CUB Flexifix Deposit Schemes|City Union Bank Fixed Deposit Rates-– Interest Rate, Calculator & Benefits

Fixed Deposit Details

Bank Name

City Union Bank

Eligibility

For Individuals For MSMEs For Corporates

Interest Rate

Up to 8.00% per annum.

Tenure

Minimum period (presently) - 30 days Maximum period - 5 years

Fixed Deposit Type

Flexi

CUB Flexifix Deposit Schemes

Tax Benefits

Credit Ratings

[ICRA]A1+

Interest Payment Frequency

Simple interest payable on monthly / quarterly / half yearly / annual basis. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.

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- Rs.10000/- and multiples of Rs. 5000/- Minimum period (presently) - 30 days Maximum period - 5 years Amount can be withdrawn in units of Rs.5000/- each with interest on pro rata basis, continue to earn interest on balance units No loan facility offered Overdraft facility is available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/-

Features & Benefits

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

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.

Product Review