Established in 1919, 1923 and 1906 respectively, Union Bank of India,Andhra Bank and Corporation Bank have a combined legacy of 300+ years. The collective strength of our three esteemed organizations presents a unique opportunity to build a bigger, bolder and better future.
Legacy of Three Banks
Dr. Bhogaraju Pattabhi Sitaramayya
Seth Seetharamji Kisondayal Poddar
Shri Khan Bahadur Haji Abdullah
Haji Kasim Saheb Bahadur
To become a significant player, providing full range of banking services through innovative customer centric products and to maximize stake holders’ value
To become the bank of first choice in our chosen areas by building beneficial and lasting relationships with customers through a process of continuous improvement
Emerge as a Model for Inclusive Growth and Innovative Banking Services
To work together towards delivering excellent customer service by leveraging on technology and human resources to attain world classperformance standards
To be a customer centric organization known for its differentiated customer service
To offer a comprehensive range of products to meet all financial needs of customers
To be a top creator of shareholder wealth through focus on profitable growth
To be a young organization leveraging on technology and an experienced workforce
To be the most trusted brand, admired by all stakeholders
To be a leader in the area of Financial Inclusion
To expand our reach to meet the financial needs of people
To provide full range of banking services with innovative products
To continue to adopt modern technology for superior
To create a rewarding environment for all stakeholders
To continue as a model organization for transparent and ethical practices
1.1. What will be the scale of the amalgamated bank?
1.2. Are there any immediate expectations from me as a customer right now?
1.3. What are the benefits of amalgamation for me as a customer?
1.4. Should I initiate a new banking relation with Andhra Bank, Corporation Bank or Union Bank?
1.5. Will bank branches be affected by this amalgamation?
1.6. Will any ATMs be closed because of the amalgamation?
1.7. I have an account in one of the banks. Can I use the ATMs of the other two banks after the amalgamation without any extra charge?
1.8. Will I be receiving new account details (A/c No., IFSC code, MICR code, Debit Card Number, etc.)?
1.9. Will I need to apply for a fresh debit or credit card?
1.10. If my Debit Card/Credit Card is expiring after April 1st, whom can I approach?
1.11. Do I have to get a new Debit Card/ATM Card? Is there a charge for the same?
1.12. Will internet and mobile banking services be affected by the amalgamation?
1.13. What will happen to my lockers in bank branches?
1.14. How can I keep myself updated with the latest developments on the amalgamation? Where I can share amalgamation related feedback?
1.15. I have already submitted my KYC documents. Do I need to re-submit any KYC documents?
1.16. Will there be any change needed from my end with respect to any post-dated cheques that I issue prior to amalgamation?
1.17. Will I have to request for new cheque books and passbooks?
1.18. How will I be affected as a shareholder of one of these banks?
1.19. Will I receive the same services at BC point in the Amalgamated entity, as I do today?
1.20. What happens to my points and loyalty rewards program ongoing on my current cards?
1.21. Will there be any change to the Credit Card Applications which have already been submitted?
1.22 Who will provide TDS certificates after merger of Union Bank of India, Andhra Bank and Corporation Bank?
1.23 Whether single TDS certificate for all three bank’s transaction will be issued?
1.24 Who will issue TDS certificate for FY 2019-20?
1.25 Where will new pension accounts be opened for merging banks like Andhra Bank & Corporation Bank ? What will happen to my existing pension account?
Savings & Current Account Customer
2.1 I hold accounts in more than one of these banks. What happens to these accounts? Must I close one account?
2.2 Will I be required to maintain a new Minimum Balance in the new amalgamated bank?
2.3 How will interest rates on my savings account or RD/FD change? How will I know in case of any change?
2.4 Will the insurance policy that I have taken with one bank be affected by the amalgamation? Who do I pay premium to after AED i.e. 1st April, 2020?
2.5 Will products/schemesoffered by Andhra Bank and Corporation Bank be carried over to the amalgamated entity?
2.6 Whether pre-mature withdrawal Penalty will be levied for the deposit accounts in the Amalgamated Entity?
2.7 Will there be any changes for the various charges for various schemes being applied by respective banks in the merged entity?
• Further, the customer can get the detailed information from Bank’s website "www.unionbankofindia.co.in".
Retail & Agriculture Loan Account Customer
3.1. What will be the status of existing loan account numbers?
3.2. Will the rate of interest (ROI)change post AED i.e. 1st April, 2020?
3.3. Will there be any changes in service charges for existing loan accounts post AED i.e. 1st April, 2020?
3.4. What will happen to suits filed against defaulting borrowers?
3.5. What will be the new ROI & service charges structure and whether the same will be applicable to existing borrowers also?
3.6. How will Kisan Credit Card (KCC) loan account be affected by amalgamation?
3.7. Can I get Prompt Interest Subvention for KCC loan in Union Bank of India?
3.8. In case of enhancement of KCC limit should I have to close my earlier KCC loan?
3.9. Whether my ROI will undergo change post AED for earlier availed Agri Term Loan A/c?
• In case of overdraft accounts/ Cash Credit Accounts, the Rate of Interest will be reviewed at the time of renewal/enhancement/modification if any.
