What does UBI mean in BANKING

Union Bank of India (UBI) is a public sector bank that provides a variety of banking and financial services. These services include, but are not limited to, savings accounts, current accounts, fixed deposits, home loans and auto loans. The bank also offers online banking, international money transfers, debit cards and other retail banking services.

Opening an account at UBI can be done by visiting the closest branch or through online mode if you are eligible for the same. At the time of opening an account you would need to provide certain documents such as KYC documents, address proof and identity proof along with a photograph.

Your money is safe when kept with UBI as it follows all the necessary security measures as prescribed by the Reserve Bank of India (RBI). In addition to this, UBI provides additional safeguards like Internet Banking Security Kit (IBSK), mobile banking security kit for device authentication and two-factor authentication protection for netbanking transactions.

Yes, UBI offers both debit card and credit card facilities to its customers. The credit cards provided by the bank are tailored to meet various customer needs depending upon their lifestyle requirements. With UBI credit cards one can shop without any hassle or make payments online with utmost convenience.

Yes, there's usually a minimum balance requirement for savings accounts at UBI which varies depending upon the type of account you wish to open. For instance, if you open a classic savings account then the minimum average monthly balance requirement would be Rs 10,000 in metro cities and Rs 5,000 in non-metro cities. Additionally there may be other charges or fees applicable which you should seek information about beforehand from your local branch officer or website.

Yes, there are withdrawal limits on ATM transactions made using your Ubi debit card or credit-card issued by the bank. Generally speaking for ATM withdrawals using debit card it’s up to Rs 40,000/day (networked 4 times) per day undertaken through any ATM across India whereas cash withdrawals using International Debit Card may vary according to local regulations where they are used.

You can either transfer funds using NEFT (National Electronic Funds Transfer), IMPS (Immediate Payment Service) or RTGS( Real Time Gross Settlement). Each method has its own advantages and limitations so you should select one based on your specific requirements after discussing them with your local branch officer.

Generally no; however fees may be levied in certain cases depending upon various factors such as type of transaction issuer country/conditions etc., specified by RBI guidelines hence wise to consult your nearest branch office before commencing such transactions.