phone   Sort Code: 23-56-26
phone   SWIFT Code: UBINGB2L
phone   +44 20 7332 4250 (Ext-2)
mail   premierbond@unionbankofindiauk.co.uk
Frequent Questions & Answers
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Who can open Union Premier Bond Account?

Any Individuals of UK resident, who is 18 years of age or above and who has a Bank Account in his/her name in any Bank or Building Society in United Kingdom other than Union Bank of India (UK) Ltd.

Business deposits are not applicable under Union Premier Bond.

To open business deposits offline please click the link for downloading the forms:https://www.unionbankofindiauk.co.uk/forms.

What is the minimum amount I can invest in Union Premier Bond?

There is minimum requirement of £5000 to open a Union Premier Bond.

What is the maximum amount that can be invested in Union Premier Bond?

You can deposit maximum amount of £ 340000 per Union Premier Bond Application.

Can we open Joint Account?

Yes, you can either apply individually or jointly.

How many applicants can open an account jointly?

There would be maximum of four persons in a joint account.

In which currency I can open Union Premier Bond?

You can open Union Premier Bond only in GBP i.e. Sterling

Will my deposit be protected?

Your eligible deposits with Union Bank Of India (UK) Ltd are protected up to the FSCS compensation limit by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Most deposits are covered by the scheme. This limit is applied to the total of any deposits you have with Union Bank of India (UK) Ltd. Any deposits you hold above the FSCS compensation limit are unlikely to be covered, unless under specific circumstances, as determined by the FSCS.

How do you verify my or Joint Account Holders’ details for KYC purpose?

We are required to have adequate proof of your identity and address before opening your Union Premier Bond. We will verify your identity and address electronically with Credit Reference Agencies.

Credit Reference Agencies will ask for your details such as your name, address, date of birth, Driving License or Passport details. These details will be submitted to the Credit Reference Agency to verify the information you have provided to us. Please do not send in your documents unless we request you to do so. However if the online verification fails, we may ask for documents (including your id and proof of address) in order to enable us to complete our due diligence procedures and open your bond account.

What happen if my account does not pass due diligence stage?

If your application is unsuccessful, you will be advised next step through Email or you may call us on 0207-332-4250 (Monday to Friday excl. Bank Holidays; 9.30am - 4.00pm) or email us on premierbond@unionbankofindiauk.co.uk

What if I do not have a UK driving licence or an up to date Passport?

If you do not have a UK driving licence OR an up to date Passport, you will be unable to complete our online Union Premier Bond application form.

In case of non-availability of any of those proofs, please contact our branch on 0207-332-4250 or email at info@unionbankofindiauk.co.uk

What will happen if I cleared my application successfully and remit the funds but your interest rate for deposit has changed meanwhile?

The rate of interest would be the rate which will be prevailing at the date of receiving of cleared funds in our account.

Note: - any fund received till 1 PM during working days would be processed on the same day, any fund received after cut off time would be processed on next working day.

Upto what period do I have to fund my Union Premier Bond?

Once your application is approved, You payment must reach us within 30 days from the date of approval. Otherwise your account will get disabled and you have to apply once again

If my Union Premier Bond application is successful, when will I receive my Account details?

Once your Union Premier Bond application is successful and Bank is in receipt of cleared funds, Union Premier Bond Account number and details will be generated and e-mailed to you.

Please Note : We will not be sending any certificate/confirmation through Post/Fax.

If I remitted funds within 30 days from date of approval of my Union Premier Bond Application, then what would be the effective date of my account?

Date of Bond would be the date of funds received subjected to- any funds received till 1 PM during working days would be processed on the same day, any funds received after cut off time would be processed next working day.

What happens after I have completed my Union Premier Bond Application?

Once you've submitted Union Premier Bond application, you will be advised whether your application has been successful or not and you will receive a confirmation / notification email with unique reference number. (If in case of non-receipt of email, Please check your Spam/Junk folder as well). This will give you details on how to fund your Union Premier Bond Account and / or instructions on how to proceed.

How can I transfer fund to create a Union Premier Bond?

