Introduction
In today's world, financial independence is more important than ever. Yet, many women still face barriers when it comes to banking and financial management. Recognizing this challenge, Union Bank of India has introduced Union Samriddhi – a special savings account designed specifically for women. This account is much more than just a regular savings account; it's a comprehensive financial tool that combines savings benefits with insurance coverage and loan advantages.
Whether you're a homemaker looking to build your savings or a professional managing your finances, Union Samriddhi offers features tailored to your needs. Let's explore what makes this account special and why it might be the right choice for you.
What Is Union Samriddhi?
Union Samriddhi is a specially designed savings account for women aged 18 years and above. Launched by Union Bank of India.This scheme focuses on financial inclusion and women empowerment by providing:
- A dedicated savings platform
- Comprehensive insurance coverage
- Reduced charges on loans
- Special banking privileges
The account comes with a RuPay Platinum Debit Card, giving you access to extensive banking services and insurance benefits that protect you and your financial interests.
Who Can Open This Account?
Union Samriddhi is exclusively designed for women with the following eligibility criteria:
- Age: Must be 18 years or older
- Gender: Individual women or women joint account holders only
- Account Type: Can be opened as an individual account or jointly with other women (male co-holders are not permitted)
This exclusivity ensures the account benefits are targeted specifically toward women's financial needs and security.
Key Features and Benefits
1. Flexible Account Opening with Low Minimum Balance
One of the most attractive features is the Quarterly Average Balance (QAB) requirement of just ₹15,000. This means you need to maintain an average balance of ₹15,000 across three months – a reasonable amount for most savers.
If you maintain this balance, you unlock all the special concessions and benefits. However, if your balance falls below this requirement, you'll face a penalty of ₹100 plus GST, and you'll lose access to the special concessions.
2. Unlimited Free ATM Access
Managing your money should be hassle-free. With Union Samriddhi, you get:
- Unlimited free transactions at Union Bank ATMs every month
- 3 free transactions per month at other bank ATMs in metro areas
- 5 free transactions per month at other bank ATMs in non-metro areas
- Cash withdrawal limit: Up to ₹75,000 per transaction
- POS (Point of Sale) limit: Up to ₹1,50,000 per transaction
This extensive ATM network access means you can withdraw money or make purchases conveniently wherever you are in India.
3. Comprehensive Insurance Coverage
One of the standout features of Union Samriddhi is the free insurance protection that comes with your account:
Personal Accident Insurance
- Coverage with account: ₹5 Lakhs in case of death
- Coverage with debit card: ₹2 Lakhs by the bank plus ₹2 Lakhs additional coverage by NPCI (total ₹4 Lakhs)
- This means your family is financially protected in case of any unfortunate accident
Air Accident Insurance
- Coverage: ₹50 Lakhs if you meet with an accident while traveling by air
- Perfect for frequent travelers: this coverage provides substantial protection during air journeys
Cancer Care Insurance (Starting August 1, 2023)
- Sum Assured: ₹5 Lakhs upon detection of Breast, Ovarian, or Cervical cancer
- This is a unique feature that addresses specific health concerns affecting women
- Provides a lump-sum payment when diagnosed, helping you manage treatment costs
These insurance benefits are completely free and add enormous value to your account.
4. Free Banking Services
Union Samriddhi eliminates common banking charges:
- SMS Alerts: Completely free – stay updated on every transaction
- Personalized Cheque Leaves: Free up to 20 leaves per year (perfect for bill payments)
- Fund Transfers: Free NEFT, RTGS, and IMPS transactions for sending money to other accounts
- Monthly Statements: Free account statements whenever you need them
- Internet Banking: Completely free to access and use
- Mobile Banking: Free mobile app access for banking on the go
5. Special Debit Card Benefits
Your RuPay Platinum Debit Card comes with:
- Free issuance – No charge to get your card
- Annual maintenance charges as applicable
- Access to all the insurance benefits mentioned above
- Nationwide acceptance at all merchants and ATMs
Loan Benefits and Concessions
If you're planning to take a loan, Union Samriddhi offers significant savings:
Home Loan Processing Fee Concession
- 50% discount on processing fees for home loans of ₹1 crore and above
- 25% discount on processing fees for home loans below ₹1 crore
- 25% discount on other retail loans as well
This can save you thousands of rupees when you're buying a home or taking other loans.
