City Union Bank Limited is an Indian bank. The Kumbakonam Bank Limited, as it was at first called, was incorporated as a limited company on 31 October 1904. The bank initially preferred the role of a regional bank in the Thanjavur district of Tamil Nadu. The bank also provides a gamut of technological services like net banking, mobile banking, self-service kiosks, Bulk Note Acceptors and Point of Sales etc. It also offers many loan products to service the financial needs of small individual customers to large industries. In the FY 206-17 The Bank has a market capitalization of ₹12,529.92 crore (US$1.7 billion) and it has 550 branches and widened its ATMs reach to 1486 locations.
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Contents of this Page
City Union Bank Saving Account Interest Rate
Interest will be calculated and paid into the account at half yearly or longer rests on the daily product basis. At present the rate of interest for Savings account is 4 % Per annum.
Types of City Union Bank Saving Account
CUB Excel Saving Account
Eligibility for City Union Bank Saving Account
This type of Savings account is available to all individuals between the ages of 18 and 54 years. If the application is for a joint account, the eligibility will depend on the first name account holder.
Minimum balance to be maintained in City Union Bank Saving Account
Quarterly average balance of Rs.50000/- for at least one year is the minimum balance that account holders should maintain.
Insurance coverage in City Union Bank Saving Account
In the event of death (due to any cause) Rs.1 lakh is the coverage.
Documents Required for City Union Bank Saving Account
- Medical examination is not a requirement. The account holder need simply to declare his/her good health.The premium payable depends on the age of the customer.
- For customers in the age bracket of 18 to 35 years, the premium is Rs.172/- per annum.
- For customers in the age bracket of 36 to 50 years, the premium is Rs.384/- per annum.
- For customers in the age bracket of 51 to 54 years, the premium is Rs.888/- per annum.
Nomination in City Union Bank Saving Account
It is compulsory to have nomination for all accounts
Penalty for City Union Bank Saving Account
If the account holder is unable to maintain the minimum balance for some reason, they will be fined a penalty of Rs.150/- per quarter. However, the accountholder will still be eligible for insurance cover even if there is a default in the maintenance of minimum balance.
Closure of City Union Bank Saving Account
In the event that the account holder closes the savings account before it completes one year, the claim shall be entertained until the end of that year.Other facilities in addition to insurance cover that the account holder can avail with this particular City Union Bank Saving Account.
The account holder will be given free cheque book, which can include multicity cheque book.
- Complimentary VISA/ATM cards.
- Complimentary Internet banking facility.
- The free facility of withdrawing cash using either City Union Bank’s ATMs or other banks’ ATMs (18000 ATMs).
- Free facility of transferring money using RTGS.
- limitless cash remittance.
- Possibility to transfer funds between branches.
- Subject to conditions, outstation cheques up to Rs.15000/- can be credited.
If the account holder would like an extension of the policy for one more year, he/she can request the bank in writing and submit it at a branch of the bank.
CUB Young India City Union Bank Saving Account
- Avail an International VISA Debit Card. Everything from purchasing railway/flight tickets to books can be done online with this card.
- It’s possible to withdraw cash from over 11,00,000+ ATMs around the world.
- Outstation Cheque can be collected
- Mobile banking facility is available free of charge
- Hostel fees, college fees and more can be paid online at the student’s convenience, 24X7
- Internet banking facility can be used to pay bills
- Account holders will not be charged for maintenance or Annual card cost.
- Funds can be transferred using Net Banking to any branch of CUB. It can also be transferred to other Banks using RTGS/NEFT
- Account holders will receive monthly statement of account via e-mail
Juniors India City Union Bank Saving Account
Minimum Balance Requirements for a City Union Bank Saving Account
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- The bank has full right to accept or deny an application for opening a City Union Bank Saving Account with them. The applicant is usually expected to be introduced by an account holder. The Bank does not need to provide a reason for refusal.
- A minimum of five years has to be completed before it is possible to encash a term deposit.
- An individual can open a savings account either by themselves or open a joint account with more than one person.
- Even minors, as young as 14 years old, can open a savings account. It can be operated by themselves or can be managed by an adult for them.
- Blind and illiterate persons can also open a Savings Account as long as they have proper introductions and fulfill other criteria.
- As long as they are approved by the Bank, Associations, Societies, Clubs, Schools and religious/charitable institutions can open savings accounts.
- Usually the bank do not allow Trusts to open City Union Bank Saving Account with it.
Opening a City Union Bank Saving Account
It’s a simple process to open a savings account with City Union Bank. You can do it online by visiting the official website of City Union. You will be guided through with step-by-step instructions. Once you press ‘Apply’, you will need to give your basic information in the application form. Following which, a City Union Bank representative will get in touch with you to further process your application.
Alternatively, you can simply visit a branch of City Union Bank Saving Account to fill out the new account opening form in person. You will just have to submit this duly filled out form along with the required documents.
You can deposit a minimum of Rs. 1000 or multiples of it. Income tax PAN number and photograph should be submitted with the application.
Documents Requirements for City Union Bank Saving Account
Accounts of individuals in City Union Bank Saving Account
- Legal name of the individual, as well as any other names used
- Identity card (which is to the bank’s satisfaction).
- Driving licence.
- PAN card.
- Voter’s Identity Card.
- A letter from a recognized public servant or public authority which verifies the individual’s identity as well as their residence.
- Proof of address:
- Bank account statement.
- Telephone bill.
- Letter from any recognized public authority.
- Ration card.
- Electricity bill.
- Letter from employer (must be to the satisfaction of the bank).
Accounts of partnership firms
Legal name and address:
- If registered, the registration certificate.
- The partnership deed.
- Any document that is valid and official, which identifies the partners in the partnership firm as well as those holding the Power of Attorney and their respective addresses.
- The document ‘Power of Attorney’ which grants a partner/employee the permission to perform business on the firm’s behalf.
- Telephone bill which is addressed to the partners of the firm/the firm.
- Certificate of Memorandum and incorporation.
- Articles of Association.
- The Board of Directors’ document with the resolution to open an account. It should contain the information of who has the power to manage the account as well.
- There should be officially valid document which identifies settlers, trustees, managers/ directors/founders, beneficiaries as well as those holding Power of Attorney. Their respective addresses should also be given.
- The managing body of the association/ foundation’s resolution.