The City Union Bank Excel Savings Account is targeted at depositors with a substantial amount. The minimum amount required to open this account is Rs. 50,000. The account has the added benefit of insurance cover from LIC at very nominal premium. No medical examination is needed and the cover extends to death by any cause. The CUB savings account holders can enjoy a number of benefits free of charge that include fund transfers, City Union Bank debit card transactions, cheque books, Internet banking and cash remittance.
| Bank | City Union Bank |
| Category | Excel Savings Account |
| Initial Deposit Requirements | Rs.50,000 |
| Average Quarterly Balance | Rs.50,000 |
| Eligibility | Any individual between 18 years and 54 years of age is eligible. The account can be opened singly or jointly. |
| Debit Card Offered | ATM/VISA debit card free of charge |
| Interest Rate | 3.50% per annum |
Services Offered with City Union Bank Excel Savings Account
The following services are offered with a City Union Bank Excel Savings Account.
| Passbook | Passbook is issued free of cost |
| NEFT/RTGS | Free |
| Cheque Book | Free. Depositor can also opt for a multi city cheque book. Rs. 35 will be charged for courier. |
| Cash Withdrawal | Free withdrawal through City Union and other banks’ ATMs |
| Cash Remittance | Unlimited |
| Internet Banking | Free facility |
Features of Union Bank Basic of India Savings Bank Deposit Account
Some of the important features of City Union Bank Excel Savings Account have been listed below.
| Insurance | Rs.1 lakh cover against death due to any cause at nominal premium. No medical examination required. Declaration of good health is sufficient. 18 to 35 years - Rs.172 per annum 36 to 50 years - Rs.384 per annum 51 to 54 years - Rs.888 per annum |
| Joint Accounts | Any two or more individuals can open a joint account. In case of joint accounts, the first name account holder will be eligible for the insurance policy. |
| Remittance Facility | Inter-branch fund transfer and RTGS is available. |
| Nomination Facility | Mandatory |
| Outstation cheque | Instant credit of outstation cheques up to Rs. 15,000. Conditions apply. |
| Account Closure | If you close the account before the end of 1 year, insurance claims will be taken into account till the end of 1 year. |
Fees and Charges for City Union Bank Excel Savings Account
For the Excel Savings Account, the important fees and charges applicable are listed below.
| Service / Product | Fees & Charges |
| Neft/RTGS inward | Nil |
| Minimum Balance Shortfall Penalty | Rs. 150 per quarter |
| Outstation cheque drawn on City Union Bank | Free |
| Outstation cheque drawn on other banks | Rs. 2 per Rs. 1,000 subject to a minimum of Rs. 25 |
| Account closure | Closure within 12 months - Rs. 275 Closure after 12 months - Rs.125 |
| Debit card replacement | Rs.250 for customer requests. Bank induced replacement is free. |
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
