The City Union Bank offers a decent interest rate for both normal and senior citizens for domestic deposit of amount about Rs. 1 Crore. However, the senior citizens can grab the maximum interest rate of 7.75% for the domestic deposit of same amount ( Rs. 1 Crore) for an period of 1 year. Normal people can enjoy 7.25% for the same case.
The interest rate for domestic deposit of amount about 1 Crore for general people is 8.00%, at the maximum maturity period of 5 years to about 10 years.
Tax saver fixed deposit: City Union Bank also offers Tax Saver Fixed Deposit of amount about 1 lakh per financial year, and the interest rate would be 7.75% for the normal people. Interest would be 7.75% for the above case for senior citizens.
If you are going with NRE Fixed Deposit, then for an amount of 1 Crore, the maximum interest rate would be 7.75% for a maturity period of 1 year. In the above case, the interest becomes 7.50% where the maturity period is 5 years up to 10 years. The below rates are effective from 1 January, 2016.
|Time Period||Interest Rates ( Normal )|
|Interest Rate (Senior citizens)|
|7 – 14 Days||6.75||6.75|
|15 – 30 Days||6.75||6.75|
|31 – 45 Days||6.75||6.75|
|46 – 60 Days||6.75||6.75|
|61 – 90 Days||6.75||6.75|
|91 Days – 180 Days||7.25||7.25|
|271 Days – 1 year||7.65||7.65|
|1 year – 1.5 Year||7.75||8.00|
|1 Year – 2 Years||7.75||8.00|
|2 Years – 3 Years||7.75||8.00|
|3 Years – 5 Years||7.75||8.00|
|5 Years – 10 Years||7.50||7.75|
For NRE Term Deposit rates:
|PERIOD||Rate of Interest|
|Above 1 to 3 years||7.75|
|Above 3 to 10 Years||7.50|
Updated: 3 April, 2016
- Rate of interest will be 4% p.a. for both domestic and nre saving accounts.
- 1% penalty will be charged for closing deposits before maturity time.
- Age of senior citizens should be above 60 years.
However, it is recommended to visit official website for having complete detail about the interest rates.
Check out more detail @ http://www.cityunionbank.com/english/deposit.aspx