City Union Bank FD Rates – Types of Fixed Deposit 2024

If you are someone who prefers low-risk investments and assured returns, then fixed deposits are an ideal investment option. You can consider the schemes offered by City Union Bank (CUB) of India. It is one of the leading Scheduled Commercial Banks (SCBs) in the private sector and boasts a strong presence in South India. CUB offers savings accounts, fixed deposits, cash certificates, and current accounts. Let’s discuss the City Union Bank Fixed Deposit rates and more related details.

City Union Bank Fixed Deposit Rates 2024

Features and Benefits of City Union Bank FD

Let’s check out the features and benefits of choosing CUB fixed deposit interest rates:

• The fixed deposits come with options for automatic renewal. 
• You’ll get the option to pre-close your FD (except Tax-saver Fund). 
• You can make bulk FD deposits of more than Rs. 2 Crore. 
• Depositors can avail of the nomination facility as well. 
• Residents and Hindu Undivided Families (HUFs) can open FD accounts either individually or jointly. 

How to Open City Union Bank FD? 

In this section, we’ll explore how depositors can open FD accounts at City Union Bank. 

1. Internet Banking

First, let’s check how you can open an FD account at CUB through its website:

• Step 1:
  • Visit the Internet banking website of City Union Bank and log in with your credentials.
• Step 2:
  • Navigate the cursor to the ‘Personal’ tab. Choose ‘Deposits’ from the menu. You will see an FD page displayed on the screen. Navigate the cursor to the ‘Apply Now’ button and click on it.
• Step 3:
  • A form will open up where you’ll be required to choose the FD tenure and fill up the required details, such as the deposit amount, FD tenure, and interest payout instructions.
• Step 4:
  • After you have filled up the form, don’t forget to check the details for the final time before clicking on the ‘submit’ button.

2. Mobile App

You can also open a fixed deposit account through the mobile App of City Union Bank.

• Step 1:
  • First, download the mobile App of City Union Bank from the Play Store/App Store and install it on your phone. Log in to the mobile app with the details provided. 
• Step 2:
  • Select the type of fixed deposit account you wish to create in the E-Deposit section. 
• Step 3:
  • Choose the FD tenure, type in the deposit amount, nominee details, interest payout instructions, and all the other required details. 
• Step 4:
  • Finally, submit the details to create an FD. A notification will be sent to you once the FD gets created.

3. Offline

Many depositors, especially senior citizens, might not be comfortable about opening FD accounts online. There’s no need to worry as they can visit their nearest branch of CUB to open an FD account.

• Step 1:
  • Visit the nearest branch of City Union Bank. Ask for the FD account opening form from the bank officials. Fill up the FD amount, tenure, and other details.
• Step 2:
  • Attach all the required KYC documents and check the form before submitting it.
• Step 3:
  • The officials at City Union Bank will take some time to process the application, after which you’ll receive an FD account opening acknowledgement receipt.

Documents Required to Book City Union Bank FD

The list of the documents required to avail of the attractive City Union Bank Fixed Deposit rates is as follows: 

• FD account opening application form 
• Passport-size photographs of an applicant 
• PAN card of an applicant or Form 60/61 
• ID proofs of an applicant (Aadhaar card or Voter ID card) 
• Address proofs of an applicant (Bank statements with a cheque, telephone bill, electricity bill, Certificate / ID card issued by Post Office) 
• Age proof of an applicant (School passing certificate/Birth certificate) 
• Bank account details (Account number and IFSC code) 

Eligibility to Open City Union Bank FD

The following entities are eligible to open a fixed deposit account at City Union Bank: 

• Applicant type – Individuals, Hindu Undivided Families (HUFs), Members of Charitable Trusts, Sole Proprietary Concerns, Educational Institutions, Clubs, Merchants/Private Traders/Agents/Professionals, Partnership Firms/Societies/Corporates 
• Age (in case of individual applicants) – Applicants must be at least 18 years old. People below 18 years are considered to be minors and can open FDs only through their guardians. 

Types of FD Schemes at City Union Bank 

Let us take a look at three types of fixed deposit schemes with varying City Union FD rates, tenures and other features. 

1. Standard Fixed Deposit Scheme 

The bank offers a standard fixed deposit scheme for all its customers. If you have a low-risk appetite and prefer guaranteed returns over taking risks, consider investing in this fixed deposit scheme offered by City Union Bank.

• Minimum Deposit: ₹100 for individuals; ₹1,000  for MSMEs and ₹10,000  for Corporates 
• Maximum Deposit: No upper limit 
• Tenure: 7 days to 10 years 
• Interest Rate: 5.00% to 7.65% 
• Eligibility: Individuals/MSMEs/Corporates 

2. CUB Flexi Fix Deposit Scheme 

The CUB Flexifix deposit scheme offers depositors the combined benefits of assured returns of an FD scheme and the flexibility of withdrawals. If you want to invest in CUB Flexifix Deposit, remember that you can withdraw amounts only in units of ₹5,000 with interest on a pro-rata basis. While you can access the overdraft facility, a loan facility will not be available. Simple interest is payable monthly/quarterly/half-yearly/annually. 

• Minimum Deposit: ₹10,000 
• Maximum Deposit: No limit specified 
• Tenure: 30 days to 5 years 
• Interest Rates: 5.50% to 7.50% for deposits below ₹2 crores and 6.30% to 7.65% for deposits above ₹2 crores
• Eligibility: Individuals, HUFs, MSMEs and Corporates 

3. CUB Income Tax Saver Deposit 

By investing in City Union Bank’s Income Tax Saver Deposit scheme, you can save taxes under Section 80C of the Income Tax Act. This scheme consists of two plans, Tax Saver Silver and Tax Saver Gold plans. While the interest gets paid monthly or quarterly in the case of the  Tax Saver Silver Deposit, cumulative interest on the Tax Saver Gold Deposit gets paid only on maturity. 

• Minimum Deposit: ₹100 for Tax Saver Silver deposits and ₹1,000 for Tax Saver Gold deposits
• Maximum Deposit: ₹1,50,000 
• Tenure: 5 years 
• Interest Rates: 6.50%
• Eligibility: Individuals, MSMEs and Corporates 

4. CUB Fixed Deposit (NRE) 

A CUB NRE scheme allows eligible candidates to open an FD account either with a resident or non-resident Indian. An important feature is that there’s no TDS on interest earned. 

• Minimum Deposit: No limit specified 
• Maximum Deposit: No upper limit
• Tenure: 1 year to 10 years 
• Interest Rates: 6.25% to 7.00% 
• Eligibility: Non-Resident Externals (NRE) 

5. CUB Fixed Deposit (NRO) 

While TDS will be applicable on the interest you earn from this scheme, interest will not be payable if the FD account is pre-closed before the minimum timeframe. Under a CUB NRO Fixed Deposit, you can open either a cumulative or non-cumulative jointly with a resident or non-resident Indian. 

• Minimum Deposit: No limit specified 
• Maximum Deposit: No upper limit
• Tenure: 7 days to 10 years 
• Interest Rates: 5.00% to 7.00%
• Eligibility: Non-Resident Indians 

Conclusion

This blog explores some of the most important details about City Union Bank’s Fixed Deposit rates. While it’s a safe and secure investment option, it would be best if you read the terms and conditions minutely before investing. Check whether a particular scheme’s features and benefits match your requirements. Don’t forget to choose an FD tenure well aligned with your investment requirements.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.