To Transfer funds you can use – FPS (Faster Payment Service)/CHAPS.
Any funds receipt before 1.00 PM (Monday to Friday excluding Holidays) will be processed same day. Funds receipt after 1.00 PM will not be processed until the next working day.
Please transfer your funds to the following account:

Union Bond Account 28576002
Sort code 23-56-26
Reference No Details of reference number that you would receive after the successful submission of your Application.
Amount £ *******
Name Union Premier Bond

Is any tax is deductible on interest earned on my deposit?

No, Bank will not deduct any tax as per prevailing guidelines. Its customer’s or Account holder’s responsibility to pay tax to HMRC. For more information, please visit www.gov.uk/hmrc/savingsallowance.

Can I add new funds to my existing Union Premier Bond?

No, new funds cannot be added to your existing Union Premier Bond. However you can open a new Union Premier Bond with your new funds.

Can I redeem my Union Premier Bond before the original term?

No, as per our Bank’s prevailing policy, we are not allowing early withdrawals.

Are there any charges to open Union Premier Bond?

There are no Bank charges associated with the Union Premier Bond.

How many Union Premier Bond Accounts can I open?

You can open any number of Union Premier Bond accounts.

What are periods for which I can open my Union Premier Bond?

Union Premier Bond with interest payable on maturity will be. (12 months, 24months, 36 months, 48 months and 60 months).

Do all joint individuals need to give consent to open and close the Union Premier Bond?

No, it is Primary Applicant responsibility to take consent of all others joint applicants before opening or closing Union Premier Bond.

Is it mandatory for me to open a Personal Current Account if I wish to open a Union Premier Bond?

No, it is not mandatory to open a separate current account with Union Bank of India (UK) Ltd. for Union Premier Bond.

Can I send funds back into someone else's name?

No, on maturity you can only transfer funds to your Nominated account i.e. to the Bank account whose details were provided at the time of applying for the Union Premier Bond

When is interest paid?

Interest will be paid only on maturity. Yearly interests will be getting accrued till maturity and no interest will be paid on these interest amounts as its simple interest paying account.

What happens to my Union Premier Bond on maturity?

We provide you with the following options at the time of opening of accounts:

i) Automatic renewal for the Bond on maturity for the original period at the applicable interest rate (This feature ensures that you don't lose out even a single day's interest).

ii) 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 at least 7 working days before the maturity date) Payment of maturity proceeds would be transferred to same account from where they were originally received.

Any change in the account details need to be informed to us separately.

How do I request for renewal/payment/partial payment to the bank for my Union Premier Bond?

Bank will share a reminder link on your registered E-mail Id, 30 days before maturity. Open the link and enter your Union Premier Bond credentials to submit new or amend your existing request. Otherwise your bond will be getting renewed for the initial original term and the rate of interest would be prevailing interest rate on the date of maturity of Bond.

How do I change my address, personal details?

You can send written request to Union Bank of India (UK) Ltd 12 Arthur Street London EC4R 9AB United Kingdom to change personal details address/bank acct details on your Union Premier Bond. We may ask for documentary evidence of these changes. In case of any discrepancy, we will inform you

Where do I login once I receive my Union Premier Bond banking credentials?

You may directly visit (www.unionpremierbond.co.uk) or you can access this site from www.unionbankofindiauk.co.uk

What if my Union Premier Bond is maturing on Holiday?

If Bond is maturing on a holiday, the interest will be paid for the holiday period as well and will be processed on next working day. If the deposit is renewed for a further period, then the effective start date will be the original maturity date.

What will happen if I forget my Union Premier Bond credentials?

You can reset your password by clicking on Forget Password link (www.unionpremierbond.unionbankofindiauk.co.uk/ECODT/ForgotPassword.aspx)

Or

You can drop a mail at premierbond@unionbankofindiauk.co.uk from your registered email Id, we will send password to your Email Id.

What will happen if I have Union Premier Bond Login credentials but I am not able to login in my account?

This may be due to one of the following reasons:

  • You have wrongly attempted to input your password(s) consecutively three times
  • You internet browser is not Java enabled
I receive a call from someone claiming to be from bank asking for my Union Premier bond banking credentials? What should I do?

Our Bank will never ask or send any email asking for Union Premier bond login details.

How you can communicate or contact us for any clarifications?

You can contact us on 020 7332 4250 or send us an e-mail at premierbond@unionbankofindiauk.co.uk

How do I obtain my Interest Certificate?

We will issue an Interest Certificate after maturity and send it your registered Email ID.