My sister opened an NRI account with Union Bank last month, and she had asked me this question. Being a bank manager, I told her the Union Bank NRI account minimum balance depends on the type of account one holds. For an NRE savings account, it could differ depending on whether the person lives in the rural or urban area. Let me explain this in detail.
What is the Minimum Balance of Union Bank NRI Account?
As mentioned above, the minimum balance can differ depending on your type of account.
For NRE Savings Account, the minimum balance will be Rs. 1000 for urban/metro areas, and Rs. 500 for rural areas.
If you’ve Flexi NRE Saving Account: The minimum balance here should be Rs. 50,000.
For Union Royal NRO, the average quarterly balance should be Rs. 1,00,000. If you cannot maintain this balance, the penalty could be Rs. 500 + GST per quarter.
Here are certain eligibility criteria and features that you may want to know.
Excluding residents from Nepal and Bhutan, everyone can open an NRI account.
If you’re from Pakistan or Bangladesh, you may require prior approval from the Reserve Bank of India. (RBI)
You can have a joint account with Indian residents and NRIs/PIOs/OCIs. With Indian residents, the joint account holder must be a close relative, as per the RBI guidelines.
So, that’s all about the NRI account. To understand more about the process of opening an account, you can read this:
How to open NRI Account in Union Bank of India?I hope this gives you some idea.
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What Should be the Union Bank NRI Account Minimum Balance?
Anahita Mishra
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4 months
2025-02-04T10:18:56+00:00 2025-02-04T10:18:57+00:00Comment
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