Product Details
Bank Name
City Union Bank
Eligibility
For Individuals
For MSMEs
For Corporates
Interest Rate
4% - 7.10%
Tenure
Minimum period (presently) - 30 days Maximum period - 5 years
Fixed Deposit Type
Flexi
CUB Flexifix Deposit Schemes
Tax Benefits
No
Credit Ratings
[ICRA]A1+
Interest Payment Frequency
Simple interest payable on monthly / quarterly / half yearly / annual basis
Cummulative/Non-Cummulative
Non-Cumulative
Features
CUB offers the benefit of fixed deposit and flexibility of withdrawal blended in this scheme Minimum amount of deposits - Rs.10000/- and multiples of Rs. 5000/- Minimum period (presently) - 30 days Maximum period - 5 years Amount can be withdrawn in units of Rs.5000/- each with interest on pro rata basis, continue to earn interest on balance units No loan facility offered Overdraft facility is available Simple interest payable on monthly / quarterly / half yearly / annual basis For senior citizens (60 Years +) additional interest rate applicable from 1st year Auto renewal option available TDS at prevalent Income tax rate is deducted if Form 15G / 15H not submitted Nomination facility available
Minimum Investment Amount
Minimum amount of deposits - Rs.10000/- and multiples of Rs. 5000/-
Fees and Charges
Pros
Flexibility for Withdrawals
Interest on Remaining Balance
Multiple Tenure Options
Renewal on Maturity
Cons
Lower Interest Rates Compared to Regular FDs
Minimum Withdrawal Limits
Penalty on Premature Closure
Pros & Cons
Account Opening and Procedure
How to Open?
Mobile Banking App:
Eligibility: Existing CUB customer with a registered mobile banking app.Ensure the app allows applications for Flexifix Deposits (check with CUB if unsure).
Process: Similar to applying for a regular FD through the app. Look for the ‘Flexifix Deposit’ option and enter details like deposit amount, tenure, and interest payout preference.
2. Internet Banking:
Eligibility: Existing CUB customer with internet banking access.
Process: Similar to applying for a regular FD online. Navigate to the ‘Deposits’ section, choose ‘Flexifix Deposit’, and fill out the application form with details like deposit amount, tenure, and interest payout preference.
3. Branch Visit:
Eligibility: Anyone can apply (existing or new CUB customer).
Process:Visit your nearest CUB branch.
Inform the representative about your interest in a CUB Flexifix Deposit.
Discuss your preferred deposit amount, tenure, and withdrawal needs.
Fill out the Flexifix Deposit application form and submit it with KYC documents (if a new customer) and your initial deposit amount.
Application Procedure
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