Unity Small Finance Bank Online Account Opening

[Pradumya]

Was going through the community, I found someone mentioning Wint wealth FD for zero balance account in Unity SFB.

If anyone else opens up account thru this, please share your experience as well. It might help others.

Went to wint wealth site to verify, found it true.


Also if we withdraw the FD within 7 days, we will get our principal back in Unity SFB Saving account.


Few questions -
1. Is there any minimum limit for FD for this zero balance account?
Yes the minimum limit is 1000₹ for FD to be created.
2. If I withdraw the FD within 7 days, will my account be converted to MAB account?
It is a mab account only.. just due to wint wealth promotion it is zero mab for limited time.

I am getting attracted to the 6% interest rate. Also Unity SFB is available on UPI (to receive), recently launched debit card.
Any one has experience of opening this particular account?


UPDATE 1 - Opened wint wealth account and opened Unity SFB Saving account. Then without opening FD, clicked on delete account option on wint wealth app.
Yet to receive welcome kit. Read UPDATE 5.

The account opening was smoothest, all details filled in wint wealth app, then redirected to unitybank website for VKYC, the call was connected within 30 seconds and the girl just asked my basic details like PAN, address and occupation. Clicked PAN image, my photo and signature. All this was done within 6-7 minutes. After around 10 minutes, I received congratulations message and mail from wint wealth that account is opened along with account details.

UPDATE 2 - The account type mentioned in estatement is DIGITAL FINTECH SAVINGS ACCOUNT.

It is essentially the same classic saving account with MAB as mentioned in the attached pdf but opened digitally.

UPDATE 3 - Have a look at attached PDF

UPDATE 4 - Recieved a call from Bank, i asked her about MAB and she informed me that the account variant is different so there might be change in MAB after 30 june.
I am not so confident in their words, but if its true then it will be almost equivalent to IDFC Future FIRST account. The picture will get clearer from 1st July

UPDATE 5 - Regarding welcome kit, the lady told me that they don't send any welcome kit, we need to apply for debit card and cheque book from WhatsApp. More information is in post 46 of this thread.

UPDATE 6 - UPI pin setup thru debit card enabled on the bank. Now only internet banking is pending.

UPDATE 7 - Access to Mobile app now available. See screenshots below:

 

[yobro]

But my account linked to UPI successfully but not able to generate pin due to non availability of ATM card although I have applied for it but not received. I have got access to mobile app so I'm able to do IMPS and Neft transactions.

Got debit card as well but at time of pin generation it is showing error

 

[Rebel]

Received the debit card & cheque book however even after 7-10 days I have not received the app access, complaint twice but still no response.
Also how to generate debit card pin?

 

[yobro]

Received the debit card & cheque book however even after 7-10 days I have not received the app access, complaint twice but still no response.
Also how to generate debit card pin?

By visiting ATM.
Bank account is useless till now for me.

 

[hellobois]

I have this account..
U get zero balance account regardless of FD.
But can't access unity app right now( they said its in upgrade stage).. all the withdrawal have to done by wint wealth support

This is patched now.
Account will be zero balance as long as 1 lakh FD is there.

 

[ashwinkashwink is verified member.]

This is patched now.
Account will be zero balance as long as 1 lakh FD is there.

So what about existing users?

 

[yobro]

So what about existing users?

Patched account means?

 

[ashwinkashwink is verified member.]

Patched account means?

No more zero balance account without making or maintaining above 1L FD

 

[Pradumya]

No more zero balance account without making or maintaining above 1L FD

Where did you read that? Any document or screenshot please. I will amend the first post.

 

[ashwinkashwink is verified member.]

Where did you read that? Any document or screenshot please. I will amend the first post.

Here is it..

Post in thread 'Unity Small Finance Bank Online Account Opening'

Sep 28, 2024

I have this account..
U get zero balance account regardless of FD.
But can't access unity app right now( they said its in upgrade stage).. all the withdrawal have to done by wint wealth support

This is patched now.
Account will be zero balance as long as 1 lakh FD is there.

• hellobois

 

[Pradumya]

Here is it..

Post in thread 'Unity Small Finance Bank Online Account Opening'

Sep 28, 2024

I have this account..
U get zero balance account regardless of FD.
But can't access unity app right now( they said its in upgrade stage).. all the withdrawal have to done by wint wealth support

This is patched now.
Account will be zero balance as long as 1 lakh FD is there.

