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:

 

[Ram1]

Here mentioned zero balance account and can only close by visiting branch

 

[desiviru]

@Pradumya @nik007rock @Ram1

Your common Query: Is Unity providing zero balance account that is opened online or offline at branch?

Answer: No, this is not a zero balance account. Unity Small Finance Bank has base Savings Account and it has AMB requirement of Rs.10000 average balance over month.

If you open Online, the account variant may say Online or Digital Savings Account but it is same as Offline variant of Unity Classic Savings Account.

Until December 31st, 2024, you don't need to maintain anything. If they extend till March 31st, 2025, it will be notified by WhatsApp or SMS on January 1, 2025 or before that.

I am having their account since 2022 and afterwards they are entending FREE PERIOD of services till now every quarter. So you don't need to worry about AMB charges or any service charge. Even IMPS is free.

 

[desiviru]

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.

You can close the FD from Stable Money or Wint wealth App itself anytime you want. If these app closes down only then you will need to visit branch and fill put. On maturity of FD, the amount alongwith Interest will be credited back to the account from where it was funded.

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

Yeah, no need to worry about savings account. But your FD maturity will come to this account only if you opted for both Savings+FD. If you opted for only FD then it will be credited back to the account it was funded from on maturity or if you close FD before time.

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

Closure of account can be done at Unity SFB Branch only and it can be any branch throughout India where you can move in and request for closure. StableMoney is just helping you get account or FD booked. When you open Savings+FD or FD only then bank creates a Cust ID. This Cust ID alongwith PAN attached remains with the bank forever even if you close both FD and savings so that to avoid Duplicate CustID with same PAN in case you again open account with that bank in future. You can have only FD with any financial institution incl. banks but they kept it under Cust ID allotted to you and once created this Cust ID remains forever. So when you open FD or Savings/Current account in future, it will be mapped to your Cust ID which was created when you first dealt with bank.

On Unity Bank App, you get two options, either open Savings Acc. or Savings+FD. It is always better to open savings only first and then transfer funds from your other account to this acc. and create FD using Untiy SFB App. But using TPA is no worry as your funds/FD is always with bank not TPA.

 

[desiviru]

Is that account zero balance?

https://theunitybank.com/docs/policies/schedule-of-charges-unity-classic-saving-ac.pdf

Download the pdf and look for yourself about Classic Savings Account and StableMoney or Wint Wealth opens the same when you do it online.

Official Document says No charges till Dec 31, 2024 and trust me it will be extended till March 31st, 2025 atleast. Stable Money is calling it zero balance in FAQs but also saying in next line that in future if charges are there it will be intimated to customer. They are calling it Zero Balance because Unity has kept No Service Charges Free Look period till Dec 2024 as of now until unless further extended in Jan.

 

[Ram1]

https://theunitybank.com/docs/policies/schedule-of-charges-unity-classic-saving-ac.pdf

Download the pdf and look for yourself about Classic Savings Account and StableMoney or Wint Wealth opens the same when you do it online.

Official Document says No charges till Dec 31, 2024 and trust me it will be extended till March 31st, 2025 atleast. Stable Money is calling it zero balance in FAQs but also saying in next line that in future if charges are there it will be intimated to customer. They are calling it Zero Balance because Unity has kept No Service Charges Free Look period till Dec 2024 as of now until unless further extended in Jan.

So stable money playing it smart

 

[desiviru]

So stable money playing it smart

You can say that but they are selling what current situation is and also saying in FAQs that in future if there is change it will be intimated to customer. So they are doing their part. Currently every account in Unity is free of any charges.

1. Classic/Online Savings Account AMB:

Urban- Rs.10000/month
Semi Urban/Rural Branch: Rs.5000/month min. to be maintained

2. Senior Citizen Account: (Min. balance to be maintained)

Urban: Rs.5000/month
Semi-Urban/Rural: Rs. 2500/month (Most of Unity Branches currently are Urban only. Their semi-urban/rural presence is 1-2% only)

If you keep Rs.50000/- or above in FD in Sr. Citizen account then no need to keep balance in savings as it will be Zero Bal till FD is there.

3. Women Pearl Acc.

Same as Sr. Citizens min. balance i.e 5000 for Urban and 2500 for semi/rural.

1L FD = No need to maintain savings in Women Acc.

