dominant players are Allahabad Bank and United Bank of India. The bank operates with 4200 plus branches and the total number of employees are more than 36000. The bank has the offices in the overseas as well and these offices include the representative offices and have the total number of 8.
The bank has the total business of Rs 620445 Crore which is equivalent to 91.31 billion USD. The Bank has the total Deposit base of Rs 342720 Crore which is equivalent to 50.43 billion USD. The bank has the advances (Loans) of 40.87 billion. The bank is very popular in the areas of Maharashtra and Gujarat and in some southern states.
The bank like any other nationalized bank offers the services related to banking and investment. The bank also has become the new age bank and offers many services related to IT which is new platform for the banking nowadays. The bank has the mobile application of mPassbook,Selfie where the individual can go and open the account himself or herself. This is a very innovative steps when India which is struggling for the financial inclusion as such.
With the latest technological upgrade in the telecommunications sector, the bank has launched this initiative and will surely help the bank to open the account in the areas where the branch banking is very limited. The bank offers the variety of services related to banking which is its core function but also allows to file other services like filing of the income tax returns with the tie up arrange with clear tax, online loan application system like any other bank.
Apart from the business, the bank is next gen bank with the global presence. The bank is under process of opening of the representative offices in Toronto, Canada and also in the Johannesburg where the bank has no office as of now. The bank has, like any other bank in India, adopted the MCLR based system. The bank has the present MCLR in the range of 9.20% to 9.55% which is at par with the banking industry standards.
Usually it is difficult to find the vacant lockers which always remain in the demand. To facilitate the customers, the bank has put up a branch wise list of vacant lockers so that customers could understand the lockers availability in the branch. So if you are the Union Bank of India customer, you can have the data of vacant lockers in the branch near to your area and approach the branch for issuing the locker. This would surely facilitate the bank customers who often have to open the accounts in other banks to have the locker facility.