Union Bank of Colombo PLC

Union Bank of Colombo PLC provides a range of banking services in Sri Lanka. These services cater to individuals, businesses, and corporate clients. The bank offers specific products with clear technical features.

Personal Banking Services

Union Bank offers various savings accounts. The Regular Savings Account has daily interest calculation and monthly credit. It requires a minimum balance of LKR 1,000. Balances of LKR 2,000 earn 3.25% p.a. interest. The Ultra Saver Account features tiered interest, offering 4.00% p.a. for LKR 50,000-499,999 and 5.00% p.a. for LKR 500,000. This account also includes automatic safety-deposit-locker eligibility.

Salary Select Account provides 4.00% p.a. on LKR 5,000-49,999 and 5.00% p.a. on LKR 250,000. It requires a salary credit of LKR 5,000 per month. The Salary Power Account offers 4.00% p.a. on LKR 2,000-24,999 and 4.50% p.a. on LKR 50,000. This account features auto-sweep functionality to overdraft or fixed deposit. Union Bank Kidz Saver offers a flat 7.00% p.a. on balances of LKR 1,000. Account unlock requires parents' National ID verification. The Current Account has real-time cheque-sweep between accounts and extended clearing until 1600 hrs for next-day credit after 1400 hrs.

Foreign Currency Savings Accounts support USD, GBP, EUR, AUD, and JPY. They require a minimum deposit of USD 500 equivalent. These accounts offer tiered fixed-deposit rates up to 3.50% p.a. for 12-month USD deposits. Fixed Deposits offer tenors from 1 month to 5 years. A 5-year tenor can reach up to 9.00% p.a. maturity rate. Premature withdrawals occur at the prevailing Regular Savings rate.

Digital banking includes Union Bank Online Banking (UBgo) with dual-factor authentication via SMS OTP. It also features security questions and instant CEFTS transfers. The Union Bank Mobile App provides a missed-call balance inquiry service. It supports biometric login with a device-bound token. Union Bank Debit Cards (Visa Classic/Platinum) are EMV chip-enabled with contactless tap functionality. They have a daily ATM withdrawal limit of LKR 50,000 and a POS limit of LKR 100,000. Union Bank Credit Cards offer 0% installment conversion up to 12 months with partner merchants. A minimum spend of LKR 2,000 is required for liability posting.

Union Bank provides various loan products. A Loan Against Property offers an LTV up to 70% on residential collateral. It uses a floating rate linked to 6-month T-bill plus a 3.50% margin. The Auto Loan provides fixed rate options starting from 8.50% p.a. over 15 years. It allows balloon repayment up to 30% principal. Home Loans feature a floating rate at prime lending rate (PLR) + 1.25% margin. The tenor can extend up to 20 years. Personal Loans are unsecured up to LKR 1 million. Repayments are via standing order with a maximum tenor of 60 months. Union Bank Invest Plus offers unit trust access through National Asset Management Ltd., a subsidiary. It includes online portfolio tracking with NAV updates. The Union Bank Elite Circle provides tiered fee waivers on International ATM withdrawals. Members also receive a priority relationship manager with an SLT-gate pass.

Business and SME Banking Services

Union Bank Biz Direct offers real-time XML/MT940 statements on demand. It supports Host-to-Host payment integration via SWIFT Fin and H2H API. Union Bank Biz Partner provides dedicated Relationship Managers (RMs) with treasury-linked feedback reports. A minimum average balance of LKR 2 million is required for Biz Partner.

Working Capital Finance includes a revolving overdraft facility up to 180 days. Its pricing is linked to the 3-month LKR interbank offer rate (SLIOR) + 2.00%. Trade Finance Solutions offer Import LCs with SWIFT MT700 advising. Packing credit provides pre-shipment advances at a 75% margin. Bonds & Guarantees include bid bonds at a 0.50% issuance fee. Performance guarantees extend up to 100% contract value. These are available via online portal certificate download.

Term Loans & Leasing offer asset-backed lease tenors from 1 to 7 years. Secured term loans are amortized on a declining balance method. Factoring & Invoice Discounting includes recourse factoring at 1.25% p.m. It also provides an online receivable ledger via the Biz Direct portal. Bancassurance offers units via a partner Insurer. Coverage certificates are delivered instantly via email. An embedded API facilitates premium remittance. Cash Management Services include auto sweeping across multi-entity accounts. It provides a real-time liquidity position dashboard via Biz Direct. Agent Banking utilizes an authorized retailer network with POS-based cash acceptance. It offers instant SMS confirmation for deposits and loan payments. The Union Bank Corporate Debit Card features dual-currency limit controls. It is multi-applicable to procurement and payroll direct-debit.

Treasury and Digital Channel Features

Union Bank offers Foreign Exchange services, including FX swaps via a Bloomberg-connected dealing desk. Forward contracts are hedged at pre-quoted fixings. Treasury Services facilitate Government Treasury bill subscriptions via LankaClear. Repo transactions are collateralized by G-Sec. CEFTS (Real-time Rupee Clearing) operates a 24x7 settlement window. It provides real-time settlement reporting per CEFTS Clearing rules.

Internet Banking (UBdirect) utilizes 256-bit SSL encryption. It uses an SHA-256 certificate and features a session timeout auto-logout after 3 minutes of inactivity. SMS & Missed-Call Banking offers a missed call to 0117 818181 for balance inquiry. This is a free service. SMS OTP is used for funds transfers. Missed-Call Banking enables instant balance-inquiry by missed-call on a registered mobile. CEFTS Instant-Pay allows real-time, bilateral-free transfers to any CEFTS-connected bank without pre-registration. Biz Direct Host-to-Host API provides full STP integration with corporate ERPs for payment initiation and reconciliation. Elite Circle Tiering offers a dynamic fee waiver matrix. It also features a priority-queuing algorithm unique to the UBC relationship module. The UB Mobile Biometric Token is a device-bound biometric encryption key stored locally for multi-factor login.