CUB Income Tax Saver Deposit|City Union Bank Fixed Deposit Rates-– Interest Rate, Calculator & Benefits

Fixed Deposit Details

Bank Name

City Union Bank

Eligibility

Resident individual-single and joint accounts and also HUF

Interest Rate

7.00%

Tenure

5 years (lock in)

Fixed Deposit Type

Tax Saving Fixed Deposit

CUB Income Tax Saver Deposit

Tax Benefits

Yes, CUB Income Tax Saver Deposit is designed to offer tax benefits under Section 80C of the Income Tax Act of India. Here's how:

• Tax Deduction: Investments made in CUB Income Tax Saver Deposits qualify for a deduction from your taxable income up to a maximum of Rs. 1.5 lakh per financial year. This can potentially lower your tax liability.

Credit Ratings

[ICRA]A1+

Interest Payment Frequency

In case of Tax Saver Silver Deposit simple interest is paid monthly / quarterly In case of Tax Saver Gold Deposit cumulative interest is paid on maturity. 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

Cumulative

Features

Resident individual-single and joint accounts and also HUF Save Tax under Sec 80C of the Income Tax Act Tax Saver Silver - Accept deposits from Rs. 100/- ; Tax Saver Gold - Accept deposits from Rs. 1000/- Maximum not exceeding Rs. 1,50,000/- for a financial year in both the schemes Tenor - 5 years (lock in) Loan facility is not available

Minimum Investment Amount

Tax Saver Silver - Accept deposits from Rs. 100/- ; Tax Saver Gold - Accept deposits from Rs. 1000/- Maximum not exceeding Rs. 1,50,000/- for a financial year in both the schemes

Features & Benefits

Pros

• Tax Deduction Benefit
• Guaranteed Returns

Cons

• Lock-in Period

Pros & Cons

How to Open?

• Mobile Banking App:
• Eligibility: Existing CUB customer with a registered mobile banking app that supports applying for Tax Saver Deposits.
• Process: Similar to applying for a regular FD through the app. Look for the ‘Tax Saver Deposit’ option and enter details like deposit amount (maximum Rs. 1.5 lakh per financial year) and interest payout preference (usually not allowed).

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 ‘Tax Saver Deposit’, and fill out the application form with details like deposit amount and interest payout preference (usually not allowed).

3. Branch Visit:

• Eligibility: Anyone can apply (existing or new CUB customer).
• Process: Visit your nearest CUB branch. Inform the representative about your intent to open a CUB Income Tax Saver Deposit. Discuss your desired deposit amount (up to Rs. 1.5 lakh per financial year). Fill out the Tax Saver Deposit application form and submit it with KYC documents (if a new customer) and your initial deposit amount.

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