Union Bank launches new product

Mumbai, Dec 1 (UNI) The public sector Union Bank of India today launched a new product ''Union Classic Current Account'' (UCCA), packaged with a range of services, bundled with lot of benefits either by way of free or concessional offers.

Announcing this, the Bank's Executive Director R S Reddy said the benefits of UCCA can be availed by different segment of customers such as traders, industries, SMEs (small medium enterprises), IT companies, Service Industries, Government Department and colleges.

A customer can open the UCCA in three categories, with any of the over 908 core bank solutions (CBS) branches. The choice of category is based on the Average Monthly Balances maintained under Category I between Rs 50,000 and above but below Rs one lakh, while Category II between Rs one lakh and above but below Rs 5 lakh and Category III between Rs 5 lakh and above.

Replying to a question, Mr Reddy said the Bank's Auto-Sweep service enables the UCCA holders to more efficiently manage the funds and this eventually will help the bank to bring down the cost of its funds.

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