Personal Auto Loan (PAPL) Interest Rate Concession
- 0.05% reduction in the applicable interest rate for loans up to ₹5 Lakhs
- While this might seem small, over the loan period, it can save you a significant amount
Locker Rental Discount
- 50% discount on locker rent for the first year
- Safe storage for your important documents and valuables at half price
*mportant Note: All these concessions are available only if you maintain the required Quarterly Average Balance of ₹15,000. Additionally, the processing charge and interest rate concessions become available 6 months after opening the account, subject to satisfactory account operations.
Account Management and Services
Easy Account Transfers
You can convert your existing savings account to Union Samriddhi if you meet the eligibility criteria. The transfer is simple and subject to bank approval.
Account Closure Terms
If you decide to close your account:
- Standard account closure charges apply
- If you close within 1 year, the bank may recover benefits given as concessions on ROI, service charges, and locker rent
This means you should plan to keep your account open for at least a year to fully enjoy the benefits.
Linked Accounts
If you have a Union Muskaan account (another Union Bank savings product), it can be linked to your Union Samriddhi account with zero Quarterly Average Balance requirement on the linked account.
Important Guidelines You Should Know
Maintaining Your Benefits
- The QAB requirement is crucial: All special concessions are available only when you maintain ₹15,000 as your quarterly average balance
- If your balance falls below this, you'll lose the special benefits and face a ₹100 penalty (plus GST)
Who Can Open the Account?
- Only women aged 18 and above can open an individual Union Samriddhi account
- Joint accounts are allowed, but only with other women – male joint holders are not permitted
- Non-individual accounts (like partnerships or companies) cannot be opened under this scheme
Concessions Don't Stack
If you open multiple Union Bank savings accounts (like both Union Samriddhi and Union Unnati), you cannot combine the concessions. For example:
- You cannot get 50% locker rent concession on both accounts
- You get benefits on only one primary account
- Choose the account that best suits your needs
Why Union Samriddhi Is Special?
In a world where financial equality is still a work in progress, Union Samriddhi represents a significant step toward women's financial empowerment. Here's why it stands out:
Designed with Women in Mind
The account specifically addresses the financial needs and concerns of women, including insurance coverage for health conditions that predominantly affect women.
Comprehensive Protection
Between personal accident insurance, air accident insurance, and specialized cancer care coverage, you get protection against multiple risks – all for free.
Cost Savings on Major Expenses
Whether it's buying a home or renting a locker, the concessions available through this account can save you thousands of rupees over time.
Encourages Financial Independence
By making banking accessible and affordable, Union Samriddhi empowers women to take control of their finances without worrying about excessive charges or complicated processes.
Government's Commitment to Financial Inclusion
This scheme reflects the broader initiative to ensure that every woman has access to banking services and financial security, regardless of her background or profession.
How to Get Started?
Opening a Union Samriddhi account is straightforward:
1. Visit your nearest Union Bank branch – The account is available at all Union Bank locations across India
2. Meet the eligibility criteria – You must be an individual woman aged 18 or above
3. Provide required documents – Standard KYC documents (Aadhar, PAN, proof of address, etc.)
4. Maintain the Quarterly Average Balance – Aim to keep ₹15,000 as your average balance every three months to enjoy all benefits
5. Activate your services – Use your RuPay Platinum Debit Card and digital banking services
Final Thoughts
Union Samriddhi is more than just a savings account – it's a comprehensive financial companion for women. Whether you're saving for your future, planning a major purchase, or simply want peace of mind with insurance coverage, this account offers tangible benefits.
The combination of easy access to funds, substantial insurance coverage, and significant loan concessions makes Union Samriddhi an excellent choice for women looking to take control of their financial lives.
If you're a woman aged 18 or above, especially if you're planning to take a loan or want comprehensive insurance protection alongside your savings, Union Samriddhi deserves serious consideration. Start your financial empowerment journey today by opening your Union Samriddhi account.