Union Bank of India

Union Bank of India

Union Bank of India was founded in November 1919 in Mumbai. Inaugurated by Mahatma Gandhi, the bank had expanded to four branches, in Saurashtra and Mumbai, by the time India was given independence in 1947. The bank then expanded rapidly, reaching 240 branches by the time it was nationalised in 1969.

Reviews Rating
74%
Review Score
This figure is an average of the reviews score, taken from customer reviews and the overall rating of the bank.
65%
BankRank® Score
This figure is the average of the bank’s total sentiment score and the review scores.
Matt Crabtree
Senior Editor
Matt Crabtree
Matt Crabtree is a senior editor at CompareBanks. He has over 10 years experience in writing about all aspects of finance and is passionate about helping consumers make informed decisions about their money.
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Overview

First Glance

Union Bank of India was founded in November 1919 in Mumbai. Inaugurated by Mahatma Gandhi, the bank had expanded to four branches, in Saurashtra and Mumbai, by the time India was given independence in 1947. The bank then expanded rapidly, reaching 240 branches by the time it was nationalised in 1969.

Features

Contact Info

Email
info@unionbankofindiauk.co.uk
Address
Senator House, 85 Queen Victoria St, London EC4V 4DP, UK
Phone
44 20 7332 4250

About Union Bank of India

Union Bank of India was founded in November 1919 in Mumbai. Inaugurated by Mahatma Gandhi, the bank had expanded to four branches, in Saurashtra and Mumbai, by the time India was given independence in 1947. The bank then expanded rapidly, reaching 240 branches by the time it was nationalised in 1969.

One of the largest government-owned banks in India, the bank now has more than 4000 branches worldwide. UBI has overseas branches in Beijing, Abu Dhabi, Sydney, and Antwerp plus offices in Shanghai, Dubai and Abu Dhabi.

Union Bank of India also has a wholly owned UK subsidiary, based in London.

Union Bank of India Products and Services

Personal banking customers can choose from current, savings or term deposit accounts. Current account customers must maintain an average quarterly balance of £100 / $100 / €100. Savings accounts do not require a minimum balance.

Business current accounts are available to businesses, partnerships, charities and trusts and in British pounds, US dollars or Euros. These accounts do not earn interest and require a balance of £500, $2000 or €2000.

Business customers looking to earn interest can choose a term deposit account, which pays a fixed rate of interest but cannot make withdrawals over the entire term – between one and five years. Interest is paid annually or at maturity. Loans are also available to business customers.

Larger corporate customers can choose from lending products including:

  • Trade finance
  • Overdrafts
  • Working capital
  • Loans

The bank also provides treasury services, including foreign currency remittance, forward contracts, hedges and spots and cross-currency conversions (available in selected currencies).

Union Bank of India Security

Union Bank of India UK is authorised by the Prudential Regulation Authority (PRA) and regulated by the Prudential Regulation Authority and the Financial Conduct Authority (FCA). Eligible deposits of up to £85,000 are covered by the Financial Services Compensation Scheme (FSCS).

Union Bank of India Contact Details

Senator House
85 Queen Victoria St
London
EC4V 4AB

Telephone: 020 7332 4250

Email: info@unionbankofindiauk.co.uk

Have a question about Union Bank of India?

Find answers in Q&As and ask your question

I have 30,000 to put in a savings account and i would like to know how the union bank of India rates as a bank — Mrs Jane Powell

I want to open an online 2 year fixed bond. Can you confirm the account number and sort code for my deposit as my bank has said that when the time comes for me to transfer the money it's not easy for my bank to verify that the sort code and account number are legitimate and therefore I would be responsible if the deposit didn't go into my new account. Thank you — Mr Nigel Kelsey

1. Is Bank of India linked to other banks for UK Compensation scheme, if so which? 2. Does the bank offer joint account one year fix thereby giving £170,000 protection? — Brian Roden

Union Bank of India Reviews

Anonymous An
March 26, 2024

“Deposited funds but no login ID yet, scary”

Deposited funds but no login ID yet, scary

Edwin Ogden
March 26, 2024

“I have used many banks in my time ( I'm 71) but never encountered such a useless communications system as this bank”

I have used many banks in my time ( I'm 71) but never encountered such a useless communications system as this bank. Why only one phone number ?? Why do emails go unanswered ??
Is the user I.D the same as the reference number when trying to login to one's premier bond ? If not I haven't been provided with one so cannot log in yet.
Application process was ridiculous sent driving licence details as requested only to be rebuffed and made to send a supporting document , in my case I sent my council community charge .
I then received an auto email reminding me to apply for the whole thing again !!!
After a further day , I finally had confirmation that my application had been ratified.
Sorry but this bank really needs to up its game if it wants its customers business to try it more than once if at all.
Please don't reply asking me to phone your single number as you never answer it and the same applies to emails !

Eddie Ogden

Yvonne Walford
November 18, 2022

“I have still not received any user ID so I can go into my new account”

I have still not received any user ID so I can go into my new account. Find it extremely difficult to talk to anyone emails not answered I'm exstemly anxious now

10 persons found this helpful

Union Bank of India Accounts

Current Account
Current Account
Personal
Monthly Fee
Interest Rate
Overdraft
Overdraft Rate
Savings Account
Savings Account
Personal
Monthly Fee
0.30%
Interest Rate
Overdraft
Overdraft Rate
Personal Term Deposits
Personal Term Deposits
Personal
Monthly Fee
varies
Interest Rate
Overdraft
Overdraft Rate
Business Current Account
Business Current Account
Business
Monthly Fee
0.00%
Interest Rate
Overdraft
Overdraft Rate
Business Term Deposits
Business Term Deposits
Business
Monthly Fee
Variable
Interest Rate
Overdraft
Overdraft Rate