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]

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.

Have you tried the option in App Open an Account and punched your mobile number to see what it says now? If it proceeds to Fill details then your request is already cancelled. If it shows to complete vKYC your application still has time left to be over.

Anyways, how much you loaded because my friend didn't get the option to edit amount and it was Rs.10000 preset which was non-editable and in his case he used UPI. He told me, when I asked him why didn't you just add Rs.1000 as initial fund and at that time I came to know it was 10K beforehand was min. and non-editable.

 

[xfactcc]

So both Wint and Stable Money have removed the option for Unity savings account now?

 

[desiviru]

So both Wint and Stable Money have removed the option for Unity savings account now?

They are opening by default now as another person told here.

 

[desiviru]

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

Update from my friend today morning.

Rs.10000 came back on Saturday in his account via UPI.

Unity App still says, :Your account is being created" after entering mobile number and otp at Open an Account menu. Seems like after escalation they refunded the money to him but account opening process still going on.

I asked him to wait till they cancel or open the account and later visit branch as after that all he needs to rely on is their App for everything. Getting the account online seems harder for those who don't have branch at their local area. So Stable Money or Wint is way to go if anyone needs account quickly.

 

[gobsy]

Have you tried the option in App Open an Account and punched your mobile number to see what it says now? If it proceeds to Fill details then your request is already cancelled. If it shows to complete vKYC your application still has time left to be over.

Anyways, how much you loaded because my friend didn't get the option to edit amount and it was Rs.10000 preset which was non-editable and in his case he used UPI. He told me, when I asked him why didn't you just add Rs.1000 as initial fund and at that time I came to know it was 10K beforehand was min. and non-editable.

I tried now. It starts the process all over again. Maybe my previous application was deleted. I paid 3.8l for opening account and fd through net banking. Waiting for refund.



Mail sent to customer care fetched no response yet.

 

[desiviru]

I tried now. It starts the process all over again. Maybe my previous application was deleted. I paid 3.8l for opening account and fd through net banking. Waiting for refund.



Mail sent to customer care fetched no response yet.

No need to mail them if your vKYC not done. Yes, your application is closed if it is asking to fill details again. You will get the refund by Wednesday or Friday max. There is no need to approach them for refund. From next time don't give such high amts. 5K/10K FD is enough to start things and whatever they ask for savings.

Anyways, do you have branch at your Aadhaar PIN Code?

 

[gobsy]

No need to mail them if your vKYC not done. Yes, your application is closed if it is asking to fill details again. You will get the refund by Wednesday or Friday max. There is no need to approach them for refund. From next time don't give such high amts. 5K/10K FD is enough to start things and whatever they ask for savings.

Anyways, do you have branch at your Aadhaar PIN Code?

Nope. Nearest one is 15km away.

 

[desiviru]

Nope. Nearest one is 15km away.

Okay. I suggest you to visit there and open account but they will need to visit your home to verify or instead call them at 1800 209 1122 and show interest of opening an account and they will take the details and nearest branch people will visit your home to open the account but don't handover money to them and tell them you will fund the account after opening via NEFT/RTGS/UPI from own account as there is no AMB required till Dec 31st, 2024. Unity people are coming upto 40-50 Kms for opening account themselves. Branch people get incentive on every account opened and FD created so they don't care much about visiting charges.

Also ask them to bring FD opening forms and fill that out and sign it and don't put date on it and call them to fill date when you fund the acc.

In one case with my cousin I suggested him the same and everything went smooth.

At website they are now showing Stable Money and Wint as their partners, Visit the link and see at bottom of page. So if anyone wants quick acc. use Stable or Wint app.

Savings Account: Open Savings Account & Get up to 7% Interest Rate

theunitybank.com

 

[xfactcc]

They are opening by default now as another person told here.

Opening by default as in... if I book FD, the savings account is opened by default you mean?

 

[desiviru]

Opening by default as in... if I book FD, the savings account is opened by default you mean?

Yes, you get savings too when you open FD. That's what I understood from the reply mentioned here.

As I said, having savings account with the bank you hold FD with is always good.