 

[Ram1]

You can say that but they are selling what current situation is and also saying in FAQs that in future if there is change it will be intimated to customer. So they are doing their part. Currently every account in Unity is free of any charges.

1. Classic/Online Savings Account AMB:

Urban- Rs.10000/month
Semi Urban/Rural Branch: Rs.5000/month min. to be maintained

2. Senior Citizen Account: (Min. balance to be maintained)

Urban: Rs.5000/month
Semi-Urban/Rural: Rs. 2500/month (Most of Unity Branches currently are Urban only. Their semi-urban/rural presence is 1-2% only)

If you keep Rs.50000/- or above in FD in Sr. Citizen account then no need to keep balance in savings as it will be Zero Bal till FD is there.

3. Women Pearl Acc.

Same as Sr. Citizens min. balance i.e 5000 for Urban and 2500 for semi/rural.

1L FD = No need to maintain savings in Women Acc.

Yeah all is fine, if they can't offer account closure process online, there's no point in selecting unity. Who will go to Mumbai branch, its hard.

 

[Pradumya]

Is Unity providing zero balance account that is opened online or offline at branch?

Read these quoted replies. Read 30 June 2024 as 30 June 2025.

Guys I asked the bank a few questions for which the responses can be read in the images below
View attachment 56446
The responses are below
View attachment 56447

If anyone has any more questions apart from these please ask them here by tomorrow, I will ask the bank.

I recived a reply from Wint wealth and it is positive.

 

[desiviru]

Read these quoted replies. Read 30 June 2024 as 30 June 2025.

The screenshot you are sharing here has June 30, 2024 because the question was asked in Apr-June quarter and on 7th June 2024 you posted it. At that time 30th Jun 2024 was last date of Free Period. After that they extended it to Sep 30, 2024 followed by Dec 31, 2024.

June 30th 2025 is not an official statement by Unity bank. I often talk to my base branch manager and even the internal documents don't mention anything about this June 30, 2025 claim you are making. We all known Unity is extending it every quarter and they will notify only at end or start of quarter about next qtr.

Check the pdf official document here and read what it says,

https://theunitybank.com/docs/policies/schedule-of-charges-unity-classic-saving-ac.pdf

Edit: Just checked their Unity Freedom Account which has 25K min. balance and its document says you have to maintain 10K in that instead of 25K till March 31st, 2025.

https://theunitybank.com/docs/policies/schedule-of-charges-for-freedom-account.pdf

 

[desiviru]

Yeah all is fine, if they can't offer account closure process online, there's no point in selecting unity. Who will go to Mumbai branch, its hard.

Most of banks don't offer account closure online although RBI has asked them to implement it by using Aadhaar eKYC process but last date is till Mar 31st, 2025. So most of banks will implement it by then.

As I alrready mentioned, you can move into any nearest Unity SFB branch in your city and submit closure request there also or make balance zero by transferring and send the closure form to the Mumbai Address through Post/Courier.

 

[Pradumya]

June 30th 2025 is not an official statement by Unity bank

I know that. I just have internal information about the date.
This is subject to approval.

 

[gobsy]

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.

Did you friend get any solution? My amount is still not credited back and response from bank.

 

[desiviru]

Did you friend get any solution? My amount is still not credited back and response from bank.

No. He is escalating via emails now and I talked to him yesterday itself and he said he regularly (almost everyday) receiving calls from Unity but they are lingering issue and telling we are taking up matter with seniors. They aren't even entertaining request for refund of amount.

As far as I understood, the problem with him seems to be there is no Unity branch at his Aadhaar address and nearest branch has different pincode and 50 Kms away. He lives in nearby town. Anyways, I am just assuming it. Until unless someone who has Unity Branch at Aadhaar address opens a bank account using their app confirms it, we can never know whether this is the issue or not.

Have you completed vKYC? Amount auto-refunds if no KYC is done for 72 hours. But once it is done you can only wait for it or escalate the issue via email.

I will post if my friend gets any resolution.

 

[nik007rock]

For me it was quick( booked fd via stable money and video kyc done same day ,within few days received cheque book and was able to login to app as well

 

[desiviru]

For me it was quick( booked fd via stable money and video kyc done same day ,within few days received cheque book and was able to login to app as well

At Stable money, do you get option to choose from Bank Account or FD or you just booked FD and they automatically gave bank account also? Because I read in past that through Wint someone opened but didn't do FD after. Also are funds for FD loaded before vKYC or later? Pls share your complete experience.

