Union Bank of India

Union Bank of India UK is the British arm of one of India's large state-owned banking groups, operating as a UK-incorporated bank from London. It offers a narrow, focused range of personal banking products: a GBP current account and a GBP savings account, both aimed at personal customers rather than businesses¹. Its particular strength, as its own charges and product documents describe, is the link back to India: transfers to accounts with Union Bank of India are free, and inward international payments through SWIFT are free of the bank's own charge³.

The bank is authorised and regulated in the UK. Its Financial Conduct Authority reference number is 601551, its authorised status took effect on 6 September 2013, and it appears on the Bank of England's Prudential Regulation Authority list of UK-incorporated banks permitted to accept deposits⁴. Money held with it is covered by the Financial Services Compensation Scheme, the same scheme that protects deposits at every authorised UK bank, up to £120,000 per eligible depositor⁶.

Because it is a UK-incorporated bank rather than a branch of an overseas one, the protections a UK consumer expects apply in full: the Financial Ombudsman Service can hear complaints, and the FSCS can pay out compensation if the bank were to fail. The sections below set out what the bank offers, who can open an account, how to do so, and where the limits are.

What Union Bank of India offers in the UK

Union Bank of India UK keeps to a deliberately small product range. For personal customers it offers a current account and a savings account, both denominated in pounds sterling¹. Its FCA permissions confirm the shape of the business: accepting deposits, and entering into regulated credit agreements as a lender, with high-cost short-term credit, bill of sale agreements and home collected credit agreements excluded⁴. In plain terms, it takes deposits, it can lend, and it does not offer payday-style products.

The accounts are practical rather than elaborate. The current account comes with a cheque book, but only for the GBP account, and cheque clearing is provided for GBP currency only¹. Cash withdrawals and deposits are likewise a GBP facility, with withdrawals in any other currency entirely at the bank's discretion¹. Account statements are provided free once a month by email¹. The bank's own charges document, effective from 1 April 2024, is the place to check the current fee position for any service, and this page does not reproduce individual figures that may have changed since³.

Where the bank differs from a typical high street name is in its India connection. Its charges list shows transfers to accounts with Union Bank of India are free, and inward international payments through SWIFT carry no fee from the bank³. For customers with family, property or business interests in India, that link is the main reason to look at this bank rather than a larger UK competitor. For everyone else, it is one of a number of small UK banks offering straightforward GBP accounts, and the guides to current accounts and savings accounts explain how such accounts work generally and what to compare.

Current and savings accounts at Union Bank of India

The current account is the bank's main personal product. It is a GBP account for individuals, with a cheque book issued only for the GBP current account, monthly free statements by email, and cash facilities in pounds¹. Cheque clearing is available for GBP currency only, so the account is not designed for handling foreign currency cheques, and the bank states that cash withdrawals in other currencies are entirely at its discretion¹. Anyone comparing current accounts generally can read how features such as direct debits, standing orders and overdrafts work in the current accounts guide.

The savings account is likewise a GBP product for personal customers. The bank's savings account page confirms the same currency limits on cash and cheque facilities². As with any savings account, the things that matter are how the account is operated, whether notice is needed to withdraw, and how interest is paid; the bank's own site carries the current terms, and the savings guide explains these features and how to compare them. The bank does not appear to offer ISAs, and the ISA guide covers that market separately.

A few practical points from the bank's own documents are worth knowing before opening either account. First, the accounts are for personal, non-business purposes; the terms state that personal accounts can be opened by personal customers for non-business use⁶. Second, the bank may refuse to open an account for any lawful reason and is not required to give a reason for a refusal⁶. Third, the terms apply to personal accounts opened or operated by customers with the bank in the United Kingdom, so the products described here are the UK ones⁶.

Borrowing from Union Bank of India

Union Bank of India UK can lend. Its FCA permissions include entering into regulated credit agreements as a lender, though the permissions exclude high-cost short-term credit, bill of sale agreements and home collected credit agreements⁴. What that means for a consumer is that the bank may offer loans or overdraft facilities of the ordinary regulated kind, but it is not authorised to offer the highest-cost forms of short-term lending. Any specific borrowing product, its terms and its costs would be set out by the bank itself, and this page carries no rates or fees for its products.

