The City Union Bank Young India Savings Account aims at providing students with easy access to banking facilities. Students can avoid standing in long lines to purchase books or pay their fees. These transactions can be carried out online through Internet Banking. Students also receive a free debit card which gives them access to ATMs any time they need. In order to be eligible for this card, an existing account holder or the head of the educational institution must introduce the student.
|Bank||City Union Bank|
|Initial Deposit Requirements||Zero|
|Eligibility||Any student between 18 years and 25 years|
|Debit Card Offered||International VISA debit card free of charge|
|Interest Rate||3.50% per annum|
Services Offered with CUB Young India Savings Account
The following services are offered with a City Union Bank Young India Savings Account.
|Passbook||Passbook is issued free of cost|
|Cheque Book||Not applicable|
|Cash Withdrawal||Free ATM and bank withdrawals|
|Internet Banking||Free facility|
Features of CUB Young India Savings Account:
Some of the important features of City Union Bank Savings Account have been listed below.
|KYC Compliance||Required. An account holder or head of the educational institution must introduce the student. Age proof and student ID proof is required.|
|Debit Card||Students will be issued an International Debit card which can be used to purchase books, flight tickets and railway tickets online. There are no maintenance charges or annual fees.|
|NEFT/RTGS||Free funds transfer through Internet Banking|
|Bill Payments||Pay bills, college fees, hostel fees online|
|Outstation cheque||Free collection|
|Monthly Statement||Issued free of charge through e-mail|
Fees and Charges for City Union Bank Young India Savings Account
For the Young India Savings Account, the important fees and charges applicable are listed below.
|Service / Product||Fees & Charges|
|Minimum Balance Shortfall Penalty||Nil|
|Debit card replacement||Rs.250 for customer requests. Bank induced replacement is free.|
|Account closure||Closure within 12 months - Rs. 275 Closure after 12 months - Rs.125|
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GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.