The City Union Bank is one of the oldest banks in the country, established as early as 1904. Headquartered in Thanjavur Tamil Nadu, the CUB has been offering various financial and banking services to its customers.
Among the various services the bank offers, the fixed deposit accounts have been highly regarded due to its advantages of high liquidity, attractive rates of interest, features of loans and tax benefits.
For a Standard fixed deposit, 7 days is the minimum tenure and 10 years is the maximum. Minimum amount to be paid for opening a fixed deposit account with CUB is Rs.100.
| Tenure bracket | Regular FD rates (per annum) | Senior Citizens FD rates (per annum) |
|---|---|---|
| 7 days to 14 days | 3.00% | 3.00% |
| 15 days to 45 days | 3.25% | 3.25% |
| 46 days to 90 days | 3.50% | 3.50% |
| 91 days to 180 days | 3.75% | 3.75% |
| 181 days to 270 days | 4.00% | 4.00% |
| 271 days to 364 days | 5.00% | 5.00% |
| 1 year | 5.50% | 6.00% |
| More than 1 year and up to 3 years | 5.75% | 6.25% |
| More than 3 years and up to 5 years | 5.50% | 6.00% |
| More than 5 years and up to 10 years | 5.25% | 5.25% |
The given rates are applicable as of 08 June 2020.
CUB also offers a type of fixed deposit from which you can receive tax benefits upto Rs.1,50,000 according to Section 80C of the Income Tax Act.
The tenure for a tax-saver term deposit is for a fixed period of 5 years. The rate of interest received is 6.00% per annum for both senior and regular citizens.
The City Union Bank also offers term deposits for Non-Resident Indians. The types of term deposits offered by CUB for NRIs are:
The NRE term deposit by CUB can be opted for a minimum tenure of 1 year to 10 years. In this term deposit a NRI citizen can deposit his or her earnings but in the Indian currency only.
There are no benefits for senior citizens and the interest earned in this term deposit is exempted from any tax.
The interest rates for a NRE term deposit are:
| Tenure | Rate of interest(% p.a.) |
|---|---|
| 1 year | 5.50% |
| Above 1 year and up to 5 years | 5.75% |
| Above 5 years and up to 10 years | 5.25% |
The given rates are applicable as of 08 June 2020.
In the case of a NRO term deposit, the tenure ranges from a minimum of 7 days to 10 years. The interest gained in a NRO term deposit is taxable and partially repatriable.
Rate of interest for a NRO term deposit is the same as the domestic rates of interest.
A customer can opt for a FCNR term deposit if he or she wishes to deposit his or her earnings in a foreign currency.
The City Union Bank accepts the universally recognised currencies such as the United States Dollar, Australian Dollar, Great Britain Pound, Japanese Yen, Canadian Dollar, Euros, and the Singapore Dollar.
Tenure for a FCNR term deposit ranges from a minimum of 1 year to a maximum of 5 years and interest earned is tax free.
Principal amount along with the interest is fully repatriable and loans can be taken against the deposit made.
Interest rates for FCNR term deposit are:
| Tenure/Currency | YEN | SGD | EUR | CAD | USD | AUD | GBP |
|---|---|---|---|---|---|---|---|
| Above 1 year and up to 2 years | 0.00 | 0.30 | 0.00 | 0.85 | 1.05 | 0.68 | 0.45 |
| Above 2 years and up to 3 years | 0.00 | 0.33 | 0.00 | 0.59 | 1.02 | 0.74 | 0.52 |
| Above 3 years and up to 4 years | 0.00 | 0.39 | 0.00 | 0.65 | 1.04 | 0.79 | 0.51 |
| Above 4 years and up to 5 years | 0.00 | 0.46 | 0.00 | 0.72 | 1.08 | 0.40 | 0.27 |
| Only 5 years | 0.00 | 0.52 | 00.00 | 0.78 | 1.13 | 0.48 | 0.30 |
The given rates are applicable from 1 June 2020 to 30 June 2020.
City Union Bank also offers RFC term deposits for customers who are currently abroad but wish to settle down in India.
A minimum tenure of 1 year to a maximum of 3 years is the tenure for a RFC term deposit. Like FCNR deposits, RFC also accepts deposits made in foreign currency but only in the 4 major currencies accepted all over the world which are USD, GBP, SGD and EUR.
Interest rates for RFC term deposits are:
| Tenure/Currency | GBP | USD | SGD | EUR |
|---|---|---|---|---|
| Above 1 year and less than 2 years | 0.45% | 1.05% | 0.30% | 0.00% |
| Above 2 years and less than 3 years | 0.52% | 1.02% | 0.33% | 0.00% |
| 3 years | 0.51% | 1.04% | 0.39% | 0.00% |
The given rates are applicable from 1 June 2020 to 30 June 2020.
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