Unity Small Finance Bank (Unity SFB) brings together the best of both worlds—modern digital convenience and the trust of traditional banking. Whether you’re drawn by their competitive interest rates or user-friendly online services, Unity SFB makes opening a savings account simple and hassle-free. In this article, you’ll find a step-by-step guide to getting started, plus answers to common questions to help you along the way.
Why Choose Unity Small Finance Bank?
Unity SFB stands out for offering attractive interest rates—up to 7.5% per year on savings accounts—along with low minimum balance requirements and a smooth, easy-to-use mobile app. You can open an account in just few steps and it can be verified through Video KYC.
Unity Small Finance Bank (Unity SFB) Online Account Opening Process with Unity SFB
Opening a savings account with Unity SFB is a quick and straightforward process, typically completed in just a few minutes via their mobile banking app or through partner platforms like Wint Wealth or Stable Money. Below are the steps to open an account:
- Download the Unity SFB Mobile App
- Available on Google Play Store and Apple App Store, the Unity Bank mobile app is your gateway to digital banking. Download and install it on your smartphone.
- Initiate Account Opening
- Open the app and select the option to open a savings account. Alternatively, you can start the process through third-party apps like Wint Wealth, which redirect you to Unity SFB’s platform for Video KYC.
- Provide Required Details
- Enter basic details such as your full name, mobile number, PAN, Aadhaar number, address, and occupation. Ensure the mobile number linked to your Aadhaar is active for OTP verification.
- Complete Video KYC (VKYC)
- Schedule or initiate a Video KYC session. During the VKYC, a bank representative will verify your identity by asking for your PAN card, a live photo, and a signature on a blank piece of paper. The process typically takes 6-7 minutes and is completed in real-time.
- Upload Documents
- Required documents include:
- Aadhaar card (mandatory for VKYC)
- PAN card (physical/original)
- A signature on a blank white paper
- Two passport-sized photographs (if requested)
- These are uploaded during the VKYC process or through the app.
- Required documents include:
- Account Activation
- Once the VKYC and document verification are complete, you’ll receive a confirmation message and email with your account details, including your account number and customer ID, within 10-15 minutes.
- Set Up Login Credentials
- Log in to the Unity SFB app using a password, biometric login, or EasyPIN. You can now access features like mini-statements, fund transfers, and FD/RD booking.
- Request Debit Card and Cheque Book (Optional)
- To request a debit card (RuPay Classic, Platinum, or Select) or cheque book, contact customer care or use the app/WhatsApp banking. These are delivered to your registered address, with the debit card typically arriving within a week.
Benefits of Unity SFB Savings Account
- High Interest Rates: Earn up to 7.5% p.a. on your savings account, with monthly payouts.
- Low Minimum Balance: Maintain ₹10,000 (urban areas) or ₹5,000 (semi-urban/non-urban areas) as the average monthly balance (AMB). Some accounts opened via fintech partners may be zero-balance accounts, though this is subject to change.
- Free Transactions: Enjoy free NEFT, RTGS, and IMPS transfers, with no charges on select services until March 31, 2025.
- Digital Convenience: Manage your account, request cheque books, update profile details, and add nominees directly through the app.
- Debit Card Options: Choose from RuPay Classic, Platinum (Freedom), or Select (Power) debit cards, with UPI functionality recently enabled.
- Security: Deposits up to ₹5 lakhs are insured by DICGC, and the app uses advanced encryption for data safety.
Frequently Asked Questions (FAQs)
1. What documents are required to open a Unity SFB savings account online?
You need:
- Aadhaar card (linked to your mobile number for OTP verification)
- PAN card (physical/original)
- A signature on a blank white paper
- Two passport-sized photographs (if requested during VKYC)
2. Is it mandatory to complete Video KYC?
Yes, Video KYC is mandatory for online account opening to verify your identity and comply with regulatory requirements. The process is quick, typically taking 6-7 minutes.
3. Is the Unity SFB savings account a zero-balance account?
Accounts opened through fintech partners like Wint Wealth or Stable Money are often marketed as zero-balance accounts. However, the standard Unity Classic Savings Account requires an average monthly balance of ₹10,000 (urban) or ₹5,000 (semi-urban/non-urban). The zero-balance feature may be subject to change after March 31, 2025, so confirm with the bank or partner platform.
4. Can I open an account without visiting a branch?
Yes, Unity SFB offers a fully digital onboarding process through its mobile app or partner platforms like Wint Wealth. No branch visit is required, as Video KYC completes the verification.
5. What is the interest rate on a Unity SFB savings account?
Unity SFB offers interest rates ranging from 5% to 7.5% p.a., depending on the account balance. Rates are subject to change, so check with the bank for the latest details.
6. Can I use UPI with my Unity SFB account?
Yes, UPI is supported, and you can link your account to apps like BHIM or PhonePe. However, setting a UPI PIN may require a debit card. Full UPI functionality was enabled as of April 2025.
7. How do I request a debit card or cheque book?
You can request a debit card or cheque book via the Unity SFB app, WhatsApp banking, or by calling customer care at 1800 209 1122. These are delivered to your registered address.
8. Are there any charges for account services?
As of now, many services, including IMPS, NEFT, RTGS, and debit card issuance, are free until March 31, 2025. SMS alert charges (₹25 per quarter) may apply after June 30, 2024, unless waived. Always check the latest schedule of charges with the bank.
9. Is my money safe with Unity SFB?
Yes, deposits up to ₹5 lakhs are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). The bank also uses advanced encryption and multi-factor authentication to ensure data security.
10. What should I do if I face issues with the mobile app?
If you encounter app issues (e.g., login problems), contact Unity SFB’s customer care at 1800 209 1122 or email their support team. Some users have reported app access issues for new users, so you may need to coordinate with the bank or visit a branch for manual setup.
For more information visit : https://theunitybank.com/
Also visit : https://postofficefd.com/category/bank-account/