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What is a Savings Account?

City Union Bank Savings Account

City Union Bank provides a plethora of services to its customers. A savings bank account is one such service. Other services include stock trading, portfolio management solutions, special banking facilities, internet banking, and utility bill payments and so on.

A savings account is a deposit account that pays interest with fixed intervals but cannot be used as money, like for paying directly, for example by writing a check. These accounts help the customer set aside a fraction of their assets for emergency or future use.

The amount in deposit earns a nominal interest ranging from 3.50 to 4%. The rate of interest varies from bank to bank as do the terms and conditions of the account.

City Union Bank savings account also offers a number of other services such as credit / debit card, and so on.

Though the rate of interest is nominal, this is a relatively safe investment option since there is no market risk involved.

Features and Benefits of City Union Bank Savings Account

There are numerous benefits to opening a City Union Bank Savings Account.

  • Your hard earned savings are safe since there is no volatility involved in this account.
  • Your money will earn interest even as it lies there waiting to be used.
  • The City Union Bank savings account comes with a host of added benefits.
  • You need not visit the branch to access your account. You can do so via net banking or mobile banking too.
  • City Union Bank has ATMs all over the country which gives you easy access to your money.
  • You can set up ECS for utility bill payments.
  • You can also use net banking to make bill payments.
  • There are different types of savings account for different needs and requirements.
  • You can get a free debit or credit card with this account.

Types of City Union Bank Savings Accounts

General Savings Account: General Savings Account offers different services for your day to day banking needs.

  • Resident Indians, HUF, and corporates are eligible to open this type of account.
  • Facilities with this account are CUB Net, CUB Mobile, Cheque Book, International Debit/ATM Card. Free electronic fund transfer, SMS alert and e-Statement.
  • Free cash remittance from branches and free cash withdrawal at base branches.
  • Mode of operation for this account is Single, Joint: with E or S/ F or S, Anyone or Survivor.
  • Nomination Facility is available.

Salary Savings Account: Salary Savings Account provides service for the individual with salary management needs.

  • Any resident Indian can open this type of savings account
  • Mode of operation is Single.
  • Facilities provided with this type of account are CUB Net, CUB Mobile, Cheque Book, and International Debit/ATM Card.
  • No minimum balance is required.
  • Nomination facility is available.

Basic Savings Bank Account: City Union Bank offers basic services for the underprivileged free of charges.

  • Any resident Indian individual can open this basic savings bank account.
  • Facilities with this account are ATM Card, Deposit and withdrawal of cash at City Union Bank branches and through ATM as well.
  • Receipt/ Credit of money through Electronic Payment.
  • No minimum balance is needed in this.
  • Free deposit or collection of cheques drawn by the Central / State Government.

Junior India: City Union Bank offers service of saving accounts for children.

  • Any child below age 18 can open a Junior India account.
  • Mode of operation for the account is by the guardian.
  • Facilities are deposit and withdrawal of cash at City Union Bank branches and ATMs, ATM/ Debit Card (above 12 years), SMS alert, e-Statement.
  • Remittance of school or college fee is available for free of charges.
  • Nomination option is available.

Young India: City Union Bank provides facilities for students.

  • Any Indian resident student of age 18 to 25 can open a Young India account.
  • Mode of operation is single.
  • Facilities for Young India account are deposit and withdrawal of cash from branches and ATMs, Free ATM/Debit Card, City Union Net, City Union Mobile, SMS alerts, e-statement.
  • Remittance of college fee free of charges.
  • Nomination is available.

Excel: City Union Bank provides services for saving accounts linked with Life Insurance Coverage.

  • Eligibility for it is a resident individual, 18 to 54 years of age.
  • Mode of operation is by the account holder.
  • Facilities are deposit and withdrawal of cash from branches and ATMs, International Debit/ATM Card, Cheque book, FREE City Union Bank Net and City Union Mobile, SMS alerts and e-statement facility
  • Nomination is Mandatory.

PMJDY (Pradhan Mantri Jan Dhan Yojana): Pradhan Mantri Jan Dhan Yojana is the account service provided by City Union Bank to enable access to banking facilities free of charges for everyone.

  • This type of account may be opened by any resident individual at any bank branch.
  • Mode of operation is done by the account holder.
  • Minimum balance can be zero.
  • Facilities are RUPAY Card for transactions at any Bank branch, PoS, ATM, and Online Transactions.
  • Nomination is mandatory.

City Union Bank Savings Account Minimum Balance

City Union Bank requires the depositor to maintain a certain minimum balance in his account unless otherwise specified -


Without Cheque Book


With Cheque Book


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City Union Bank Savings Account Interest Rate

City Union Bank offers its depositors an interest rate starting from 3.50% up to 4% per annum on all savings bank accounts. The interest is credited to the depositor’s account every 6 months.

The revised interest rates effecti9ve from 1st April 2020 are,

Average BalanceRate of Interest

Less than Rs. 1,00,000


Above Rs. 1,00,000 and up to Rs.10,00,000


Above Rs. 10,00,000


It should be noted that the rate of interest is subject to change at any time at the discretion of the bank.

City Union Bank Savings Account Charges

Charges may be applicable for non-maintenance of minimum balance or other services offered. You may visit the bank website or branch for details.

How to open a City Union Bank Savings Account

In order to open a City Union Bank savings account, you can either visit any branch of the bank directly - you can find the nearest branch using the branch locator feature on the bank website - or you can download the application form from the website of the bank.

Once you have filled out the application form, visit the bank branch and submit the form there along with the usual KYC documents such as ID proof, age proof, address proof and so on. You will also need to submit a copy of your PAN card.

If all your documents are in order the account will be opened immediately.

City Union Bank Savings Account FAQ

1. What is the best interest rate on a City Union Bank savings account?

Interest rates on SB accounts usually range from 3 to 6% per annum. Currently, City Union bank pays an interest rate of up to 4%. However, this is subject to change at any time at the discretion of the bank. To know the latest rate of interest, visit the official website of the bank.

2. What is the eligibility for the City Union Bank Senior Citizen savings account?

To open a senior citizen account, the depositor must be above 60 years of age at the time of opening the account. Senior citizen accounts attract certain special privileges such as a higher rate of interest.

3. How can I upgrade my savings account from one kind to the other?

A minor who attains age 18 can opt to change his account to any one of the available types of SB account. A depositor may also voluntarily change the type of account in certain cases.

City Union Bank Savings Account - Customer Reviews

4 / 5 (23 Reviews)
26 Sep 2020

Usefulness of information,Good

14 Apr 2018


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