Union Bank Of India

Union Bank of India was inaugurated by Mahatma Gandhi eight decades ago. Union Bank of India is having more than 600 branches and extension counters all over the country. Nearly 351 ATMs are installed. Online Tele banking facility is availble for its customers.

Today there are more than 26,000 employees in Union Bank of India.

In addition to regular banking facilities of Union Bank of India, today customer can also avail variety of other services like cash management service, insurance, mutual funds, Demat from the Bank.

Union Bank of India is a Public Sector Unit with 60.85% Share Capital held by the Government of India.

Key Performance figures of Union Bank of India for March 2005

Union Bank of India proposes a total dividend of 35% for 2004-05.
Total business crosses the landmark figure of Rs.1 lakh crores.
Bank posted a net profit of Rs.719 crores for the year ended March 2005.
Operating profit for the year ended March 2005 was Rs.1, 573 crores showing a growth of 6.07%
Capital Adequacy stands at 12.09% as of March 2005.
Earnings per share at Rs.15.64.
Deposits at Rs. 61,822 crores.
Advances Rs.41, 103 crores.
Net Interest Margin is 3.31%.
Cost of Deposits have come down from 5.64% in March'04 to 4.97% in March 05.
Yield on Advances which was 9.03% in the year 2004 fell to 8.33% in the year 2005
Yield on Investment declined from 9.00% in March 2004 to 8.20% in the year under report.
The Ratio of Net NPA to Net Advances has improved from 2.87% in 2004 to 2.64% in 2005

Union Bank of India IPO

Union Bank of India came out with its Initial Public Offer (IPO) in August 20, 2002 and 39.15 % of Share Capital is presently held by Institutions, Individuals and Others.

Union Bank of India NRI

NRI can open Non-Resident Ordinary (NRO) Account in Union Bank of India. The schemes provided by Union Bank of India to open NRO account are as follows:

Opening Of Account And Sources Of Credit

By redesignating an existing resident account, on attaining NRI Status.
With funds remitted from abroad through normal banking channels.
By surrender of Foreign Currency(FC)/ Foreign Currency Travellers' Cheques (FCTC) to the bank by the account holder in person while on a temporary visit to India subject to CDF rules. Third party TCs not permitted.
By transfer of funds from an existing Non-resident account. (FCNR / NRE / NRNR accounts.)

Types Of Acounts

Savings Bank
Current Account
Fixed Deposits
Deposit Reinvestment Certificate
Cumulative Deposits

Period Of Deposits

Term deposits - 15 days to 10 years

Joint Accounts

Jointly with resident/s in India provided the first named account holder is an NRI.

Rate Of Interest

Decided by the Bank in accordance with RBI directives and interest rates issued from time to time.

Taxes

Interest taxed at source( presently at the rate of 30% )

Payments/ Operations

All legitimate transactions, debits and credits, can be routed through the account.
Balances can be used for local payments freely.
Funds can be transferred to NRO accounts.
Funds can be transferred for permitted investments on non-repatriation basis.

Operations By Joint Account Holder And Power Of Attorney

Can be Operated by joint resident account holder.
Power of Attorney for local payments and not for repatriation of current income.

Repatriability
Current income, ( Interest, Profits, Rent,Dividends), net of taxes applicable, as certified by Chartered Accountant repatriable subject to RCI formalities

Facilities, Fund Based /Non-Fund Based, Against Security Of Funds Held In The Account.

To self and third party (Subject to RBI guidelines)
Rupee Loan available to depositors as well as to third parties according to rules applicable to domestic deposits.
Non fund based facilities can be availed.

Nomination Facilities

Available

Union Bank of India Branches and Offices

Mumbai
Address : Union Bank of India,
NRI Branch, Ground Floor, Union Bank Bhavan,
239, Vidhan Bhavan Marg, Nariman Point,
Mumbai 400 021.
Telephone : 202 4647/ 283 1057/ 283 1059
Fax : 91-022-202 2917
Telex : 83145
E-mail : nri@unionbankofindia.com

Thiruvanathapuram
Address : Union Bank of India,
NRI Branch, Union Bank Bhavan, Statue Junction,
M.G. Road, 695001, Kerela.
Telephone : 473143/44
Fax : 91-0471-473144
Email : tvm_ubinritm@sancharnet.in

Ernakulam
Address : Union Bank of India,
NRI Branch, CC-40/6939, 1st Floor,
Union Bank Bhavan, M.G Road, Ernakulam.
Telephone : 355023
Fax : 91-0484-353031
Telex : 0885/6001
Swift : UBININBBCH

Palakkad
Address : Theradapuzha building, P.B. No 118.
1st Floor, R.S Road
Palakkad 678001
Telephone : 0491- 525854
Fax : 0491-525852
E-mail ubnripkd@vsnl.com

Jalandhar
Address : 20 G.T Road, BMC chowk
Jalandhar City 144 001.
Telephone : 226925
Telex : 385201

Website of Union Bank of India

www.unionbankofindia.com