The City Union Bank offers various kinds of fixed deposit rates. The different types of City Union Bank fixed deposit schemes are as follows:
- Regular Fixed Deposits
- Flexifix Deposits
- Tax Saver Deposits
- NRE Fixed Deposits
- NRO Fixed Deposits
- FCNR (B) Fixed Deposits
Below are the highlights of FD interest rates as of July 2023:
City Union Bank FD Interest Rates (p.a.) Highlights 2023 | |
Highest slab rate | 7.00% (for 400 days) |
For 1 year | 6.50% |
For 2 years | 6.50% |
For 3 years | 6.50% |
For 4 years | 6.25% |
For 5 years | 6.25% |
Tax-Saving FD | 6.25% |
What is the Eligibility for City Union Banks FD Account?
Fixed deposits (FD) are available for investment to a diverse group of entities, encompassing individuals, minors, HUFs, proprietary/partnership firms, LLPs, companies, AOPs, BOIs, local authorities, trusts, NRIs, and registered societies.
What Documentation is Required for a City Union Bank FD Account?
Below is the list of documents required for opening an FD account:
Address proof (any):
- Passport
- Driving license
- Bank account statement
- Latest electricity bill
- Employer’s letter
- NREGA job card (endorsed by a state government officer)
- Consumer passbook from a gas agency
- Voter’s ID
- Telephone bill (active for at least 6 months, not older than two months)
- Letter from a recognised public servant or private authority verifying residence and identity
- Ration card.
- ID provided by postal authorities
- Letter from Unique Identification Authority of India (Aadhaar-based address verification)
- Rental Agreement
Identity proof (any):
- Passport
- Voter ID
- Identity card
- ID provided by postal authorities
- NREGA job card (endorsed by a state government officer)
- PAN card
- Driving license
- ID issued by a recognised educational Institute.
- Letter from a recognised public servant or private authority verifying residence and identity
- Letter from Unique Identification Authority of India (Aadhaar-based identity verification)
What are the Prevailing Interest Rates for Fixed Deposits?
City Union Bank extends attractive FD interest rates to the general public and senior citizens, ranging from 5.00% to 7.00% p.a. and 5.00% to 7.50% p.a., respectively, with tenures available from 7 days to 10 years. For City Union Bank Tax Saver FD, the general public can enjoy an interest rate of 6.50% per annum for a 5-year tenure. The tables below showcase the City Union Bank FD interest.
Fixed Deposit Interest Rates on Domestic/NRO deposits of less than Rs 2 crore w.e.f. 5 April 2023
Period | Interest Rates (% p.a.) | |
Regular Citizens | Senior Citizens | |
7 days to 14 days | 5.00 | 5.00 |
15 days to 45 days | 5.50 | 5.50 |
46 days to 90 days | 5.75 | 5.75 |
91 days to 180 days | 6.00 | 6.00 |
181 days to 270 days | 6.25 | 6.50 |
271 days to 364 days | 6.50 | 6.75 |
365 days to 399 days | 6.75 | 7.00 |
400 days | 7.00 | 7.50 |
401 days to 3 years | 6.50 | 6.75 |
Above 3 years to 10 years | 6.25 | 6.50 |
City Union Bank Tax Saver Deposit
Tenure | Interest Rates (% p.a.) |
5 years | 6.50 |
NRE Fixed Deposit Interest Rates w.e.f. 5 April 2023
Period | Interest Rates (% p.a.) |
365 days to 399 days | 6.75 |
400 days | 7.00 |
401 days to 3 years | 6.50 |
Above 3 years to 10 years | 6.25 |
Below are the features of NRE fixed deposits:
- The tenure range is 1 to 10 years.
- Both the principal and interest amounts are completely repatriable.
- Depositors can choose between cumulative and non-cumulative options.
- For the non-cumulative option, there is a quarterly interest pay-out option available.
