Deposit Mobilisation Department-DMD
th
Central Office, 82-83, 8 Floor, Maker Tower-F, Cuffe Parade, Colaba, Mumbai, 400005
Instruction Circular No: 4126-2023 Date: 01.06.2023
To: All Branches and Offices
Sub: Introduction of new scheme: UNION SAMMAN-SB scheme for pensioners.
In line with our initiatives to adopt a segmented approach for offering products and services to our
customers belonging to particular segment of the society we are pleased to introduce a new SB scheme
for pensioners - UNION SAMMAN. The scheme is crafted to provide a comprehensive banking solution
and offer a range of benefits to suit the needs of the pensioners. The scheme is divided into two variants
UNION SAMMAN-I and UNION SAMMAN-II, based on net pension credited in account.
Key benefits of Union Samman are:
Social Security: Free Personal Accident Insurance and Air Accident insurance available.
Health Security: Free Health Check-up.
Ease of banking: Free Door-step banking.
Other financial Benefits: Concession in processing charges.
(Complete details in given in table below)
Features of Union Samman:
Parameters Features
Scheme Name Union Samman I Union Samman II
Scheme Code SBSM1 SBSM2
Individuals drawing regular pension Individuals drawing regular pension
Eligibility
through our bank through our bank
Required Net Pension Credit in
Up to Rs. 50,000/- per month Above Rs 50000/- per month
Account
Quarterly Average Balance Nil Nil
Debit Card
RuPay Platinum RuPay Select
Issue charge – Free Issue charge – Free
Debit Card Charges
Annual Maintenance Charge - Free Annual Maintenance Charge - Free
ATM Cash Withdrawal Limit Rs.75000/- per day Rs 1,00,000 per day
POS Limit Rs 150000/- per day Rs 3,00,000 per day
5 transactions (Financial) + non-
ATM card access at own ATM Unlimited Free
financial Per Month
3 transactions (financial + non-
financial) per month at Metro or 5
ATM card access at other ATM transactions (financial + non- Unlimited Free.
financial) per month at other
centres are Free
Available with spouse
Joint A/c Facility Available with spouse
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LIFE STYLE BENEFITS:
12+1 times p.a. 12+1 times p.a.
Free Door step Banking (1 per month for 12 months and 1 (1 per month for 12 months and 1
additional for life certificate) additional for life certificate)
Rs 10 lakhs (with account) Rs 40 Lakhs (with account)
(Only Death) (Death + PPD & TPD)
FREE Personal Accident
Rs 2 lakhs (By bank) Rs 5 Lakhs (by Bank), Rs 10 Lakhs
Insurance
Rs 2 lakhs (By NPCI for Rupay (additional by NPCI for RuPay
platinum) Select Card)
FREE Air Accident Insurance
Rs 5 Lakhs Rs 100 Lakhs
with debit card*
Free Health Check-Up NA 1 per year (with RuPay select card)
Concessional Benefits:
Locker Rent
40% concession on 1st year rent. 50% concession on 1st year rent.
(subject to availability of locker)
Processing fee for Union Cash 100% concession 100% concession
ROI on Union Cash Loan 0.05% p.a. concession in applicable 0.05% p.a. concession in applicable
facility ROI ROI
Charges
Personalized Cheque Book NIL up to 40 leaves per year NIL up to 50 leaves per year
SMS Charges NIL NIL
NIL for 5 transactions p.m. (Max.
DD/NEFT/IMPS/RTGS
Rs. 50000/- p.m.) DD/NEFT/IMPS NIL
Account closure -within 14
Nil Nil
days or after 12 months
Account closure -Between 15
As per applicable charges. As per applicable charges.
days to 12 months
Important guidelines for Union Samman accounts:
Customer Type field in CIF id should be 04-PENSIONER for opening accounts under SBSM1 & SBSM2
schemes.
In case of joint account, pensioner must be the primary account holder.
Mode of operation, in case of joint account, allowed in the scheme is 003, 004, 005 (Jointly, Either or
Survivor, Former or Survivor).
The lifestyle benefits extended with the scheme shall be only available to the pensioner (primary account
holder).
On death of primary account holder, the same account may continue as family pension account. The
variant of account must be changed as per pension amount, if required.
In case family pension is routed through the same account, spouse shall be the primary holder and
lifestyle benefits will be extended accordingly.
In case pension is not routed in the account consecutively for 6 months, the account (SBSM1/SBSM2) shall
be converted to SBPEN scheme.
On conversion to SBPEN scheme the concessions/benefits extended with Union Samman shall be
withdrawn.
The concession in Processing charges and ROI of Union Cash shall be applicable from 01.08.2023.
Free Personal Accident Insurance with account shall be applicable w.e.f. 01.08.2023.
Concession in Processing charge & ROI shall be available 6 months after opening or conversion of account
subject to satisfactory operations in account.
The scheme is available for all the branches. ROs/FGMOs and GBRD, Delhi are advised to take careful
note of the above and highlight the lucrative features of the scheme and mobilise maximum number of
accounts. FAQs related to the scheme are given in Annexure I.
(KSD Siva Vara Prasad)
General Manager
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Annexure-I
Frequently Asked Questions on Union Samman.
1. For a prospective account holder, if pension is not routed through our bank, whether he/she is eligible
for opening account under Union Samman?
Ans- No. Pension must be routed through our bank only.
2. If SBSM1 account is converted to SBPEN due to non-credit of pension, whether the same can be
reinstated to SBSM1 if pension credit resumes?
Ans- Yes. Branch officials to verify credit of pension in the account before reverting SBPEN to SBSM1.
3. Whether insurance offered with debit card (personal & air accident) also be w.e.f. 01.08.2023?
Ans- No, insurance offered with debit card shall be available, as per terms and conditions of debit cards.
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