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City Union Bank offers attractive fixed deposit rates. Fixed deposits can be opened online or by visiting the nearest branch. City Union Bank Fixed deposit rates vary with the amount invested and the tenure. The rates are also different for non-withdrawable deposits and recurring fixed deposits.
Fixed deposits are popular investment avenues, it is also the most sought-after avenue by investors. A single individual can hold multiple deposit account with same or different banks, the term deposits would vary typically based on term and interest rates.
Investment mandate by RBI states that a fixed deposit account can be opened with a minimum of Rs. 100 and there is no maximum limit on the amount that can be invested. The tenure can range from 7 days to 10 years, if the investor is a minor then the tenure can be increased to 15 yrs or 20 yrs on a case to case basis. The extended term is usually done keeping in mind the best interest of the investor. Most banks fine-tune the mandate such that the solutions or products offered suit the set of clients that they cater to.
City Union Bank offers customized products which suit their clients. They have a prominent presence in South of India, particularly Tamil Nadu. They cater to a huge clientele comprising rural and semi-urban populace. Their products are designed to best suit their needs. The bank has a long standing market hold in the interior and semi-urban regions of Tamil Nadu. The amount collected in the form of deposits are circulated as loans and advances among individual and corporate clients as applicable.
About City Union Bank Fixed Deposit Rate
City Union Bank offers competitive interest rates and flexible tenures. The minimum amount with which an account can be opened is Rs. 100. For deposit amounts over Rs. 50,000, PAN submission is mandatory, and the deposit amount is accepted through cheque only. Under the term deposit account offered by City Union Bank, the investor tends to earn higher interest on the same money parked as compared to any savings deposit for the same period. The tenure for which one can open the deposit account ranges between 7 days to 10 years. The only drawback of fixed deposit account is that the money deposited cannot be withdrawn prior to the maturity date, except on the payment of penalty.
City Union Bank offers term deposit accounts with easy documentation. If an existing customer wants to open term deposit account, then the proofs of the existing account can be used, and the account is opened without any hassle. If a new customer intends to open term deposit account, then the regular proofs that need to be submitted include – address proof, identity proof, age proof (incase of senior citizen) and income proof.
City Union Bank offers different types of deposit schemes catering to a variety of customers. The fixed deposits can be categorized as –
The key features of the fixed deposit offered by City Union Bank are –
Flexifix Fixed Deposit
Key features of these deposits are as mentioned below -
Tax Saver Deposit –
The interest rate applicable for term deposits are –
Domestic Term Deposits (Including MSD) from 09.01.2019
For NRO deposits, the above rates under General category will alone be applicable i.e., senior citizen rate is not applicable.
Terms : Senior citizens: Age - Completed age of 60 years.
CUB 500 days
* Penal interest of 1 % for premature closure of Deposits
1. Who is eligible to open a term deposit account with City Union Bank?
Resident Indians, private or public limited company, Hindu Undivided Family (HUF), trust and partnership firm can open term deposit account with City Union Bank. Non – resident Indians are also allowed to open term deposit account with City Union Bank.
2. What is the minimum and maximum tenure allowed on fixed deposits?
The tenure can range between 7 days and 10 years.
3. What is the minimum amount allowed for opening a fixed deposit account?
Fixed deposit account can be opened with a minimum of Rs. 100 and can be increased in multiples of Rs. 100.
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