3.10. Do I need to give fresh mandate for standing instruction for payment of loan instalments?
3.11. Whether my loan account will be transferred to a new branch?
3.12. Will there be any change in service charges post AED?
3.13. I have a loan facility sanctioned in March 2020. Can I get the disbursement post AED or does it require new sanction?
3.14. In case of any additional requirement whom should I approach?
3.15. Will there be any change in repayment schedule of my existing loan?
3.16. What will happen to my subsidy received under Govt. scheme?
3.17. Can I transfer my loan accounts to a new branch convenient to me? If yes, what procedure I need to follow?
3.18. What will happen to my original title deeds deposited with existing bank after merger?
Corporate and MSME Customers
4.1. Will I get a new loan account number upon merger?
4.2. Do I need to execute new documents?
4.3. Whether my ROI will undergo change w.e.f. 01.04.2020?
4.4. Do I need to give fresh mandate for standing instructions for payment of loan instalments?
4.5. Whether my loan account will be transferred to a new branch?
4.6. I have a loan facility sanctioned prior to Amalgamation Effective Date (AED). Can I get disbursement post AED or does it require new sanction?
4.7. In case of any additional requirement whom should I approach?
4.8. I have a valid Bank Guarantee do I need to get it revalidated w.e.f. 01.04.2020?
4.9. What will be the status of LCs issued prior to AED?
4.10. Will there be any change in periodicity of submission of control statements like stock statement etc.?
4.11. In case of any requirement of adhoc/excess will I get it as I was getting earlier?
4.12. Will there be any change in repayment schedule of my existing loan?
4.13. What will happen to my subsidy received under Govt. scheme?
4.14. What is the impact of Union MCLR on the existing clients of Andhra Bank & Corporation bank?
• Accordingly, same shall be calculated after amalgamation. As the methodology is same, the variance shall not be significant.
4.15. Who can be a prospective customer approach for starting a new relationship in corporate accounts?
4.16. How will customers of Andhra Bank & Corporation bank operate credit facilities post amalgamation?
• For working capital borrowers of common customers, the same shall be shifted to UBI Branches fully.
• Customers may not face difficulty as it is dealing with UBI presently through the same Branch.
4.17. Whom to approach for the service issues faced in the branch level?
4.18. How the products / services of Union Bank (not presently available to the customers of Andhra Bank & Corporation bank) shall be extended post amalgamation?
4.19. Can the new customers avail the FCNR (B) facility & ECB facility?
4.20. What are specialized Branches? Is there any minimum limit criteria to avail limits from them?
• The constituents having aggregate exposure of more than Rs.50.00 Crs and less than Rs.150.00 Crs shall fall under mid corporate group and aggregate exposure more than Rs.150.00 Crs shall fall under large corporate category.
4.21. What will happen to existing concession / deviations allowed to Andhra / Corporation Bank customers?
4.22. Whom to submit the fresh proposal after amalgamation?
• All you have to do is to simply approach our Branch Manager, apprise him / her of your need, and, he / she shall be too glad to guide you how to proceed further according to your specific needs.
4.23. What will be margin on credit facilities after amalgamation?
4.24. What will happen to pending issues / proposals?
4.25. What about credit facilities of Andhra Bank & Corporation bank, which are not available in Union Bank of India?
4.26. Whether Supply Chain Finance (SCF) will be available to existing customers of Andhra Bank & Corporation bank? If yes then what will be modus operandi?
4.27. Can I transfer my loan accounts to a new branch convenient to me? If yes, what procedure I need to follow?
4.28. What will happen to my original title deeds deposited with existing bank after merger?
4.29. My loan account is with Andhra / Corporation Bank under specific product, what will happen to my account post-merger?
4.30. My loan account is maintained with Andhra / Corporation Bank under the specific product with added benefit of concessional rate of interest and charges. What will happen to my account post-merger?
• In case of Working Capital the account will continue as per the existing guidelines in which the account was opened till the next review. After review, the account will be as per the new terms and conditions.
4.31. My loan account is maintained with Andhra / Corporation Bank under the Government sponsored scheme i.e. Mudra Scheme, Stand Up India Scheme, NULM Scheme. What will happen to my account post-merger?
• In case of Working Capital the account will continue as per the existing guidelines in which the account was opened till the next review. After review, the account will be as per the Union Bank of India Government sponsored product guidelines which will be uploaded on the website.
4.32. What will be the status of loans under Govt. schemes like PMMY, Standup India, PMEGP, NULM etc?
4.33. Will there be changes in the terms and conditions of my foreign currency loans and/or any other lines of credit?
4.34. Will my Gold Card Status of Exporters change post amalgamation?
4.35. Will the details of my Intermediary bank change post Amalgamation?
• In case of change, appropriate initiatives will be taken to intimate customers well in advance about the change in bank Swift Code and account details for smooth transfer of funds.
