City Union Bank is one of the most seasoned banks in the nation, having over an era of managing an account involvement. The bank was at first known as “The Kumbakonam Bank Limited” and was built up in the year 1904 by conspicuous natives of Kumbakonam. Beginning as a local bank, the bank developed consistently after some time and has its quality the nation over today, with 485 branches in various conditions of India.
City Union Bank endeavors to make keeping money a basic and bother free undertaking to its clients, clinging to strict norms of morals and business to influence managing an account an advancing to understanding. The bank is known for its straightforwardness and honesty, a demonstration of its century-long nearness in the lives of its clients. It offers numerous keeping money items to its clients, with alluring rates, submitting to the guidelines encircled by the Reserve Bank of India.
Fixed Deposits from City Union Bank
City Union Bank offers settled stores to suit the diverse necessities of a client, giving settled stores to a specific time frame. Cash stored into City Union Bank settled stores procure straightforward premium which is payable adaptably, guaranteeing that each client discovers a remark their prerequisites. The loan cost on these FDs is payable either on a month to month, quarterly, half-yearly or yearly premise, contingent upon what a client requires.
City Union Bank offers fixed deposits for NRIs and resident Indians alike, with an NRE Fixed Deposit, an NRO Fixed Deposit and a regular Fixed Deposit to choose from. An NRE or NRO Fixed Deposit can be opened as either a cumulative or non-cumulative account, offering a high degree of flexibility to customers.
Eligibility
The eligibility criteria to open different fixed deposits with City Union Bank depend on the kind of fixed deposit one intends to open. These criteria are mentioned below for different FDs.
- NRE Fixed Deposit – A NRE FD can be opened jointly with an NRI or a resident relative. One can opt for a survivor or former mode while opening such an account with City Union Bank. This FD can be opened either as a cumulative or non-cumulative deposit, as per a customer’s preference.
- NRO Fixed Deposit – A NRO FD can be jointly opened by a Non-resident Indian or a resident, with an option between cumulative and non-cumulative deposit.
- Regular Fixed Deposit – A fixed deposit at City Union Bank can be opened by individuals in their own names or two or more people in their joint names on either/jointly/former/survivor basis. A Fixed Deposit can also be opened by sole proprietorship concerns, private and public limited companies/organizations, partnership firms, clubs, associations, undivided Hindu families, etc.
Terms of deposit available for fixed deposits at City Union Bank
City Union Bank offers fixed deposits with varying terms, enabling customers to choose a term which best suits their needs. The minimum term for a regular fixed deposit is 15 days with the maximum term set as 10 years. This maximum term, can, however, be extended by the bank in certain cases which have a valid reason for extending this term, like the interest of minors being in question or under the orders of a competent court authority. City Union Bank can extend the period of deposit to a maximum of 20 years in the case of corporate bodies and governments, provided they have a valid reason for such an extension.
The term of an NRE FD varies from a minimum of 1 year to a maximum of 10 years.
Interest rates on City Union Bank fixed deposit
Interest rates offered by City Union Bank vary depending on the type of FD chosen and the term of a particular FD. Annual interest rates for regular fixed deposits vary from 6.75% pa to 8.50% per annum, depending on the term of an FD. A deposit of 1 year attracts an interest of 8.25% per annum, whereas a deposit for up to 5 years attracts an interest of 8% per annum for general category. A deposit for a period greater than 5 years attracts an interest of 8% per annum, again for the general category.
NRE FD interest rates also vary according to the term of a deposit, with an interest rate between 7.75% and 8.25% per annum. The highest interest rate is earned on deposits for a period of 1 year, with deposits for periods ranging between 3 and 10 years earning an interest of 7.75% per annum.
NRO FDs have interest rates varying between 6.75% per annum to 8.25% per annum, depending on the term period of a deposit.
City Union Bank offers special rates to senior citizens
City Union Bank offers special interest rates to senior citizens (individuals aged over 60). These rates are generally 0.25% higher than the general category, with rates as high as 8.50% per annum for certain fixed periods.