Q1Is Union Bank of India (UK) Ltd authorized & regulated by FCA/PRA?
Yes, Union Bank of India (UK) Ltd is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority and is entered on the Financial Service Register under reference FRN 601551.
Q2What is The Financial Services register?
The Financial Services register lists all the banks and individuals regulated to carry out Financial Services business in the UK. It is available on The Financial Conduct Authority's website where you can verify the company details. Financial Services Register | FCA
Q3Is Union Bank of India (UK) Ltd a part of the Financial Services Compensation Scheme?
We are covered by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors - including most individuals, most corporates, most partnerships and most mutual associations /unincorporated associations - including most individuals and small businesses - are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account, and not to each separate account. For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please call our branch, refer to the FSCS website www.FSCS.org.uk or call the FSCS on 081006781100 or 020 7741 4100 Please note only compensation related queries should be directed to the FSCS.
Q4Who can open an account with Union Bank of India (UK) Ltd?
Any individual UK Resident/ Non-Resident, aged 18 years or above or a Non-individual including Partnership firm, Company, Trust, Association is/are eligible to open an account with Union Bank of India (UK) Ltd.
Q5Can you provide some background of Union Bank of India (UK) Ltd?
Union Bank of India (UK) Ltd is wholly owned subsidiary of Union Bank of India. The Union Bank group has its presence in the world’s major financial centres of Hongkong, Dubai, and Sydney, as well as representative office at Abu Dhabi, banking joint venture in Malaysia and a wholly owned subsidiary in London, UK.
Q6What kind of services does Union Bank of India (UK) Ltd offers to its customers?
The bank offers Current Accounts, Savings (Instant Access) Accounts, Fixed Term Deposit Accounts (Both in offline & online platform) & other Loan facilities.
Q7What is the advantage of having a Savings Bank Account with your bank?
The advantages of having this account is hereunder
- There is no minimum balance required to open this account.
- Interest will be paid on this account @0.30% P.A. calculated on daily basis and paid at end of the month.
- The savings account can be serviced by branch banking (visit to the branch) and by Internet Banking (View facility only).
- Free pay-in/GIRO slips will be provided.
- Free Account statement once every month through e-mail
- Free Internet Banking facility (View facility only)
- Free cash deposit up to £1000.00 per quarter
- Free set up of Standing Orders/Direct Debits
- Deposits guaranteed under FSCS subject to eligibility norms
Q8What is the minimum amount I need to open a Savings Bank Account?
There is no minimum amount needed to open a savings bank account.
Q9How is interest calculated on my Saving Bank Account and what is the rate?
Interest on savings bank account is calculated on daily balances and paid gross on a monthly basis. The present gross rate of interest offered per annum is 0.30 percent with effect from 18th March 2021.
Q10What is Personal Savings allowance or PSA?
On 6 April 2016 a tax-free Personal Savings Allowance (PSA) is introduced for savings income (such as interest) paid to individuals. Broadly, this means that basic rate taxpayers will be able to receive £1,000 of savings income and higher rate taxpayers can receive up to £500 of savings income, without any tax being due. The PSA will not be applicable to any saver with additional rate income. All Banks, Building Societies and other institutions that deduct tax on the interest they pay, under the Tax Deduction Scheme for Interest (TDSI) including Union Bank of India (UK) Ltd will no longer be required to do this. Any interest you earn above PSA will be subject to tax and it will be your responsibility to declare this to HM Revenue and Customs (HMRC). Further information can be found on the HMRC website by following the link below. https://www.gov.uk/government/publications/personal-savings-allowance-factsheet/personal-savings-allowance.
Q11What is AER?
AER is the Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded each year. It is a notional rate which illustrates the contractual interest rate as if paid and compounded on an annual basis.
Q12What types of current account are available with Union Bank of India (UK) Ltd?
We offer current accounts both for Individual and Business needs.
Current Account – for Individuals (Non-Interest paying)
- There is no minimum balance required to open this account.
- Quarterly average balance of £100.00/$100.00/€100.00 is required based on currency of the account.
- No interest will be paid on the balances maintained in the current account.
- The current account can be serviced by branch banking (visit to the branch) and by Internet Banking (View facility only).
- Free cheque books & free pay-in slips will be provided.
- Free Account statement once every month through e-mail
- Free Internet Banking facility (View facility only)
- Free cash deposit up to £1000.00 per quarter
- Free set up of Standing Orders/Direct Debits
- Deposits guaranteed under FSCS subject to eligibility norms
Current Account-for Business Needs (Non-Interest paying)
- The account can be opened in GBP (£) or USD ($) or EUR (€) currencies.
- Quarterly average balance of £500.00/$2000.00/€2000.00 is required based on currency of the account.
- No interest will be paid on the balances maintained in the current account.
- The current account can be serviced by branch banking (visit to the branch)
- Free cheque books & free pay-in slips will be provided
- Free Account statement once every month through e-mail
- Free Internet Banking facility (View facility only)
- Free cash deposit up to £1000.00/$1000.00/€1000.00 per quarter
- Free set up of Standing Orders/Direct Debits
- Deposits guaranteed under FSCS subject to eligibility norms
- Transactions charges are applicable in the account
- Annual account maintenance charges are applicable in the account
Q13When does my account become inactive or dormant?
Your account becomes inactive if you do not make any transactions in the account for 18 months. It becomes dormant if it remains inactive for further a period of 06 months.
Q14I have not operated the account for 18 months what should I do?
Your account becomes inactive if you do not make any transactions in the account for 18 months. In that case you may write to the Bank stating the reason why the account has been inactive.However if you still do not make any transactions in the account for another 06 months then your account will become dormant.