One term in the bank's conditions matters to anyone who both saves and borrows with it: set-off. The terms state that the bank may use credit balances in other accounts held by the customer in the same name to reduce or repay amounts owed, including overdrafts, business loans or other credit agreements⁶. In practice, if you have money in a savings account and an unpaid debt with the same bank, the bank can take from the savings to cover the debt. This is a standard banking power, but it is worth knowing before you keep large balances and borrowing at the same institution. The loans guide explains how personal borrowing works generally, and the debt guide covers what to do if repayments become a problem.

The bank's India link can also be relevant to borrowing in one indirect way: free transfers to Union Bank of India accounts and free inward SWIFT payments make it straightforward to bring money into the UK account from family or interests in India³. That is a payments matter rather than a credit one, but customers sometimes weigh it up alongside a borrowing need. For anything to do with sending money across borders, the money transfers guide sets out the options and the costs to watch.

Who can bank with Union Bank of India

The bank's own terms set the boundaries. Personal accounts can be opened by personal customers for non-business purposes, and the bank may refuse to open an account for any lawful reason without giving a reason⁶. The terms apply to personal accounts opened or operated by customers with the bank in the United Kingdom⁶. So the starting position is that any UK resident can apply, but the bank retains a broad discretion over who it accepts, which is common among smaller banks that operate a selective, relationship-led model.

For identity checks, the bank's current account page lists acceptable documents in groups. From Group A, any one of the following: a copy of a valid passport with a minimum period of six months to expiry, or a copy of the current full UK photo driving licence with counterpart¹. The six-month passport validity requirement is stricter than many banks apply, so anyone whose passport is close to expiry would need the driving licence instead, or a renewed passport. The bank's account page lists the full set of documents it accepts, and its branch staff can confirm what is needed before you apply¹.

Joint accounts are a general feature of UK banking rather than something this bank's documents describe in detail, but the principles are the same everywhere: MoneyHelper explains that with a joint account, both account holders are jointly responsible for debts on the account and money in it is normally treated as belonging to both, which matters both for day-to-day use and for the way deposit protection is calculated⁸. People receiving benefits can have payments paid into any account in their name: MoneyHelper notes that a Universal Credit payment can go into a joint account in both names or one partner's individual account⁹. If you cannot get a standard account anywhere, the current accounts guide describes the alternatives that exist.

How to open an account with Union Bank of India

The bank describes two routes to open a current account: visiting its branch in person, or sending completely filled and signed application forms with supporting documents to the bank¹. There is no full online application process described in the bank's own documents, which marks it out from the app-first banks. The practical sequence is:

1. Check the bank's account page for the current list of acceptable identity and address documents¹.
2. Prepare your Group A identity document: a valid passport with at least six months to expiry, or a current full UK photo driving licence with counterpart¹.
3. Either visit the branch in person, or complete and sign the application forms and post them with the supporting documents¹.
4. Wait for the bank to confirm the account is open; the bank may refuse for any lawful reason and need not give a reason⁶.

This is more paperwork than opening an account with a large high street or app-based bank, where Citizens Advice describes the usual process as filling in an application form in a branch, online, or sometimes over the phone, and providing proof of identity including your full name, date of birth and address¹⁰. The difference is a matter of scale and model rather than rules: the same identity-checking law applies to every bank. Once open, the account provides a free monthly statement by email¹.

Banking with Union Bank of India: online and by contact

The bank's terms define its websites: its public internet presence at www.unionbankofindiauk.co.uk, and its internet banking service at www.unionbankonline.co.uk⁶. The FCA Register also lists www.unionbankofindiauk.co.uk as the firm's website address⁴. Internet banking is therefore available, alongside the branch, and the bank's product pages describe services such as monthly email statements and SWIFT payments that imply an ongoing online relationship¹.

What you can do with online banking at most banks, as Age UK describes, includes checking your balance at any time of day or night, checking your bank statements, transferring money between your accounts, sending money to people you know, and setting up or cancelling direct debits and standing orders¹¹. A small bank's online service may cover a narrower range than a large one, and the bank's own site is the place to confirm exactly which services are available online and which require a branch visit or a posted instruction. The how-to guide covers everyday online banking tasks step by step.

Contact with the bank runs through its branch and the channels listed on its website. Because the bank operates a single UK branch model, there is no branch network to fall back on in other cities, so customers outside London are likely to do most of their banking online, by phone or by post. That is a perfectly workable arrangement for many people, and the FSCS has confirmed that it protects money held in all authorised UK banks even if they have no branches at all¹². For anyone who values face-to-face banking as a matter of course, that is a factor to take into account when choosing an account.

