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Introduction
City Union Bank (CUB) is a renowned name in the private sector. It is a leading scheduled commercial bank of the country and has around 700 branches that cater to the banking needs of millions of its customers. City Union Bank or more commonly known as CUB offers a huge range of products in primarily four categories of banking segments namely, treasury, retails banking, corporate banking and other banking services.
Digital banking is an integral part of all the four banking segments. City Union Bank offers three modes under its digital banking services that the customers can access from anywhere and at anytime. Following are the different modes of digital banking that are available with City Union Bank.
- Mobile Banking
- Internet Banking
- UPI (Unified Payments Interface)
The UPI feature of the Bank is a very unique feature that is available to all the customers in The Indian Market. The details of the UPI app of City Union Bank are mentioned below.
What is the meaning of UPI?
UPI stands for Unified Interface Payments which is used as a payment gateway for sending and receiving funds from anywhere and at any time to other verified UPI accounts or to bank accounts using the unique VPA allocated to the UPI account of City Union Bank. City Union Bank UPI is known as BHIM CUB ewallet UPI.
VPA is the Virtual Payments Address that is allotted by providing a registered mobile number or the account number of a valid savings or current account along with the IFSC code.
UPI was the initiative of the National Payments Corporation of India (NPCI) and is under the regulation of the Reserve Bank of India (RBI) which is the central bank of India. Customers are eligible to send and receive funds immediately on a real time basis similar to the IMPS technology of funds transfer.
Overview of CUB UPI
City Union Bank UPI application provides a centralized platform to its customers to access multiple bank accounts under a single virtual address. The UPI id generated is valid for the lifetime of the customer and can be deactivated or de-registered anytime as per the convenience of such account holder. City Union Bank provides the customers to create their own Merchant QR by simply giving a missed call to +91 4071320749.
Features of City Union Bank UPI
City Union Bank provides many features and benefits that make it a better and a preferred banking tool as compared to other available options. Following are the details of the same.
- CUB UPI e-wallet provides a single platform for multiple accounts to be handled or accessed. These accounts can be either the savings bank account or current bank account of either the City Union Bank or any other bank within India.
- This UPI portal enables the customers to transfer funds in real time and also in a very convenient fashion as compared to the traditional funds transfer options like NEFT/RTGS.
- City Union Bank UPI does not require the customers to register the payee before transferring the funds or even wait for the cooling period as is the case in NEFT or RTGS or IMPS mode of transfer.
- Sending and receiving money can be done through many available options under the UPI application like VPA (Virtual Payment Address)
- Providing the Bank Account Number along with IFSC Code
- Providing the Registered Mobile Number
- Scanning the QR code of the merchant or the person (payee).
- City Union Bank UPI functions on the basis of single-click 2-factor authentication. The QR code of the UPI application is unique to each VPA and thus is a very secure portal along with other measures to ensure the safety and security of not only the funds under the banks associated with the UPI but the identity of the account holder as well.
- Customers can easily set or reset the UPI PIN for the applications multiple times at any time and from anywhere during the course of using the app. It can be done by simply selecting the option for the same and providing the registered mobile number along with the OTP sent on such mobile number to verify and authenticate such request.
- City Union Bank UPI allows the customers to get a detailed history of their transactions (like the date, amount and id of the transactions) for any period selected by them which in turn helps them to keep track of their expenses or funds transfer easily.
- The application allows the customers to raise any queries of issues pertaining to the application or any other feature of the bank easily and track them as well in real time through the complaint id generated.
- Customers do not have to face any hassles in making payments or receiving funds that are part of the traditional banking transfer modes like minimum amount for the transactions or unavailability of account details, etc.
- The cost of operating or using the application is almost zero. Customers do not have to pay any additional funds for downloading or registering for the UPI application of the Bank.
- City Union Bank UPI allows the customers to perform many other functions like
- Checking the balance of a registered bank account
- Payment of utility bills
- Deleting the application
- Online shopping
- Recharging the DTH account or mobile recharges
- Payments to merchants for point of sale transactions
- Starting a new fixed deposit
- Getting a detailed history of transactions
- Funds transfer through scanning the QR code
- Subscribing for an IPO.
