Role and Functions of Union Bank of India

Can you tell me about the role and functions of United Bank of India (UBI) as I am planning to open an account in it?

United Bank of India (UBI) is one of the leading banks in India offering a host of banking products and services to its customers across the nation. It was founded in December 1950 with the merger of 4 small banks in Bengal viz. Hooghly Bank Ltd, Comilla Union Bank Ltd, Bengal Central Bank Ltd. and Comilla Banking Corporation Ltd.

It was nationalized along with 13 other banks on July 19, 1969. After its nationalization, it played a major role in the development in the rural and semi-urban areas. It's also designated as the Lead Bank in 30 districts in states like West Bengal, Tripura, Assam and Manipur.


United Bank of India Products and Services

• Deposit Schemes
• Utility Schemes
• Retail Credit
• Priority Sector
• Corporate Banking
• SME Segment
• United Demat
• Third Party Products

Deposit Schemes
Following are offered under deposit schemes:
• United Tax Savings Growth Plan
• United Tax Savings Income Plan
• United Bonanza Savings Schemes
• Fixed Deposits
• Re-Investment Plans
• United Bonanza Current Deposit Schemes
• Recurring Deposit
• United Flexi Deposit Schemes
• United Anand Deposit Schemes
• Capital Gains Accounts Schemes
• Savings Bank Account
• United Children Savings Account
• United Basic SB Account
• United Current Deposit Account
• United Gold and Platinum Current Deposit Schemes

Utility Schemes
• NRI (Non-Resident Indian)
• United Mobile Services
• Forex
• United Suraksha Yojana
• RTGS (Real Time Gross Settlement)
• OLTAS
• Collection of Tax
• E-Payment

Retail Credit
• United Housing Loan Scheme
• United Smart Loan Scheme
• United Housing Loan for Pensioners
• United Personal Loan Scheme for Salaried Persons
• United Demand Loan Scheme
• United Personal Loan Scheme for Pensioners
• United Festival Loan Scheme
• United Tour & Travel Credit Scheme
• United Car Loan Scheme
• United Consumer Loan Scheme
• United Education Loan Scheme
• United Shikshak Samman Yojana
• United Nari Samman Yojana
• United Trade Credit
• United Mortgage Loan Scheme
• United Cash Rental

Priority Sector
• Agricultural Loans
• Small Scale Industries
• Road Transport Operators
• Retail Trade
• Professional and Self Employed Persons

Third Party Products
United Bank of India also offers third party products to its customers. Following are the third party products provided by UBI:
• Mutual Funds
• Life Insurance Products of Tata AIG Life Insurance Company
• Non-Life Products of Bajaj Allianz Insurance Company Ltd
• Credit Card issued by SBI Cards
• Inward Money Remittance by UAE Exchange & Financial Services Ltd.

Priority Sector Loans
United Bank of India priority sector loans cover the following different types:
• Small Scale Industries
• Retail Trade
• Agricultural Loans
• Professional and Self Employed Persons
• Road Transport Operators
• Agricultural Debt Waiver and Debt Relief Scheme, 2008

Retail Sector Loans
• United Bank Of India Retail Sector loans cover the following products:
• United Smart Loan Scheme
• United Personal Loan Scheme for Salaried Persons
• United Personal Loan Scheme for Pensioners
• United Tour & Travel Credit Scheme
• United Consumer Loan Scheme
• United Shikshak Samman Yojana
• United Trade Credit
• United Cash Rental
• United Housing Loan Scheme
• United Housing Loan for Pensioners
• United Demand Loan Scheme
• United Festival Loan Scheme
• United Car Loan Scheme
• United Education Loan Scheme
• United Nari Samman Yojana
• United Mortgage Loan Scheme

United Bank of India Educational Loans
United Bank of India maximum educational loan limit for studying in India is Rs.7.5 lakhs. The loan limit for studying abroad is Rs.15 lakhs.


Contact Detail:
Head Office
United Bank of India
11 Hemant Basu Sarani
Kolkata - 700001
Toll Free Number - 1800 - 345 - 0345
Toll Free Number for MSME sector - 1800 - 345 -3344