Q15My account has become dormant how should I make it active?
In order to activate your account after it becomes dormant you have to visit the Bank’s branch and submit a request letter along with latest copies of your identity and proof of address.
Q16Can I open a fixed deposit account with Union Bank of India (UK) Ltd?
Yes, you can.
Q17What are the fixed deposit accounts that I can open?
- Term deposit accounts with interest payable on maturity. (Min 12 month, 24month, 36 month, 48 month and 60 month).
Q18What happens to my fixed deposit account on maturity?
We provide you with the following options at the time of opening of accounts.
- Automatic renewal of the deposit on maturity for the original period at the rate of interest applicable on the date of maturity (This feature ensures that you don't lose out even on a single day's interest)
- Automatic renewal of the deposit on maturity for a different period and at the applicable rate of interest on the date of maturity (However instructions to be given at the time of account opening or 7 working days before the deposit reaches maturity)
- Payment of maturity proceeds into your operative account.
Q19What should I do if I want to withdraw my fixed deposit before maturity?
No premature closure of fixed deposit permitted.
Q20Is it mandatory to open a current account or savings bank account if I wish to open a fixed deposit account?
No, it is not mandatory to open a Personal Current Account or Savings Bank Account, if you wish to open a Fixed Deposit Account with us.
Q21Can I take out a loan facility against my fixed deposit?
Yes, a loan against fixed deposit is available to customers.
Q22How much can I borrow against my fixed deposit?
Presently the Bank is offering loan against deposit only for business purposes up to a maximum of 90 percent of the value of the fixed deposit.
Q23How can I apply for an account with Union Bank of India (UK) Ltd?
You can download the form from our website www.unionbankofindiauk.co.uk or collect it from the branch. Aftercompleting the form you can
- Visit the branch and submit the form.You must bring with you relevant documents to prove your identity and address(the proof of address document must not be older than three months at the time of application). Original documents are required.
- Send the attested copies of your original documents along with the form by post to the branch at the following address The Branch Manager, Union Bank of India (UK) Ltd 12 Arthur Street London EC4R 9AB The Bank may take references and seek an additional electronic verification of your details in the case of latter
Q24Can I open an account in more than one currency?
Yes,you canopen account in the following currencies: GBP, USD, EUR.
Q25How can I access and transact in my account?
You can access and transact your account through our branch and view your account using our Internet Banking services (View facility only)
Q26Do I need to fill up a separate form and where can I get this form?
Yes, you need to submit your request by completing a separate application form. Forms are available on our internet banking website www.unionbankonline.co.uk
Q27I am a customer of your bank and want to avail Internet banking facility?
You have to visit the branch and submit a written request or send the completed form by post. The Bank reserves the right to verify the correctness of the request either over the telephone, by e-mail or through any other means as it may consider suitable.
Q28How can I operate my Internet banking account?
Once your application for an Internet banking facility is approved by the bank, you will be sent the User ID and password(s) separately for your Internet Banking account in a sealed cover to your communication address registered with the bank.
Q29What should I do if I receive the sealed cover in tampered form?
In that case you should immediately contact the bank over 02073324294/64 and or send an e-mail to
Q30Can I start using my Internet banking facility immediately on receipt of the User ID and password(s)?
Your Internet banking facility is enabled once you login for the first time.
Q31Where do I login once I receive my Internet banking facility details?
You may directly type the address www.unionbankonline.co.uk in the address bar of your internet browser or you can access this site from www.unionbankofindiauk.co.uk
Q32Are the transactions made using Internet banking facility safe?
The Internet banking website www.unionbankonline.co.uk is a Verisign secured site and your credentials travel in a highly secure SSL mode with 128 bit Encryption.
Q33How can I get new password(s) if I forget the previous ones?
If you forget your password(s) then you need to submit a request to the branch before they can send you a new one.
Yes, you have to submit a request by filling a separate application form. You can download the form by visiting our Internet banking website www.unionbankonline.co.uk and clicking on Retail User Login/Corporate User Login>Forgot Access Code.
Q34I have Internet banking facility but I am not able to login in to my account?
This may bedue to oneor more of of the following reasons.
- You have not logged into your Internet banking account for 90 days.
- You have wrongly attempted to input your password(s) consecutively three times
- You internet browser is not Java enabled
Q35What should I do if I am having any of these issues?
You have to request your branch for enabling your Internet banking facility. If your browser is not java enabled then you can download java from our internet banking website www.unionbankonline.co.uk
Q36Is your Internet banking website compatible with the latest browsers?
Our Internet banking website is compatible with all common browsers such as
- Internet Explorer 11
- Mozilla Firefox 97
- Google Chrome 98
- Apple Safari 14
Q37I received a call from someone claiming to be from the Bank asking for my Internet banking account details?
Our bank will never ask for your Internet banking account details nor will we send you any e-mail asking for your Internet banking details. Your details are confidential and should not be divulged to or shared with anyone at any point of time. If you do so it will be at your own risk and the Bank will not be liable for any outcome arising as a result of such divulgence.
Q38Where can I get the list of service charges of Union Bank of India (UK) Ltd?
It is available on our website www.unionbankofindiauk.co.uk
Q39What are the charges or fees for using internet banking services?
The internet banking services offered by us is only view facility which is of free of charge.
Q40How can I operate my account?
You can open an account as a 'Single' or 'Joint' Account, with mode of operation "Either or Survivor", "Anyone or Survivor", "Jointly", 'By Authorized signatory' or as per your mandate.
Q41Whom should I contact if I have any query or require any clarification?
You can contact us on 020 7332 4250 or send us an e-mail at
For any complaint, please call on us 033 3305 8581
