Product Details
Bank Name
City Union Bank
Eligibility
For Individuals
For MSMEs
For Corporates
Interest Rate
6.25 to 7.25% per annum.
Tenure
12 months to 120 months.
Fixed Deposit Type
Recurring Deposit
CUB Recurring Deposit Scheme
Tax Benefits
None
Credit Ratings
[ICRA]A1+
Interest Payment Frequency
At 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
Not specified by the bank.
Features
Minimum duration of 12 months.
Minimum deposit requirement of Rs. 100
Additional interest rate for senior and super senior citizens.
You can avail loan facility against the FD.
Minimum Investment Amount
For Individuals: Rs.100.
For MSMEs: Rs.1000.
For Corporates: Rs 5000.
Features & Benefits
Pros
Additional concession for senior citizens.
Premature closure facility.
Cons
No tax saving benefits.
Minimum tenure of 12 months.
Low interest rates.
Pros & Cons
Account Opening Procedure
How to Open?
1. Choose Your Preferred Method:
Online: Visit the City Union Bank website or use their mobile app.
Offline: Visit a nearby City Union Bank branch.
2. Gather Required Documents:
Identity proof (Aadhaar card, PAN card, passport, etc.)
Address proof (utility bill, driving license, etc.)
Income proof (if applicable)
Passport-sized photographs
3. Select an FD Scheme:
City Union Bank offers various FD schemes with different interest rates and tenure options.
Consider factors like your investment goals, risk appetite, and desired maturity period.
4. Fill Out the Application Form:
Provide the necessary details, including your name, address, contact information, and the amount you want to invest.
Choose the interest payout frequency (monthly, quarterly, half-yearly, or annually).
Decide on the maturity period.
5. Submit the Application and Deposit Amount:
If opening online, follow the on-screen instructions to complete the process.
If opening offline, submit the completed application form and the deposit amount to the bank representative.
6. Receive the FD Receipt:
Upon successful completion, you'll receive an FD receipt as confirmation of your investment.
Application Procedure
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