City Union Bank is one of the oldest banks in the country, having over a century of banking experience. The bank was initially known as “The Kumbakonam Bank Limited” and was established in the year 1904 by prominent citizens of Kumbakonam. Starting as a regional bank, the bank grew steadily over time and has its presence across the country today, with 485 branches in different states of India.
City Union Bank strives to make banking a simple and hassle free task to its customers, adhering to strict standards of ethics and business to make banking an enriching experience. The bank is known for its transparency and integrity, a testament to its century long presence in the lives of its customers. It offers multiple banking products to its customers, with attractive rates, abiding by the rules framed by the Reserve Bank of India.
City Union Bank offers fixed deposits to suit different needs of a customer, providing fixed deposit for a particular period of time. Money deposited into City Union Bank fixed deposits earn simple interest which is payable flexibly, ensuring that every customer finds something to suits their requirements. The interest rate on these FDs is payable either on a monthly, quarterly, half-yearly or annual basis, depending on what a customer requires.
City Union Bank offers fixed deposits for NRIs and resident Indians alike, with NRE Fixed Deposit, NRO Fixed Deposit and Regular Fixed Deposit to choose from. A NRE or NRO Fixed Deposit can be opened as either a cumulative or non-cumulative account, offering a high degree of flexibility to customers.
The main features of the FD scheme offered by City Union Bank are mentioned below:
The eligibility criteria to open different fixed deposits with City Union Bank depend on the kind of fixed deposit one intends to open. These criteria are mentioned below for different FDs.
The list of documents that must be submitted in order to open an FD account is mentioned below:
The below-mentioned documents can be submitted as proof of address:
The below-mentioned documents may be submitted as proof of identity:
The interest rate that is provided by City Union Bank for deposits less than Rs.2 crore is mentioned below:
|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%|
|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 8 June 2020.
City Union Bank offers fixed deposits with varying terms, enabling customers to choose a term which best suits their needs. The minimum term for a regular fixed deposit is 15 days with the maximum term set as 10 years. This maximum term, can, however be extended by the bank in certain cases which have a valid reason for extending this term, like interest of minors being in question or under the orders of a competent court authority. City Union Bank can extend the period of deposit to a maximum of 20 years in case of corporate bodies and governments, provided they have a valid reason for such an extension.
The term of a NRE FD varies from a minimum of 1 year to a maximum of 10 years.
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