 

[gobsy]

No. He is escalating via emails now and I talked to him yesterday itself and he said he regularly (almost everyday) receiving calls from Unity but they are lingering issue and telling we are taking up matter with seniors. They aren't even entertaining request for refund of amount.

As far as I understood, the problem with him seems to be there is no Unity branch at his Aadhaar address and nearest branch has different pincode and 50 Kms away. He lives in nearby town. Anyways, I am just assuming it. Until unless someone who has Unity Branch at Aadhaar address opens a bank account using their app confirms it, we can never know whether this is the issue or not.

Have you completed vKYC? Amount auto-refunds if no KYC is done for 72 hours. But once it is done you can only wait for it or escalate the issue via email.

I will post if my friend gets any resolution.

That's sad to hear. Guess that's the risk we have to take for higher fd returns. I didn't complete vkyc on 27th November as no agents were available. But amount has still not been refunded. No when I try to login the app they show they want customer id or account number for login and both Haven't been created yet for me. No vkyc link is there.

 

[desiviru]

That's sad to hear. Guess that's the risk we have to take for higher fd returns. I didn't complete vkyc on 27th November as no agents were available. But amount has still not been refunded. No when I try to login the app they show they want customer id or account number for login and both Haven't been created yet for me. No vkyc link is there.

You can't login to App until you have Acc. No or Cust ID because after sim verification they ask for same.

Rather you go to Open an Account again and punch the mobile number you used while opening and after entering the OTP, your previous account request will cancel out as your vKYC isn't completed in 72 hours. If you used UPI for payment it will come instantly back and if Netbanking then 3-7 days.

 

[nik007rock]

At Stable money, do you get option to choose from Bank Account or FD or you just booked FD and they automatically gave bank account also? Because I read in past that through Wint someone opened but didn't do FD after. Also are funds for FD loaded before vKYC or later? Pls share your complete experience.

I did not got any option to choose directly got vkyc link and when I completed it was in processing state for 2-3 working days then later I got option to fund for the fd from my normal existing account which(icici) I did the funding for fd and fd was booked ,later I got the cust id details on sms which I used to login to unity app and few days later got cheque book via bluedart ,but now I checked in stable money option to withdraw gives acc number of unity bank and not my source bank (icici) so basically whenever I want to break fd or post maturity I have to withdraw funds into unity bank account first then later I can transfer via imps etc to other account,well I do not wanted this ,I will just break it and get over it because later I don't want to loose some amount for not maintaining balance etc and all those things in unity bank acc

 

[desiviru]

I did not got any option to choose directly got vkyc link and when I completed it was in processing state for 2-3 working days then later I got option to fund for the fd from my normal existing account which(icici) I did the funding for fd and fd was booked ,later I got the cust id details on sms which I used to login to unity app and few days later got cheque book via bluedart ,but now I checked in stable money option to withdraw gives acc number of unity bank and not my source bank (icici) so basically whenever I want to break fd or post maturity I have to withdraw funds into unity bank account first then later I can transfer via imps etc to other account,well I do not wanted this ,I will just break it and get over it because later I don't want to loose some amount for not maintaining balance etc and all those things in unity bank acc

Thanks for letting know. So you don't get to choose the option of Savings or Savings+FD at Stablemoney and they directly do vKYC first.

If you close this savings account after that you will get the amount back only in Funded account. It seems they opened your Savings first after vKYC and then allowed you to have FD. You should have called Unity CC and asked them for account details by telling registered mobile number.

But as I say it is always good to have Savings account. In future just use Unity App for creating or breaking FDs and always choose a nomination.

 

[gobsy]

You can't login to App until you have Acc. No or Cust ID because after sim verification they ask for same.

Rather you go to Open an Account again and punch the mobile number you used while opening and after entering the OTP, your previous account request will cancel out as your vKYC isn't completed in 72 hours. If you used UPI for payment it will come instantly back and if Netbanking then 3-7 days.

Yeah I paid through net banking. But I think I will not do vkyc as to not face the same issue your friend is facing as I transferred big amount. Thanks for the heads up.