• This will enable the bank’s customers to intimate the changes in Bank details to their customers. Even after change, arrangements are being made with corresponding banks for re-routing credits to Union Bank of India’s NOSTRO accounts upto 6 months
4.36. I have received an advance remittance in Andhra Bank/Corporation Bank. Now after amalgamation I am submitting the export documents in the Amalgamated Entity Union Bank of India. What will be the status of e-BRC?
• However, post amalgamation the process of realising the bill will be handled by Union Bank of India wherein system will be provisioned to pick up the advance remittances of erstwhile banks and realise the final shipping bill.
• Hence, e-BRCs shall continue to be issued post amalgamation.
4.37. What will happen if my export bill is discounted in Andhra Bank/Corporation bank and the payment is received in Union Bank of India post amalgamation?
• In case the funds are received in Union Bank of India’s Nostro account, it will be transferred to AB/CB in “Bank to Bank” mode
4.38. Will my Export/Import transactions take place at the branch level or at a Specialized Trade Finance Facilitation centre (Back Office)?
• All the three banks are at different level of Back Office operations. As centralization is expected to bring in standardization, better compliance, quicker TAT and error free operations, Back office mode is being preferred.
• To cater customer’s transactions of urgent nature, a special mechanism is being planned to process those transactions before the end of day.
Internet, Mobile& DigitalBanking
5.1. Will internet and mobile banking services be affected by the amalgamation?
• Internet Banking: Usernames & passwords will remain the same. All 3 internet banking portal will continue to be active for now. Please continue to use your existing internet banking portal for now (i.e., Union Bank customers may continue to use the Union Bank net banking portal, erstwhile Andhra & Corporation Bank customers may continue to use their existing internet banking portals for now).
• Mobile Banking: Usernames & passwords will remain the same. All 3 mobile banking Apps will continue to be active for now. Please continue to use your existing mobile banking App for now, and you do not need to download any new App for now.
5.2. Can I use Bharat Bill Payment Service after merger of three banks?
5.3. What about the charges of NEFT/RTGS from Union to Andhra/ Corporation and vice versa?
5.4. Would I get the option of keeping a certain customer ID if I have accounts in more than one bank?
5.5. I have accounts in two of the three amalgamating banks. Will my Customer ID be the same for net banking purposes or all my accounts will be integrated under a common Customer ID?
5.6. Is there need to be a change in the bank to be used with respect to merchant payment like ticket booking, E-commerce, etc.?
5.7. For customers, the third party beneficiaries (Interbank/International/IMPS) added in their net banking account previously, will the same details be available or will it get changed?
5.8. I have enabled auto debit and auto credit facility on my accounts. Will I have to make a fresh application to initiate these services after the amalgamation?
5.9. How will my ECS mandate get impacted by amalgamation?
• The existing NACH mandates will continue and will not be impacted.
6.1. In case NRIs intend to open the account from abroad, can be documents/ forms be got signed in the presence of officials of correspondent bank or Indian Embassy/High Commission?
6.2 Whether there will be a change in the Interest rates on my NRE/FCNR deposit accounts after amalgamation?
6.3 Do I need to re-submit my KYC documents once again?
6.4 I have accounts in both the banks. Do I need to close one of the accounts?
6.5 Whether auto renewal of deposit is available with the amalgamated Bank?
6.6 Whom to contact for any dispute regarding rate of Interest of any of the threeBanks?
6.7 Whether my account number will change?
6.8 Will my other account details change?
6.9 How will I remit money to my NRE A/c?
• Transfer from another NRE / FCNR (B) account
• Transfer from another NRO account (subject to limit)
• Fresh remittance from abroad through banking channel
• Personal cheques drawn on foreign account
• Proceeds of Foreign Currency Notes / Travellerscheques tendered by NRI / PIO / OCI, while visiting India. Amounts in excess of USD 5000 (or equivalent) in currency or USD 10,000/- (or equivalent) in Travellerscheques should be accompanied by a Currency Declaration Form
• Drafts issued by bank / exchange companies abroad
• Interest, dividend and maturity proceeds of investments made in India etc on repatriable basis.
6.10 How do I repatriate my funds from NRO account?
• Repatriation of funds from NRO Accounts is currently limited to US$ 1 Mio (or equivalent) per financial year in India (April 1 – March 31) per Account Holder on the Account, subject to documentation requirements. The process flow of sending outward remittances will be the same.
6.11 Will Toll Free numbers remain the same after merger?
6.12 Whether customer care number for Corporation Bank/Andhra Bank is different from Union Bank of India’s customer acre number or can I call the same Toll Free number?
6.13 What about my Digital Banking Channels viz Mobile Banking/Internet Banking/ UPI/ BBPS/BHIM/Prepaid Cards?
6.14 Do the contact numbers of my base branch change after amalgamation?
6.15 Will the amalgamation of the three banks impact my current terms and conditions of loan account?
• However, in respect of interest rates, in case of Term Loans with reset clause, the present ROI will continue till that date. In the case of Working Capital loans, the present rate will remain till next renewal.
6.16 Are there any changes in terms and conditions of Loan against Deposit?
1800 425 1515
Union Bank of India
1800 208 2244
1800 425 3555