City Union Bank offer the option of opening a recurring deposit to both resident Indians and NRIs. The interest offered by the bank are quite attractive irrespective of the tenure, the individual opts for. To resident Indians, the bank offers two different types of recurring deposit schemes. They are:
- Normal recurring deposits - A normal recurring deposit can be opened with a minimum monthly investment of Rs.100. The tenures available is in the range of 12 months to 120 months. The bank offers the facility of availing loan against the deposit as well as option of preclosure.
- Life Insurance linked recurring deposits - The life insurance linked recurring deposit can also be opened with a minimum monthly deposit of Rs.100. This RD can be opened a duration between 3 years and 5 years. Loan against deposit, preclosure facility, and nomination facility are offered to customers by the bank.
Listed below are the tenures and interest rates offered by City Union Bank to Resident Indians when it comes to recurring deposits as of 9 July 2019:
|Deposit Tenure||Interest rate for General Citizens (p.a.)||Interest rate for Senior Citizens (p.a.)|
|12 months 1 day to 60 months||7%||7.25%|
|60 months 1 day to 120 months||6.70||6.95%|
City Union Bank Short-Term Recurring Deposit Interest Rates
An RD account opened for a period of 12 months fall under the bracket of short-term recurring deposits. The interest offered by the bank to general citizens is 7.35% p.a. on such RDs.
City Union Bank Medium-Term Recurring Deposit Interest Rates
Recurring Deposits which are opened for a period that ranges between 1 year 1 day and 5 years are known as medium-term recurring deposits. The interest paid by the bank is 7% p.a. on medium-term recurring deposits.
City Union Bank Long-Term Recurring Deposit Interest Rates
On long-term recurring deposits, the interest paid by City Union Bank is 6.70% p.a. Long-term recurring deposits are those which have a tenure that ranges from 5 years 1 day to 10 years.
City Union Bank Senior Citizen Recurring Deposit Interest Rates
Citizens who fall under the bracket of senior citizens are offered interest in the range of 6.95% to 7.50% p.a. for opening a recurring deposit account with the bank. The bank offers senior citizens additional interest of 0.15% on the 1 year tenure and 0.25% on the other tenures.
NRE/NRO Recurring Deposit Interest Rates
The interest offered on NRE and NRO recurring deposits is the same as the ones offered to resident Indians by the bank.