• hellobois

Ye toh logo ki hi baat hai
I could not find official wording from the website or customer care.

 

[Pradumya]

UPI services now available on Unity SFB.
Just set my UPI pin with the debit card.
Aadhaar card option not yet available.

 

[gobsy]

I foolishly tried to open account+fd through their app. After payment there are no agents available for kyc even on 11 a.m. on a Wednesday. Any idea when agents are available for kyc?

 

[desiviru]

I foolishly tried to open account+fd through their app. After payment there are no agents available for kyc even on 11 a.m. on a Wednesday. Any idea when agents are available for kyc?

That's why I ask people to visit branch and open account. Even if you complete video KYC, you won't get account for many weeks. Better go to nearest branch and open account if it is there and it will be done in 24 hours max. and within 48 hours you will be able to login to App. 2 years back, I opened Unity account with local branch itself and it was too quick.

As fas as online opening is concerned, they recently restarted it after it was stopped in Jan 2024.

I share you experience my friend is having. He tried to open Savings Only account on Nov 5th, 2024 (They allowed online account opening from Nov 2 itself). Rs.10000 were loaded. For next 3 days, no video KYC agent. His money returned to source acc. after 72 hours. So he again went through process on Nov 10 and on Nov 12, 2024 somehow completed vKYC after 8-10 times. Everytime, Unity was having issues in capturing of Photo so he had to connect 10 times. Since Nov 12 he hasn't received any initmation of account opening. So he shared all this with me and I took up the matter with Unity and from CC over call to email, everyone is clueless and no one knows when his account will open.

Go to Playstore and read other's comment. No one is able to get account and people are waiting for it after video KYC.

Better not do it and get your money back which will come automatically.

 

[OptiCard]

That's why I ask people to visit branch and open account. Even if you complete video KYC, you won't get account for many weeks. Better go to nearest branch and open account if it is there and it will be done in 24 hours max. and within 48 hours you will be able to login to App. 2 years back, I opened Unity account with local branch itself and it was too quick.

As fas as online opening is concerned, they recently restarted it after it was stopped in Jan 2024.

I share you experience my friend is having. He tried to open Savings Only account on Nov 5th, 2024 (They allowed online account opening from Nov 2 itself). Rs.10000 were loaded. For next 3 days, no video KYC agent. His money returned to source acc. after 72 hours. So he again went through process on Nov 10 and on Nov 12, 2024 somehow completed vKYC after 8-10 times. Everytime, Unity was having issues in capturing of Photo so he had to connect 10 times. Since Nov 12 he hasn't received any initmation of account opening. So he shared all this with me and I took up the matter with Unity and from CC over call to email, everyone is clueless and no one knows when his account will open.

Go to Playstore and read other's comment. No one is able to get account and people are waiting for it after video KYC.

Better not do it and get your money back which will come automatically.

What's the benefits of unity account?

 

[desiviru]

What's the benefits of unity account?

The higher interest on FDs is the benefit and that was the sole purpose when I opened account in 2022. They offer 9% on 1001 days FD to citizens below 60 yrs of age and 9.5% for Sr. Citizen which is highest among all banks. 3 of my FD matured this year with Unity SFB. Took out all and left Rs.4 Lakh for 1001 days FD having maturity ~Rs.5.1 Lakh. Next is Utkarsh which offers 9.1% for Sr. Citizens for 1500 Days FD while 8.5% for normal citizens.

People are using SFB FDs for extra income while keeping in mind the safety by keeping Principal + Intt upto Rs.5 Lakh and some are depositing 5L in one FD and have monthly/quarterly payout so that their 5L remain safe with DICGC.

SFB have the highest RD intt rate also.

Unity SFB FD (best terms):

201 Days FD: 8.25% (8.75% for Sr. Citizens)

501/701 Days FD: 8.75% (9.25% for Sr. Citizens)

1001 Days: 9% (9.5% for Sr. Citizens).

Download Interest rate pdf file: https://theunitybank.com/docs/policies/website-disclosure-effective-11-november-2024.pdf

Moreover, savings interest is another factor why people are looking for Unity SFB account.

Savings Interest Rate as Nov 11, 2024.

