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About 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.
There are numerous benefits to opening a City Union Bank Savings Account.
General Savings Account: General Savings Account offers different services for your day to day banking needs.
Salary Savings Account: Salary Savings Account provides service for the individual with salary management needs.
Basic Savings Bank Account: City Union Bank offers basic services for the underprivileged free of charges.
Junior India: City Union Bank offers service of saving accounts for children.
Young India: City Union Bank provides facilities for students.
Excel: City Union Bank provides services for saving accounts linked with Life Insurance Coverage.
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.
City Union Bank requires the depositor to maintain a certain minimum balance in his account unless otherwise specified -
Without Cheque Book
With Cheque Book
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,
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.
Charges may be applicable for non-maintenance of minimum balance or other services offered. You may visit the bank website or branch for details.
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.
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.
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