A salary account is a special bank account for employees who receive a monthly paycheck. Companies often require employees to have this account to deposit their salaries. Salary accounts come with benefits such as no minimum balance requirements and have low fees. They may also offer extra perks like insurance coverage and lifestyle benefits. With a salary account, your money is secure and easy to access, and you can benefit from various banking features.
Summary of Elite Salary Account by Union Bank
The Elite Salary Account by Union Bank is created for people who are earning a net salary of ₹1.8 lakhs or more per month. This account can be held individually or jointly with a spouse. The bank defines salary eligibility based on criteria such as single credit transactions of ₹1.5 lakh or above, excluding cash, as well as other credits like incentives or bonuses that exceed ₹5,000 during the month. This account is appealing because you don’t have to keep a minimum balance every quarter. This feature makes it easy for people who have changing monthly expenses and income.
Features of the Salary Account
Debit Card Benefits
Users with the Union Bank Elite Salary Account can easily access the RuPay Select Debit Card, which is provided at no additional cost upon account opening. This card offers benefits such as 1 Reward Point for every ₹100 spent on eligible transactions. Cardholders can use ATMs from Union Bank and other banks across the country without limits. You can withdraw up to ₹2 lakh each day. The card offers multiple lifestyle perks, such as complimentary lounge access at airports, discounts on movie tickets, travel discounts, and much more. These benefits make the card popular among potential cardholders who are looking for ways to earn more rewards.
Locker Facility
Account holders are eligible for a concession on locker charges. They receive a 100% waiver for the first year and 50% off beginning in the second year, which depends on subject to availability.
Fee Waiver
Account holders enjoy free SMS alerts, unlimited personalized cheque leaves, and no charges for NEFT, RTGS, IMPS, or demand drafts. There are no charges for closing the account within 14 days or after 12 months.
Family Benefits
The account extends benefits to family members. Holders can set up zero-balance accounts for up to four family members, including parents, siblings, and children.
Life Cover Benefits
Life cover benefits help protect your family’s finances in case of unexpected events. With these policies, your beneficiaries can receive a large payout, which can support them during tough times. For example, some policies provide death coverage of up to ₹1 crore. If you experience permanent partial disability (PPD) or permanent total disability (PTD), you could also receive up to ₹1 crore to meet your financial needs. Some plans even offer free accidental insurance for air travel and cash benefits for medical expenses, giving you extra security. The biggest motto of life cover is to protect your family’s future.
Loan Concessions and Interest Rates
The Union Bank Elite Salary Account offers concessions available on various retail loans. For instance, users who have maintained their salary account for more than six months can avail of concessions on home loans, vehicle loans, personal loans, and educational loans.
| Loan Concessions | Interest Rates |
| Home Loan of ₹ 25 Lakh and above | 100% Concession on Processing charges |
| Home Loan below ₹ 25 Lakh | 50% Concession on processing charges |
| Vehicle/Mortgage/Personal Loan/Education Loan more than ₹ 7.50 Lakh for study abroad/Premier Institution | 50% Concession on Processing charges |
| Rate of Interest on Home Loan | 0.15% p.a. concession in applicable ROI |
| Rate of Interest on Vehicle Loan | 0.15% p.a. concession in applicable ROI |
| Rate of Interest on Education Loan more than ₹ 7.50 Lakh for study abroad / premier institution | 0.50% p.a. concession in applicable ROI |
| Rate of Interest on Mortgage Loan | 0.10% p.a. concession in applicable ROI |
| Rate of Interest on Personal Loan | 0.10% p.a. concession in applicable ROI |
Conclusion
For high-earners who want a hassle-free banking experience, the Union Bank Elite Salary Account is a great option for them. There is no minimum balance requirement, and the account has many useful features that keep your money safe and easy to access. It also offers lifestyle benefits like travel discounts, health check-ups, gym memberships, and much more which upgrade your overall experience. Whether you want rewards or security, the Union Bank Elite Salary Account has something for you.