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City Union Bank Recurring Deposit Interest Rates 2020

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 Interest rate p.a. for General Citizens Interest rate p.a. for Senior Citizens
1 year 6.00% 6.50%
Above 1 year but less than 5 years 5.50% 5.50%
Above 5 years and up to 10 years 5.25% 5.25%

Note: The interest rate mentioned in the table are effective 27 April 2020.

Types of Recurring Deposit accounts opened by City Union Bank

Recurring Deposits for Individuals - This type of recurring deposit account can be opened with a minimum deposit of Rs.100. The period of deposit ranges between 12 months and 120 months. You can avail a loan against the available deposit and comes with the preclosure facility. TDS is deducted at prevalent income tax rate. CUB Apoorva – Life Insurance Linked Recurring Deposits – CUB Apoorva, a life insurance linked recurring deposit account offers you dual benefit in monthly savings. On opening this RD account, you enjoy an insurance cover of up to Rs.5 lakh till maturity of the deposit account. The premium collected is eligible for tax exemption. Just like recurring deposit for individuals, it can be opened with a minimum deposit of Rs.100 and a maximum of Rs.10,000. The tenure of the account can range between 3 years and 5 years. You can avail a loan against the available deposit in the account and is laced with preclosure and nomination facilities.

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 and 3 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 in the range of 5.25% and 5.50% 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 5.25% p.a. to 6.50% 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.

News About City Union Bank Recurring Deposit Interest Rates

  • City Union Bank Revises Interest Rates of Recurring Deposits

    City Union Bank has changed the interest rates of its recurring deposit schemes. Now, the bank offers an interest 7.1% p.a for a tenure of 1 year. Recurring Deposit customers of the bank can earn an interest rate of 6.85% p.a. for a tenure of more than 1 year and up to 5 years and 6.70% p.a. for a tenure of more than 5 years and up to 10 years. Senior citizens can avail an interest rate of 7.5% p.a. for a tenure of 1 year and 7.1% for a tenure more than 1 year and up to 5 years. For a tenure of more than 5 years and up to 10 years, senior citizens will receive an interest rate of 6.95% p.a. on their recurring deposits. City Union Bank has also revised the recurring deposit interest rates for NREs as well. NRE customers an avail an interest of 6.7% p.a. for a tenure of 1 year and 6.85% p.a. for a tenure of more than 1 year and up to 5 years.

    1 December 2016

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