For balance upto Rs.1 Lakh- 6% (paid monthly)

Above 1 Lakh to upto 5 Lakh: 7.25% (paid monthly)

Above 5 Lakh: 7.5% on savings balance.

Ex: You have 10L in your savings account with Unity. You get 6% on first 1L, 7.25% on next 4L and 7.5% on next 5L. So Rs.6041 every month or 72492 per year or 7.2492% which is equal to other bank FDs itself. But keep an eye as Interest rates keep changing.

 

[Pradumya]

What's the benefits of unity account?

All service charges waived till June 2025.
No DC charges, no cheque book charges, not even ECS bounce charges

 

[OptiCard]

The higher interest on FDs is the benefit and that was the sole purpose when I opened account in 2022. They offer 9% on 1001 days FD to citizens below 60 yrs of age and 9.5% for Sr. Citizen which is highest among all banks. 3 of my FD matured this year with Unity SFB. Took out all and left Rs.4 Lakh for 1001 days FD having maturity ~Rs.5.1 Lakh. Next is Utkarsh which offers 9.1% for Sr. Citizens for 1500 Days FD while 8.5% for normal citizens.

People are using SFB FDs for extra income while keeping in mind the safety by keeping Principal + Intt upto Rs.5 Lakh and some are depositing 5L in one FD and have monthly/quarterly payout so that their 5L remain safe with DICGC.

SFB have the highest RD intt rate also.

Unity SFB FD (best terms):

201 Days FD: 8.25% (8.75% for Sr. Citizens)

501/701 Days FD: 8.75% (9.25% for Sr. Citizens)

1001 Days: 9% (9.5% for Sr. Citizens).

Download Interest rate pdf file: https://theunitybank.com/docs/policies/website-disclosure-effective-11-november-2024.pdf

Moreover, savings interest is another factor why people are looking for Unity SFB account.

Savings Interest Rate as Nov 11, 2024.

For balance upto Rs.1 Lakh- 6% (paid monthly)

Above 1 Lakh to upto 5 Lakh: 7.25% (paid monthly)

Above 5 Lakh: 7.5% on savings balance.

Ex: You have 10L in your savings account with Unity. You get 6% on first 1L, 7.25% on next 4L and 7.5% on next 5L. So Rs.6041 every month or 72492 per year or 7.2492% which is equal to other bank FDs itself. But keep an eye as Interest rates keep changing.

I already opened it for my wife via Stable Money. Agents were available when we did it (3 months back or something I guess).

She is having unity app also (launched 1-2 months back).


If you just want for FD purpose then I suggest you to check stable money once. For most of the bank we don't need to open the account & can just create the FD's.

 

[korin]

I have this account..
U get zero balance account regardless of FD.
But can't access unity app right now( they said its in upgrade stage).. all the withdrawal have to done by wint wealth support

Are there any hidden charges? Like debit card annual charge, sms charge etc?
I just want to know whether I can create this account without paying a rupee the next year?

 

[brightknight]

why USFB Deposit is not live on Stable at the moment?

 

[OptiCard]

That's why I ask people to visit branch and open account. Even if you complete video KYC, you won't get account for many weeks. Better go to nearest branch and open account if it is there and it will be done in 24 hours max. and within 48 hours you will be able to login to App. 2 years back, I opened Unity account with local branch itself and it was too quick.

As fas as online opening is concerned, they recently restarted it after it was stopped in Jan 2024.

I share you experience my friend is having. He tried to open Savings Only account on Nov 5th, 2024 (They allowed online account opening from Nov 2 itself). Rs.10000 were loaded. For next 3 days, no video KYC agent. His money returned to source acc. after 72 hours. So he again went through process on Nov 10 and on Nov 12, 2024 somehow completed vKYC after 8-10 times. Everytime, Unity was having issues in capturing of Photo so he had to connect 10 times. Since Nov 12 he hasn't received any initmation of account opening. So he shared all this with me and I took up the matter with Unity and from CC over call to email, everyone is clueless and no one knows when his account will open.

Go to Playstore and read other's comment. No one is able to get account and people are waiting for it after video KYC.

Better not do it and get your money back which will come automatically.

I also opened yesterday via stable money app. The KYC agent joined in 10 seconds only. VKYC also approved in 15 mins.
Received account activation SMS in 30 mins something.