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:

 

[desiviru]

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.

Here we aren't talking about Third Party Aggregators like Wint Wealth or Stable Money. We are talking about Savings account opening from Unity SFB own App. 🙂

Yes, the outsourced fintech apps like Stable Money or Wint Wealth have their own way of getting accounts approved. In future RBI will curtail their operations and also bash Unity and other SFB for not following actual route. Though vKYC gets done by Unity Bank only. But they have a separate team for Stable and Wint or any other TPA.

 

[desiviru]

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.

Have you read my post completely? I already have Unity SFB account which was opened in June 2022 at branch in New Delhi. My FDs also matured after 2 yrs. So I have been there customer since long. I don't need it but through my friend I got to know what experience people are having when opening account using their bank App. I have been using Unity app since the day it came on playstore and no problem came till now. People do reported some problem with App or not able to register but I was able to do it at first instance itself. Their app is there since very long and worked fine for me. Yeah, after every upgrade it somehow asked for reverifying but worked flawlessly till now for me.

 

[OptiCard]

Have you read my post completely? I already have Unity SFB account which was opened in June 2022 at branch in New Delhi. My FDs also matured after 2 yrs. So I have been there customer since long. I don't need it but through my friend I got to know what experience people are having when opening account using their bank App. I have been using Unity app since the day it came on playstore and no problem came till now. People do reported some problem with App or not able to register but I was able to do it at first instance itself. Their app is there since very long and worked fine for me. Yeah, after every upgrade it somehow asked for reverifying but worked flawlessly till now for me.

Nope. I don't need to.

 

[OptiCard]

Here we aren't talking about Third Party Aggregators like Wint Wealth or Stable Money. We are talking about Savings account opening from Unity SFB own App. 🙂

Yes, the outsourced fintech apps like Stable Money or Wint Wealth have their own way of getting accounts approved. In future RBI will curtail their operations and also bash Unity and other SFB for not following actual route. Though vKYC gets done by Unity Bank only. But they have a separate team for Stable and Wint or any other TPA.

That's correct, 3rd party like stable money used to connect with bank folks directly & make the thinks done fast.

 

[Ram1]

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.

We can open unity savings account using stable money fd?

 

[desiviru]

We can open unity savings account using stable money fd?

They always open savings account first and mostly people don't do FD thereafter. They just get the Cust ID and Bank account then install Unity app and do their FD directly with bank. But some people do make FDs via Wint/Stable and trust me in few months these will run away although your FDs are safe with bank. But after making FDs through TPAs make sure you visit nearest branch, quote FD number and take physical print out of FDs so as to prove your money.

 

[desiviru]

Nope. I don't need to.

Yet, you had time to reply without reading? Are you okay?

 

[Ram1]

They always open savings account first and mostly people don't do FD thereafter. They just get the Cust ID and Bank account then install Unity app and do their FD directly with bank. But some people do make FDs via Wint/Stable and trust me in few months these will run away although your FDs are safe with bank. But after making FDs through TPAs make sure you visit nearest branch, quote FD number and take physical print out of FDs so as to prove your money.

Is that account zero balance?

 

[OptiCard]

They always open savings account first and mostly people don't do FD thereafter. They just get the Cust ID and Bank account then install Unity app and do their FD directly with bank. But some people do make FDs via Wint/Stable and trust me in few months these will run away although your FDs are safe with bank. But after making FDs through TPAs make sure you visit nearest branch, quote FD number and take physical print out of FDs so as to prove your money.

No need of physical copy bhai. We're not keeping any FD in third party. All the FD's are under bank only.
Over unity app & whatsapp banking I can download them anytime.

Not sure the future of these 3rd party apps but who cares? All the FD's are with bank as you also stated.
Let's say RBI also impose some action on these 3rd parties then do you really think it will be happen overnight & all existing FD's & data will be gone??

But ya I agree on 1 thing, make sure the bank FD's you're creating should have branch in your city.

 

[Ram1]

No need of physical copy bhai. We're not keeping any FD in third party. All the FD's are under bank only.
Over unity app & whatsapp banking I can download them anytime.

Not sure the future of these 3rd party apps but who cares? All the FD's are with bank as you also stated.
Let's say RBI also impose some action on these 3rd parties then do you really think it will be happen overnight & all existing FD's & data will be gone??

But ya I agree on 1 thing, make sure the bank FD's you're creating should have branch in your city

Unity savings account is zero balance account we get with fd at stable money? ?

 

[Pradumya]

Unity savings account is zero balance account we get with fd at stable money? ?

Nope. Read the first post of this thread.

If your account variant is same as mentioned in 1st post then it's not zero balance.
I have also attached proofs of that in few posts (The post number is mentioned in 1st post itself)


If your account variant name on account statement is different then please share screenshot here. I can confirm that with customer care to know if that's zero balance or not.

 

[Ram1]

Nope. Read the first post of this thread.

If your account variant is same as mentioned in 1st post then it's not zero balance.
I have also attached proofs of that in few posts (The post number is mentioned in 1st post itself)


If your account variant name on account statement is different then please share screenshot here. I can confirm that with customer care to know if that's zero balance or not.

I didn't do any fd, I'm just asking to open now

 

[nik007rock]

I booked a fd on stable money with unity bank got a cheque book after few days via bluedart and also able to login to app using cust id not sure if this is a zero bal acc I don't want another account will have to figure out how to close it

 

[Pradumya]

not sure if this is a zero bal acc

If account variant on app shows Digital fintech saving account or classic savings account then it's not zero balance account.

Though it is temporarily zero balance till June 2025.

 

[Ram1]

I booked a fd on stable money with unity bank got a cheque book after few days via bluedart and also able to login to app using cust id not sure if this is a zero bal acc I don't want another account will have to figure out how to close it

To close that account we need to visit branch?

 

[Pradumya]

To close that account we need to visit branch?

If you open thru these TPAs then most likely you will be assigned Kalina branch.
It's in Mumbai.

You can download the closure form and fill that. Send them via courier to the branch address.
Not sure if FD is closed or not.

 

[Ram1]

If you open thru these TPAs then most likely you will be assigned Kalina branch.
It's in Mumbai.

You can download the closure form and fill that. Send them via courier to the branch address.
Not sure if FD is closed or not.

This is hard process it seems.
We can close fd in stable money right?

 

[Pradumya]

This is hard process it seems.
We can close fd in stable money right?

I guess. Not sure.

 

[nik007rock]

But why would i have to bother if I have booked fd from stable money ,when it matures will just close it without worrying for the saving account

 

[Ram1]

But why would i have to bother if I have booked fd from stable money ,when it matures will just close it without worrying for the saving account

What if they don't close savings account when u close fd. It forever stays under ur pan