- Depositors can obtain loans against their deposits. Funds can be transferred from FCNR/NRE accounts and NRO accounts.
FCNR (B) Fixed Deposit Interest Rates w.e.f. 3 July 2023
Period | Interest Rates (% p.a.) | ||||||
USD | GBP | EUR | YEN | CAD | AUD | SGD | |
1 year to less than 2 years | 5.75 | 4.85 | 3.45 | 0.20 | 4.65 | 4.35 | 0.25 |
2 years to less than 3 years | 5.40 | 4.45 | 2.50 | 0.20 | 4.65 | 4.35 | 0.25 |
3 years to less than 4 years | 5.05 | 4.10 | 0.00 | 0.20 | 4.65 | 4.25 | 0.25 |
4 years to less than 5 years | 5.00 | 4.10 | 0.00 | 1.65 | 4.50 | 4.25 | 0.25 |
5 years only | 5.00 | 4.10 | 0.00 | 1.55 | 4.50 | 4.25 | 0.25 |
RFC Fixed Deposit Interest Rates w.e.f. 3 July 2023
Period | Interest Rates (% p.a.) | |||
USD | GBP | EUR | SGD | |
1 year to less than 2 years | 5.75 | 4.85 | 3.45 | 0.25 |
2 years to less than 3 years | 5.40 | 4.45 | 2.50 | 0.25 |
3 years | 5.05 | 4.10 | 0.00 | 0.25 |
What Happens on Premature Withdrawal of Funds?
City Union Bank offers investors the flexibility to make premature withdrawals from their FD accounts in times of necessity. This option is available for both the regular fixed deposit scheme and the Flexifix scheme. However, it’s important to note that the tax-saver scheme does not allow for premature withdrawals. The City Union Bank charges a penalty of 1% on premature withdrawal of fixed deposits.
Who is Eligible to Avail of the Nomination Facilities?
The account holder has the liberty to appoint any individual as a nominee, whether it be a family member, relative, friend, or any other trusted person.
What are the Different Schemes Offered by Different Banks?
Below are a few fixed deposit schemes offered by some different banks:
- SBI:
- SBI Term Deposit
- SBI Reinvestment Plan
- SBI Multi Option Deposit Scheme
- ICICI:
- FD with Monthly Income Option
- FD (without premature withdrawal)
- Money Multiplier FD
- Bank of Baroda:
- Capital Gain Account Scheme, 1988
- Short-Term Deposit Scheme
- Long-Term Deposit Scheme:
- Baroda Advantage FD (Non-Callable)
- BOB Suvidha FD Scheme
- Regular Income Plan
- Monthly Income Plan
- Term Deposit Scheme
- Baroda Tax Savings FD Scheme
Many other banks offer various types of fixed deposit schemes catering to their customers.
What are the Perks of Opening an FD for City Union Banks?
Here are the key features and advantages of City Union Bank FD are:
- Minimum deposit amount: INR 100
- Bulk deposit option available
- The tenure range is 7 days to 10 years
- Cumulative deposit accounts can be opened
- TDS (Tax Deducted at Source) is applicable
- Loans can be obtained against the FD
- The auto-renewal facility is offered
- Premature withdrawal is allowed
- Senior citizens may receive additional interest rates
- Convenient online FD account opening
There is a City Union FD rates calculator that serves as a useful tool for estimating potential returns. By inputting essential details such as the deposit amount, the current City Union Bank FD rates, and the chosen tenure, the calculator will generate an estimate of your earnings upon FD maturity.
City Union Bank FD FAQ’s :-
Yes, you have the option to open a City Union Bank FD account online.
The City Union Bank allows FCNR fixed deposit accounts to be held for a maximum period of 5 years.
A minimum deposit of INR 100 is required.
For deposits maturing in 1 year, an additional interest rate of 0.50% is provided, while for FDs maturing between more than 1 year to 10 years, an extra 0.25% interest rate is provided.