Checking you are dealing with the genuine Union Bank of India UK

Because this bank has a name that is also used by a large overseas group, it is worth knowing exactly which firm you are dealing with and how to check it. The UK bank is Union Bank of India (UK) Ltd, a company incorporated and registered in England with registration number 07653660⁶. On the FCA Register it appears as Union Bank of India (UK) Limited, reference number 601551, with authorised status effective from 6 September 2013, and with a previous name of UBI UK Limited⁴. Companies House records the company as active, incorporated on 1 June 2011⁷. It also appears on the Prudential Regulation Authority's list of banks incorporated in the UK authorised to accept deposits⁵.

The check itself takes a minute: search the FCA Register for the firm or the reference number 601551, and confirm the website address listed there matches the site you are using⁴. Anyone calling or writing to you claiming to represent the bank can be verified against the contact details the bank itself publishes, not against details the caller supplies. Independent Age advises that anyone who has revealed personal information or sees activity they do not recognise contacts their bank using the phone number on the back of their card or on a recent statement¹³. Citizens Advice adds that if you have been scammed, you may be able to get your money back, and it sets out the steps to take¹⁴. The scams and fraud guide explains the warning signs in full.

One further point of transparency from the bank's own terms: the bank may transfer customer information to its Back Office Operations Division, which is part of the Union Bank of India group of companies and is based overseas, for processing purposes⁶. The bank is registered with the UK Information Commissioner as a data controller under number Z3266289⁶. Neither point changes what a customer does day to day, but both are part of the picture of where your data sits when you bank with a UK arm of an overseas group.

Complaints and where to get help

The bank's terms and conditions set out its complaints procedure in section 32, with regulatory information in section 33⁶. The general route, as MoneyHelper describes for any bank, is to complain first to the bank's customer services, then make a formal complaint, giving the bank eight weeks to investigate and provide a final response⁸. The bank's own terms confirm the ombudsman stage: eligible complainants may refer a complaint to the Financial Ombudsman Service within six months of the date of any final response, or where no final response has been given within eight weeks⁶.

The Financial Ombudsman Service is free to use. Which? describes how to take a complaint there: visit the FOS website to make a complaint or call 0300 123 9123¹⁵. The ombudsman can look at complaints about most banking services provided by authorised firms, and its decisions bind the firm if you accept them. If your complaint is about a scam or an unauthorised transaction rather than ordinary service, the practical first step is different: the bank is contacted immediately using the number on your card or statement, and the bank's complaints route follows if you are unhappy with how the claim is handled¹³. The consumer protection guide explains your rights across financial services.

How your money is protected at Union Bank of India

The bank states plainly that it is covered by the Financial Services Compensation Scheme⁶, and its current account page confirms that deposits are guaranteed under the FSCS subject to eligibility norms¹. On the level of cover, the bank's terms give two figures: protection up to £120,000, and £120,000 per eligible depositor with £240,000 for a joint account held by two eligible depositors⁶. The FSCS protects most depositors, including most individuals and small businesses⁶.

The key point for a bank with an overseas parent is that the cover follows the UK authorisation, not the ownership. Which? explains that banks based outside the EEA, such as Indian banks operating in the UK, have to be authorised by the FCA to operate here, and that if you are a UK-based customer with a UK-authorised bank, the FSCS protects your money¹⁶. Union Bank of India UK goes one step further than a branch: it is incorporated in the UK and authorised here in its own right⁴. The contrast worth knowing is with banks authorised elsewhere: Which? notes that savings in an Irish bank are covered by the Irish scheme, not the FSCS¹⁶. The FSCS also confirms that its protection applies to money held in all authorised UK banks even if they have no branches¹².

Two limits on that protection are worth stating. First, the FSCS limit applies per banking licence, so the relevant question is always which firm holds the money; here the licence is Union Bank of India (UK) Ltd's own⁴. Second, the bank's set-off rights mean that money in credit with the bank can be used to reduce or repay amounts you owe it, including overdrafts and other credit agreements⁶, which is a different matter from FSCS protection but affects how much of your balance is truly yours. If a bank were to fail, Which? describes the process that follows and how the FSCS pays out¹⁶; the banks guide lists UK banks and building societies and how they are grouped.