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City Union Bank Interest Rates on FD, Oct 2017

Last Updated 10th Oct 2017

Fixed Deposit Interest Rate of City Union

Tenure General Rates Senior Citizen Rates
7 days to 90 days 6.25% 6.25%
91 days to 180 days 6.75% 6.75%
181 days to 364 days 7.00% 7.00%
1 year 7.10% 7.50%
1 year 1 day to 5 years 6.85% 7.10%
5 years 1 day to 10 years 6.70% 6.95%

The above rates are applicable for deposits of below Rs. 1 crore.

City Union Bank FD Maturity Calculator
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City Union Bank FD Interest Rates

City Union Bank offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. A customer is required to make a deposit once into their FD account at the time of opening the account with the bank. The customer is not allowed to deposit more money and withdraw any money in the account during the tenure of the deposit. Fixed Deposits of City Union Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in City Union Bank are:

  • Easy investment with attractive returns
  • Nomination facility is available
  • Avail overdraft facility against your deposit
  • Interest on deposit is paid only at the time of the maturity

City Union Bank Fixed Deposit Rates

The factors affecting Fixed Deposit interest rates are as follows:

Policies Framed by RBI – As per RBI guidelines, the change in Cash Reserve Ratio (CRR) and repo rate affects the interest rate of all banking instruments including the fixed deposit.

Recession – Recession results in a decrease in the interest rate offered on fixed deposit. At the time of recession, RBI is forced to release the funds in the market which it achieves by lowering the rates on cash reserve of the banks and hence, providing them with additional liquidity. As a result of high liquidity and low credit demand, banks reduce the rates on FD.

Inflation – Inflation has a positive effect on a fixed deposit interest rate. Banks typically fix interest rates of FD in a manner that it is higher than the existing inflation rates. Hence, FD rates tend to be higher in a period of rising inflation.

Current State of Economy – Economic condition of the country is the major factor that affects the fixed deposit interest rate. In a booming economy, people need and are willing to take larger credit to meet their personal and business requirements. In periods of high credit demand, banks offer higher interest rate to garner more funds through fixed deposits.

Fixed Deposit Schemes City Union Bank

Personal Fixed Deposit

Description:

  • This deposit scheme offers the benefit of a fixed deposit and flexibility to withdraw funds in smaller units.
  • Convenience of booking deposit online through internet banking
  • Auto Renewal option on the deposit is available
  • TDS on the deposit is available at the prevalent income tax rate
  • Loan facility upto 90 per cent is available on the deposit

Who is eligible?

    Flexi Fix Deposit

    Description:

    • This deposit scheme offers combination of a fixed deposit and a savings account ensuring customers to get the benefit of high interest rates along with the liquidity of a savings account.
    • Easy investment with attractive returns
    • Nomination facility is available
    • Amount from the deposit can be withdrawn into smaller units of Rs. 5,000
    • Auto Renewal option on the deposit is available

    Who is eligible?

      Tax Saver Fixed Deposit

      Description:

      • The scheme has been designed to help the resident individuals and HUFs to save their money on tax and derive effective yields and returns on their fixed deposit.
      • Interest earned on deposit is subject to TDS
      • Nomination facility is available
      • Interest will be compounded on a quarterly basis
      • Availability of auto renewal facility

      Who is eligible?

      • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm

      Regular Fixed Deposits

      Description:

      • Under this scheme, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with a flexibility and security.
      • Easy investment with attractive returns
      • Nomination facility is available
      • Avail overdraft facility against your deposit
      • Interest on deposit is paid only at the time of the maturity

      Who is eligible?

      • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm

      City Union Bank FD Interest Calculator

      City Union Bank fixed deposit rates calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at quarterly. FD maturity amount that you will get depends on the following four parameters

      • Deposit amount – This is the initial amount deposited by a customer in City Union Bank. Bank may offer higher interest rate on larger deposits. City Union Bank offers deposit amount in the range of Rs. 1,000 to No Limit.
      • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. City Union Bank offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits held for a shorter period. Highest interest rate offered by City Union Bank is 7.10% for deposit amount below Rs. 1 crore and the lowest interest rate offered by City Union Bank is 6.25%
      • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 6.25% for a 7 Days FD and a rate of 6.25% for a 10 Years Years FD.
      • Interest Compounding Frequency - This calculates maturity amount based on monthly, quarterly, half yearly or annual frequency.

      Illustration: Mr. A opens a FD account of Rs. 1 lakh with a tenure of 7 Days at an interest rate of 6.25%. In this case, the maturity amount at the end of 7 Days will be Rs. 100,119 and includes the principal and total interest earned on the principal amount during the period at Rs. 119. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      City Union Bank calculates interest earned on its fixed deposits on quarterly basis.

      FD in City Union Bank – Premature Withdrawal

      Premature closure of Term Deposit with City Union Bank is along with the lower interest rate of 1% than the contracted rate. The penal provisions for premature closure on City Union Bank FD are subject to change from time to time and may also vary with deposit schemes.

      Loan against Fixed Deposit City Union Bank

      City Union Bank offers loan up to 0% against its own deposit. Note that City Union Bank will not give you loan against FD of any other bank.

      Maximum loan tenure is restricted up to the maximum tenure of the FD.

      Documents required to open Fixed Deposit Account in City Union Bank

        Identity Proof: PAN Card, Voter ID Card, Passport, Driving LicenseAddress Proof: Telephone Bill, Electricity Bill, Bank Statement With Cheque

      FAQs on City Union Bank Fixed Deposit

      What is the highest interest earned on City Union Bank fixed deposit?

      You can earn a maximum interest of 7.10% on City Union Bank fixed deposit.

      Are there any extra benefits for senior citizens on fixed deposit of City Union Bank?

      Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 6.25% to 7.10%. Compared to this, the rate of senior citizens FD are in the range of 6.25% to 7.50%.

      What is the tenure range for City Union Bank Fixed Deposit?

      The tenure ranges from 7 days to 10 years.

      Is there any minimum amount that I have to give for opening a Fixed Deposit with City Union Bank?

      The minimum deposit amount required to book an FD with City Union Bank is Rs. 1,000.

      Can I deposit additional amount in my FD account?

      No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

      Who is eligible for opening an FD account in City Union Bank?

      All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

      What documents are required to open an FD account in City Union Bank?

      The documents required to open an FD account in City Union Bank includes Identity Proof: PAN Card, Voter ID Card, Passport, Driving LicenseAddress Proof: Telephone Bill, Electricity Bill, Bank Statement With Cheque.

      Is it possible to change the tenure of my existing fixed deposit account with City Union Bank?

      No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

      What are the implications of opening an FD bank account without having PAN?

      Following are the implications for the customers opening an FD account with City Union Bank without their PAN card

      • TDS will be deducted at the rate of 20% as against 10% under section 206AA
      • NO TDS credit from the Income Tax department
      • NO TDS certificate will be issued
      • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply
      City Union Bank Fixed Deposit

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