- Managing a bank account registered with the application
- Managing payee or beneficiaries (adding or deleting them easily anytime)
- Setting payment reminders
- Donations
- Paying insurance premiums
- UPI is a crucial factor or contributor in promoting the cashless economy vision of the Government of India as it has enabled the concept of digital economy to reach all the corners of the country and be widely accepted as the primary mode of executing funds transfers.
Transaction Limits for City Union Bank UPI
UPI application of any bank has certain restrictions imposed on the number of transactions that can be performed by an account holder as well as the volume of the transactions that can be undertaken by any VPA holder. The details of the same are tabled below.
Particulars | Limit |
Maximum number of transactions per day | 10 |
Maximum value of transactions per transaction | Rs. 1,00,000 |
Maximum value of transactions per day | Rs. 1,00,000 |
How to send money through CUB UPI?
The process to send money through CUB UPI is very simple and enables the customers to transfer funds in real time or instantly. The detailed process for the same is mentioned below
- First step is to click on the ‘Pay’ icon.
- After that, customers will have to select the account from which the transaction has to be carried out
- Customers can use the ‘Pay’ option for a pre-added beneficiary and ‘Quick-Pay’ option for the new beneficiary
- Next step is to select the beneficiary type from the drop down menu and then provide the required beneficiary details upon such selection
- After that, customers will have to enter the amount to be transferred and then click on ‘Submit’
- Upon successful execution of the funds transfer, customers will get a notification for the same along with transaction details.
How to receive money through CUB UPI?
The process of receiving money through CUB UPI is very easy and does not necessarily require adding the beneficiary details prior to such receipt of funds. The detailed process for the same is mentioned below
- First step is to click on ‘Collect’ icon available in the application
- After that, user will have to select the account to which the amount has to be credited
- Customers will have to select the ‘Collect’ option for a pre-added beneficiary or ‘Quick Collect’ option for new beneficiary
- Next the customers will have to provide the Beneficiary Virtual Payments Address (VPA) if they opt for the Quick collect option
- Customers have to then provide the expiry time and the amount that has to be transferred
- Customers have to ensure that the beneficiary should transfer the amount within the specified time otherwise the request to collect money would expire automatically after such notified time.
FAQs - City Union Bank UPI
1. What are the prerequisites to register with the City Union Bank UPI?
The prerequisites to register with City Union Bank UPI are,
- A registered mobile number.
- A valid Debit Card or an ATM Card which is required to activate the account.
- A smart phone to access the UPI account.
2. Where can I find the CUB UPI application?
CUB UPI application can be found under the e-wallet of the bank namely the BHIM CUB ewallet UPI.
3. What is the process to register an account with CUB UPI?
Customers need to download the CUB UPI application i.e. the BHIM CUB ewallet UPI from the Google Playstore or the Apple Store to initiate the process to create an account with the UPI portal of the bank. After that customers have to login to the application by providing the registered mobile number and generate a PIN to login to the wallet. Next step is to provide a username and a valid PIN which is of 4 to 6 digits. This PIN is essential as it will be needed to authenticate any funds transfer or payment request made through this portal. After successfully providing the above username and PIN, customers will have created a UPI account with the CUB UPI. After the above steps, customers will then have to provide the details of the Bank account to be linked to the UPI account registered and authenticate the request for the same by providing an OTP sent to the registered mobile number of the account holder. Customers can add multiple bank accounts though this process.
4. What is the process to create a PIN for the UPI account of the bank?
The UPI PIN is an extremely essential part of the application as it is necessary to validate all the transactions initiated by the customer. The process of creating a UPI PIN is mentioned below.
- First step is to login to the wallet of the bank and select the UPI option.
- Customers then have to provide the username for the UPI portal of the bank and the corresponding PIN for the same.
- PIN is a 4-6 digit password that is used to authenticate all the funds transfer requests.
- After providing the PIN, customers will have to re-enter the same to confirm it.
- Customers will get a notification upon successful setting up of the UPI account and the corresponding PIN.
5. Can the UPI PIN be changed or reset on multiple occasions?
Yes. UPI portal enables the customers to change or reset the PIN on multiple occasions by selecting the option for the same available in the application.
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