 

[gobsy]

Okay. I suggest you to visit there and open account but they will need to visit your home to verify or instead call them at 1800 209 1122 and show interest of opening an account and they will take the details and nearest branch people will visit your home to open the account but don't handover money to them and tell them you will fund the account after opening via NEFT/RTGS/UPI from own account as there is no AMB required till Dec 31st, 2024. Unity people are coming upto 40-50 Kms for opening account themselves. Branch people get incentive on every account opened and FD created so they don't care much about visiting charges.

Also ask them to bring FD opening forms and fill that out and sign it and don't put date on it and call them to fill date when you fund the acc.

In one case with my cousin I suggested him the same and everything went smooth.

At website they are now showing Stable Money and Wint as their partners, Visit the link and see at bottom of page. So if anyone wants quick acc. use Stable or Wint app.

Savings Account: Open Savings Account & Get up to 7% Interest Rate

theunitybank.com

View attachment 76208

Finally got a response from them. They are asking screen recording of the error even though I have sent them transaction Id details as well as screenshot of the transaction confirmation page alongwith reference id.

 

[desiviru]

Finally got a response from them. They are asking screen recording of the error even though I have sent them transaction Id details as well as screenshot of the transaction confirmation page alongwith reference id.

Your account is cancelled and you are getting to fill details again as you already told then atleast wait till Friday now.

Your acc. got cancelled on Saturday. Now Sunday was holiday. It has been only two days since then. I already asked you not to reach them as refund will come automatically till Friday or Saturday or maybe even before that. Max. wait period is 7-10 days for refund to reflect. Only after this approach them.

One thing is clear that as you were not able to complete vKYC due to agent not available, your acc. and FD request is cancelled. If you had UPI txn it would have came instantly but netbanking txns take upto 10 days to appear in your acc. So have patience. 🙂

Getting refund is problematic only when vKYC is completed and acc. not created like in case of my friend. When acc. request closes itself then you get refunded automatically. Your funds have already been returned by Unity. Only ICICI will take time to process it because receiving banks have to wait 3-4 days before giving credit to customer. This is done only to be sure that merchant won't claim for it again. So time is given to them for reclaim if refund is done by mistake.

 

[xfactcc]

So if anyone wants quick acc. use Stable or Wint app.

In Wint there is no option to open acc/fd with Unity, in Stable Money the Unity Fd shows 'notify me'. :/

 

[gobsy]

Your account is cancelled and you are getting to fill details again as you already told then atleast wait till Friday now.

Your acc. got cancelled on Saturday. Now Sunday was holiday. It has been only two days since then. I already asked you not to reach them as refund will come automatically till Friday or Saturday or maybe even before that. Max. wait period is 7-10 days for refund to reflect. Only after this approach them.

One thing is clear that as you were not able to complete vKYC due to agent not available, your acc. and FD request is cancelled. If you had UPI txn it would have came instantly but netbanking txns take upto 10 days to appear in your acc. So have patience. 🙂

Getting refund is problematic only when vKYC is completed and acc. not created like in case of my friend. When acc. request closes itself then you get refunded automatically. Your funds have already been returned by Unity. Only ICICI will take time to process it because receiving banks have to wait 3-4 days before giving credit to customer. This is done only to be sure that merchant won't claim for it again. So time is given to them for reclaim if refund is done by mistake.

Ok. Got it. As amount is large so really hard to be patient.

 

[gobsy]

Ok. Got it. As amount is large so really hard to be patient.

Received the amount back

 

[desiviru]

Received the amount back

Told you that you will get it without the need to approach them.

Now, go for offline route if you can by calling them and see if they can visit you to open an account. You will need a passport-size photo, ID and address proof which can be copy of your DL, Voter ID (if you don't want to use Aadhaar) and PAN card copy on A4 sheet. I siggest to fill AOF yourself so as to avoid any wrong info. being put. These days they are pushing you to have Freedom 25K account but be adamant on opening classic savings account.

Also, my friend's account has been processed now after a month instead of cancelling and it has been opened at Mumbai branch rather than nearest branch. As he received refund of 10K, he funded it using NEFT from other account. To transfer account to nearest branch they have asked to send them written request to Kalina Branch, Mumbai using Speedpost or Courier which he has already done.

So it is clear that every account opened with Unity SFB is opened at Mumbai Kalina Branch and later you can have it there or if want to tfr to nearest branch then send a request. Also you can request any nearest branch to send your request to Mumbai branch and they will do it for you (I mean send courier alongwith bank's other couriers).