Chennai, Oct 22 (UNI) The Union Bank of India (UBI), a leading Public Sector Bank, today announced the launch of their latest product - 'Union Super Salary Account'.
The product, a premimum savings bank product, was designed to meet the needs of salaried employees and their employers, UBI Deputy General Manager M P Varghese told newspersons.
This would leverage the bank's robust technology platform and connect over 1,200 branches and extension counters of the bank under core banking solutions network offering 'anytime anywhere' to its customers, he added.
Mr Varghese said ''for the employer, the bank offers a comprehensive payroll management system, while the employee also enjoys multiple benefits under the scheme.'' He said through this product, UBI would manage salary disbursements for corporates, PSUs, Government departments and other entities.
The entire salary disbursement process was managed online at no extra cost, he said, adding the accounts could be maintained by the employee in any core banking solution branch of UBI in the country.
The bank had fixed the mimimum number of employees for opening account at 15 and the minimum net monthly salary disbursement at Rs 1.50 lakh, he said.
Mr Varghese, however, said the bank's system was capable of handling salary disbursements even in the case of companies whose number of employees exceeded a lakh.
On the benefits of the employee, he said the account could be opened with zero balance and the customer on opening the account was provided with a comprehensive 'welcome kit' containing cards and access codes and a multi-city cheque book.