The process to open a Recurring Deposit (RD) account at City Union Bank is simple. The tenure of the RD account ranges between 12 months and 120 months. The minimum amount that must be deposited in order to open an RD account is Rs.100. Depending on the tenure of the account, an additional rate of interest is provided to senior citizens. The interest rate offered by City Union Bank ranges between 6.30% and 7.10%. You can avail a loan against the deposit available in the account as well.
Interest Rates offered by City Union Bank on Recurring Deposits of less than Rs.2 crore
|Tenure||General (%)||Senior Citizens (%)|
|Above 1 year but less than 5 years||6.35%||6.60%|
|Above 5 years and up to 10 years||6.30%||6.55%|
CUB Apoorva – Life Insurance Linked Recurring Deposits
Under a life insurance linked RD account, a single, as well as a joint account, can be opened. The minimum and maximum monthly deposit that must be made in the account are Rs.100 and Rs.10,000, respectively. The tenure of the account can range between 3 years and 5 years. Nomination facility, pre-closure facility, and loans against the available deposit are some of the features of the CUB Apoorva account. The rate of interest offered by the account is 6.35%.
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.