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 a 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, checkbooks, 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 |
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 |
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. |
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.
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