The Hindu : Business : UBI to launch new SBA product

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Thursday, Sep 20, 2007
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Business

UBI to launch new SBA product

Special Correspondent

KOZHIKODE: Union Bank of India (UBI) will shortly launch a new Savings Bank Account (SBA) product, Union Super Salary Account, the bank’s chairman M. V. Nair announced at a press conference here recently.

Designed for the convenience of salaried employees and their employers, the Union Super Salary Account facility can be made use of if at least 15 employees of the firm open accounts with the bank. The bank will ensure that the salaries of all these employees are credited to their accounts every month. The employees can bank with any branch of the bank, which is under the Core Banking Solutions (CBS) network.

The firm can provide details of the salary to the bank online or in electronic form and the salary will be credited by the bank to the account of the employee.

The employee opening an account with the bank under this scheme would be provided with a kit consisting of cards, access codes, and a multi-city cheque book. These will enable the employee to access the bank’s services.

The customer can use any CBS branch, avail himself of Internet banking through his computer or laptop or through tele-banking. Alternatively, he can draw cash at any ATM, anywhere, without additional charge. However, the customer should maintain a minimum level salary credit every month with the bank.

Online loan application

Mr. Nair also announced at the press conference on Monday that UBI would shortly introduce a facility that would enable students to apply for educational loans online. The sanction would be communicated online and the student advised to approach the bank’s branch, where the rest of the procedures have to be completed.

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