City Union Bank Savings Account

Note: these interest rates are effective from 1 November 2021 and can be changed as per the Bank's rules and regulations.

CUB Young India Savings Account:

1. Eligibility: To be eligible for the type of Savings Account, applicants must be students between the ages of 18 and 25 years.
2. The application must be introduced by the head of the educational institution where the applicant is enrolled or by an account holder. 
3. Documentation:Age proof: Either the applicant's birth certificate or SSLC mark sheet must be provided as proof of age
4. Identity proof: The student must present the id card, or a genuine certificate supplied by the educational institution.
5. Minimum balance: A minimum of Rs 500/- should be in the account. Other facilities available to 'CUB Young India' account members are free of charge, including:
   1. Get an International Visa Debit Card. This card can be used to buy anything online, from train and aircraft tickets to books. 
   2. It's possible to withdraw cash from over 11,00,000+ ATMs around the world.
   3. Outstation Cheque can be collected
   4. Mobile banking facility is available free of charge
   5. hostel fees, college fees and more can be paid online at the student's convenience, 24X7
   6. Internent banking facility can be used to pay bills
   7. Account holders will not be charged for maintenance or Annual card cost.
   8. Net Banking allows you to send funds to any CUB branch. It can also be transferred to other banks using RTGS or NEFT. 
   9. Account holders will receive monthly statement of account via e-mail

Juniors India Savings Account

• This saving bank scheme is designed for children.
• Eligibility: Children as little as one day old can benefit from this savings account. Children up to the age of 17 are eligible for this sort of savings account. A parent, guardian, or court-appointed guardian can administer the child's account.
• Introduction: An accountholder must introduce the applicant
• Age proof: Birth certificate needs to be provided as proof of age

Minimum amount to be maintained:

1. A monthly average of Rs.250/- for cheque book a/c needs to be maintained.
2. A monthly average of Rs.100 /- for non-cheque book a/c needs to be maintained
3. Maximum amount : There is no maximum limit that can be in the account
4. Rate of interest: The rate of interest is the same as ordinary Savings bank accounts.

• CUB General Savings Account : This City Union Bank savings account is open to all residents, Hindu Undivided Families, and minors (with a guardian). Customers who open this savings account will be eligible for net banking, mobile banking, chequebooks, and international debit cards. Customers will also receive free cash remittances across all City Union locations and free cash withdrawals at the base branch. 
• CUB Salary Savings Account : This savings account is for salaried Indian residents. This account allows the consumer to make electronic fund transfers, use net banking, receive SMS alerts, and see e-statements. This savings account allows for nominations and has no minimum balance requirement till salary is credited once every three months.
• CUB Basic Savings Bank Account :This savings account does not have a monthly deposit limit. Customers are allowed four withdrawals each month, including ATM withdrawals. Customers will receive a free passbook and a debit/ATM card. Customers with a basic savings bank account will not receive a cheque book. 

Minimum Balance Requirements for a Savings Account at City Union Bank:

Eligibility:

1. The bank has the right to approve or deny an application to open a Savings account with them. In most cases, the applicant is introduced by an account holder. The Bank is not required to disclose a cause for denial. 

1. A minimum of five years has to be completed before it is possible to encash a term deposit. 

1. An individual can open a savings account either by themselves or open a joint account with more than one person. 

1. Even minors, as young as 14 years old, can open a savings account. It can be operated by themselves or can be managed by an adult for them. 

1. Blind and illiterate people can also open a Savings Account if they have proper introductions and fulfill other criteria. 

1. If approved by the Bank, Associations, Societies, Clubs, Schools and religious/charitable institutions can open savings accounts. 

1. Usually, the bank does not allow Trusts to open Savings Account with it. 

Opening a City Union Bank Savings Account:

It's straightforward to start a savings account at City Union Bank. You can accomplish this online by going to City Union's official website. You will be given step-by-step instructions. Once you click 'Apply', you will be prompted to provide your basic information in the application form. Following that, a City Union Bank representative will contact you to further process your application. Alternatively, you can visit a City Union Bank branch and fill out the new account opening form in person. You will only need to submit this completed form together with the needed papers. You can make a minimum deposit of Rs. 1000 or multiples of it. The income tax PAN number and image must be given with the application. 

Documents Requirements for City Union Bank Savings Account:

Accounts of individuals:

• Legal name of the individual, as well as any other names used
  • Identity card (which is to the bank's satisfaction)
  • Driving licence
  • Passport
  • PAN card
  • Voter's Identity Card
  • A letter from a recognized public servant or authority verifies the individual's identity and residence.
• Proof of address:
  • Bank account statement
  • Telephone bill
  • Letter from any recognized public authority
  • Ration card
  • Electricity bill
  • Letter from employer (must be to the satisfaction of the bank)

Accounts of partnership firms:

Legal name and address:

1. If registered, the registration certificate
2. The partnership deeds
3. Any valid and official document identifies the partners in the partnership firm and those holding the Power of Attorney and their respective addresses.
4. The document 'Power of Attorney' which grants a partner/employee the permission to perform business on the firm's behalf.
5. Telephone bill which is addressed to the partners of the firm/the firm.
6. Certificate of Memorandum and incorporation
7. Articles of Association
8. The Board of Directors' document with the resolution to open an account. It should contain information about who can manage the account too.
9. There should be formally recognised documents that identify settlers, trustees, managers/directors/founders, beneficiaries, and those with Power of Attorney. Their addresses should also be provided.
10. The managing body of the association/ foundation's resolution.

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.