City Union Bank Savings Account
A savings account is one of the most popular types of bank accounts worldwide. It offers a low interest rate but at the same time, is a safe and convenient way of storing money. A savings account is often the first bank account for many as it is very easy to open and operate. There are different kinds of savings accounts for different needs. Banks also offer zero-balance savings accounts to encourage financial inclusion for all.
Advantages of having a savings account
There are several advantages to having a savings account:
- Easy access to your money: You can deposit and withdraw money from a savings account as per your requirements.
- Interest income: You can earn interest (though nominal) on the money stored in a savings account. While you earn less interest in a savings account as compared to an FD or RD account, you also have far greater freedom in operating the account.
- Bill payment: It is extremely easy to pay your utility bills etc.
- Transferring funds with ease: You can transfer funds and conduct various banking transactions with a savings account.
- Safety: It is definitely better to store your money securely in a bank rather than keeping it in your home.
- Requires minimal documentation: A savings bank account is easy to open and requires minimal documentation.
- There are various fees associated with a savings account.
- You need to maintain a specific balance each month in order to avoid penalties. The minimum balance required, interest rate and fees and charges vary from bank to bank and the type of account opened.
- The interest is far lower when compared to that of, say, a Fixed Deposit account and offers low returns in comparison to other forms of savings.
Even with the downsides, a savings account is popular with the old and the young, as it provides easy access to money in times of need and inculcates a habit of saving. With the easy banking modes it has on offer, a savings account is a must to have.
City Union Bank Savings Account
A City Union Bank savings account provides a host of banking benefits like flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with a City Union Bank Savings Account.
Features and Benefit of a City Union Bank Savings Account
There are various benefits to having a savings account with City Union Bank:
- Safety and security when you store your cash in a savings account
- Different savings account for different needs.
- Access your account with ease via Internet Banking / SMS Bank / Phone Banking
Types of City Union Bank Savings Accounts
CUB Excel – Insurance linked savings account
- All individuals between the ages of 18 and 54 years are eligible to open this insurance linked account.
- In case of joint account holders, the first name account holder will be eligible for insurance cover.
- The account holder should maintain quarterly average balance of Rs.50,000/- for a period of one year
- Insurance coverage of Rs.1.00 lakh provided on death due to any cause.
Other facilities linked to this account include:
- Issue of cheque book (including multicity cheque book at the option of the depositor) - free of cost
- ATM/ VISA cards
- Internet banking facility
- Withdrawal of cash through ATMs including other banks’ ATMs without any charges
- Free transfer of funds through RTGS
- Unlimited cash remittance
Young India Account
- Students of age 18 years and up to 25 years in their individual names are eligible to open this kind of account
- Introduction: By an existing account holder or by the head of the educational institute where the student is studying The student must furnish either birth certificate or SSLC mark sheet Identity proof: The student must furnish the identity card or a bonafide certificate from the educational institution
- Opening of account: No balance necessary Minimum balance: Rs.500
Other facilities include:
- Issue of International VISA Debit Card. Students can use VISA debit card to make online purchase of books, railway/flight tickets.
- Withdrawal through 11, 00,000+ ATMs around the globe
- Free Collection of outstation cheques
- Mobile banking facility
- Online payment of college fees, hostel fees etc., online
- Free Bill Payment facility through Internet cBanking
- Free –Annual card cost/ maintenance charges
- Free Funds Transfer facility through Net Banking to any branch, and also to other Banks through RTGS/NEFT
- Monthly statement of account through e-mail
Junior Savings Account
- All minors up to age 17 years are eligible to open this account. It is to be operated by father/ mother/ guardian/ court appointed guardian
- Introduction by an existing accountholder
- Age proof: Birth certificate
- Minimum amount to be maintained:
a. Rs.250/- (monthly average) for cheque book a/c and
b. Rs.100 /- (monthly average) for non-cheque book a/c
- Rate of interest: As applicable for ordinary Savings bank accounts. Presently 3.50% p.a.
- Mode of calculation and payment of interest : Similar to ordinary domestic savings bank accounts
Maximum amount: No limit
City Union Bank Savings Account Minimum Balance
The minimum balance required in City Union Bank savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:
|Type of Savings Account||Minimum Balance Required|
|CUB Excel||Quarterly average balance of Rs 50,000 for one year|
|Young India||Rs. 500|
|Junior Savings Account||Rs.250/- (monthly average) for cheque book a/c and Rs.100 /- (monthly average) for non-cheque book a/c|
City Union Bank Savings Account Interest Rate
City Union Bank savings account comes offers interest rates of up to 3.5 %, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank. It is advisable to check with the Bank for accurate rates.
City Union Bank Savings Account Charges
Different City Union Bank of India savings accounts have a different schedule of charges. It is best to contact the Bank directly for the most up to date charges.
How to open a City Union Bank Savings Account
City Union Bank savings account opening is easy and hassle-free. You can visit your nearest branch and have a customer care representative help you with the forms. You can talk to the representative about your saving needs and open an account accordingly.
Alternatively, you can open a savings account online. You need to fill the online account opening form and submit it online.
City Union Bank Savings Account FAQS
What is the best interest rate on a City Union Bank saving account?
The interest rates are currently at 3.5 %. For the latest interest rates, it is best to contact the nearest City Union Bank branch.
Who is eligible to open a Basic Savings Account with City Union Bank?
All resident individuals, singly or jointly, minors along with parent or legal guardian, are eligible to open an account.
Is it possible to open a City Union Bank savings account online?
Yes, you can open a City Union Bank savings account online. You need to fill in and submit the online account opening form on their website. Once your application is received you will be contacted by a bank representative.