FAQs

 
Trade FAQs

1. What is Gold Current A/c & What are its benefits?

Current Deposit Account with quarterly average balance Rs. 50000/- in urban/ metro and Rs,20000/- in cases of Rural/semi-urban with additional Benefits, such as:

• Free ATM-cum-Debit Card

• Free Mobile Banking

• Free Tele-banking (United Voice)

• Free One Multi-city cheque book of 25 leaves in a month

• Free Accidental Insurance under United Suraksha Yojana for first year

• MBB facility wherever available.

• Upto 60% withdrawals against uncleared balance.

• Free one cheque book in a month

• No service charge

• Free Statement

• 25% commision in DD issue.

2. What is Platinum Current A/c & What are its benefits?

A Current Deposit Account with Monthly average balance Rs.100000/- in all locations with additional Benefits, such as:

• Free ATM-cum-Debit Card

• Free Mobile Banking

• Free Tele-banking (United Voice)

• Free Two Multi-city cheque book of 25 leaves in a month

• Free Accidental Insurance under United Suraksha Yojana for first year

• MBB facility wherever available.

• Withdrawals against uncleared balance.

• Free 2 cheque book

3. How can I remit/collect fund from one place to other without any cost?

• Through ECS, dd drawn in UBI

4. How can I open my Current A/c?

• On proper identification

• Provide introduction by a current account holder of the bank

• Submit two passport size photographs

• Provide documents for identification and proof of residence.

• Provide specimen signature in the presence of a verifying official

5. Who can get Trade Loan from UBI?

Intending borrower engaged in trade/ business/ service operating for at least two years and earning profit for the last two years. Applicant should be a registered or license holder under any of the laws in force like Sales Tax Act, Shops & Establishments Act, etc.

6. Can I have Working Capital finance from UBI?

• Under United Trade Credit Scheme -Working Capital Finance is provided for the purpose of business in the form of OD or Term Loan (not both) to wholesale / retail / business and service sector.

7. How do I get fund for capital investment and what security will I have to provide?

• Term loan under United Trade Credit Scheme.

• Security - Mortgage of land and building excluding agricultural land, liquid securities like NSC/KVP/Bank's own Term Deposit/ LIP (s/v)/ Relief Bonds,Shares

8. How UBI fix my loan eligibility under Trade Credit?

• Intending borrower engaged in trade/ business/ service earning profit for the last two years.

• The borrower should be a registered or licence holder under any Local Law / Act.

• 20% of annual sales turnover.

9. What document do you need for Trade Loan and in which nature finance is sanctioned?

• Documents required:

  • Agreement for Trade Credit

  • Demand Promissory Note

  • Letter of Continuity

  • Personal Guarantee of the owner of the mortgaged property

  • Memorandum of deposit of title deed

  • Assignment of NSC/KVP/LIP (SV)/Relief Bonds/Term Deposits, etc.
       

• Working Capital Finance in the form of OD & Term Loan
   

10. What is the interest rates in Trade Loan?

• BPLR + 0.25% (floating rate)

11. Is there any concession in interest rate?

• Concession of 0.25% shall be allowed for every 25% liquid security provided.

• Concession of 0.25% shall be allowed at the beginning of 3rd year of operation as one time incentive for satisfactory conduct of account.

12. What other loan can I get against property?

• United Cash Rental Scheme

• United Mortgage Loan

13. How can I avail export and import finance?

• To avail export and import finance, it will be necessary to see that the exporter / importer holds a valid Letter of Credit and / or a firm order / possess export / import licences, etc.

14. What is bill purchase/discount?

• Advances made against demand bills are bills purchased

• While those made against usance bills are bills discounted