City Union Bank Account Open Online | City Union Bank Account Opening Form | City Union Bank Account Opening Minimum Balance | City Union Bank Net banking login
In 1904, City Union Bank was founded as ‘The Kumbakonam Bank Limited.’ The initial Memorandum of Association was signed by twenty residents of Kumbakonam, including S.Krishna Iyer, Sarvashri R. Santhanam Iyer, and V.Krishnaswami Iyenga. Initially, the bank was established as a regional institution. The bank merged with two others in 1965, forming ‘The Union Bank Limited’ and ‘The City Forward Bank Limited.’ The bank’s name was also changed to ‘The Kumbakonam City Union Bank Limited’ as a result of this. The bank’s first branch outside of Tamil Nadu was launched in 1980. The name was changed to ‘City Union Bank Limited’ in 1987 to reflect the bank’s national image. The article will provide you with details related to City Union Bank Account Opening and other details.
Table of Contents
Savings Account Interest Rates at City Union Bank
On a daily product basis, interest will be calculated and deposited into the account at half-yearly or longer intervals. Savings bank account interest rates are currently 3.50 percent p.a. for balances up to Rs.1 lakh, 3.75 percent p.a. for balances between Rs.1 lakh and Rs.10 lakh, and 4.00 percent p.a. for balances beyond Rs.10 lakh, beginning April 1, 2020.
Savings Accounts with City Union Bank Types
City Union Bank offers a variety of savings accounts.
CUB Excel Savings Account
- Eligibility: Anyone between the ages of 18 and 54 is eligible for this type of savings account. If you’re applying for a joint account, your eligibility will be determined by the accountholder’s first name.
- The minimum balance that account holders should maintain is a quarterly average balance of Rs.50000/- for a period of at least one year.
- Insurance coverage: Rs.1 lakh is provided in the event of death (due to any cause).
- Documents required: There is no obligation for a medical examination. The account holder only needs to state that he or she is in good health.
- The amount of the premium is determined by the customer’s age:
- The annual premium for users between the ages of 18 and 35 is Rs.172/-.
- The premium for consumers between the ages of 36 and 50 is Rs.384/- per annum.
- The premium for clients between the ages of 51 and 54 is Rs.888/- per annum.
- Nomination: It is required for all accounts to have nominations.
- The account holder would be penalized Rs.150/- per quarter if they are unable to maintain the minimum amount for whatever reason.
- Even if the account holder fails to maintain the required balance, the account holder will still be covered by insurance.
- Accounts are closed: If the account holder cancels the savings account before one year has passed, the claim will be considered until the end of that year.
- In addition to insurance coverage, the account user can take advantage of the following features with this savings account:
- A free checkbook, which may include a multicity cheque book, will be given to the account holder.
- VISA/ATM cards are provided free of charge.
- Internet banking is available for free.
- The ability to withdraw cash for free from City Union Bank or other banks’ ATMs (18000 ATMs).
- Money can be sent for free via the RTGS system.
- Cash remittance is unrestricted.
- Transferring cash across branches is possible.
- Outstation cheques up to Rs.15000/- can be credited, subject to certain conditions.
- Extension facility: If the account holder wishes to extend the policy for another year, he or she must make a written request to the bank, which must be submitted in a branch of the bank.
Savings Account with CUB Young India
- Eligibility: Applicants must be students between the ages of 18 and 25 to be eligible for this type of Savings Account.
- An account holder or the head of the educational institute where the applicant is a student must introduce the applicant.
- Documentation:Proof of age must be submitted in the form of the applicant’s birth certificate or SSLC mark sheet.
- Identity proof: The student must present a valid identification card or a genuine certificate issued by the educational institution.
- A minimum amount of Rs.500/- should be present in the account.
- Other complementary services available to ‘CUB Young India’ account members include:
- Obtain a VISA International Debit Card. This card can be used to purchase everything from train/flight tickets to books online.
- Cash can be withdrawn from over 11,00,000 ATMs all around the world.
- The outstation cheque can be acquired.
- The use of mobile banking is completely free.
- Hostel costs, tuition fees, and other expenses can be paid online at any time, 24 hours a day, seven days a week.
- Bills can be paid using an internet banking facility.
- Maintenance and annual card costs will not be charged to account holders.
- Net Banking can be used to send funds to any CUB branch. RTGS/NEFT can also be used to transfer funds to other banks.
- E-mail statements of account will be sent to account holders on a monthly basis.
India Savings Account for Juniors
- This saving bank account scheme is designed for children.
- This savings account is available to children as little as one day old. Children must be at least 17 years old to be eligible for this sort of savings account. The account for the child might be managed by a parent, guardian, or court-appointed guardian.
- Introduction: The applicant must be introduced by a current account holder.
- Age-proof: As proof of age, a birth certificate is required.
The following is the minimum amount that must be maintained:
- For the cheque book a/c, a monthly average of Rs.250/- must be maintained.
- For non-cheque book accounts, a monthly average of Rs.100/- must be maintained.
- The maximum amount: There is no upper limit to the amount of money that can be held in the account.
- The interest rate: The interest rate is the same as a regular savings account.
Minimum Balance Requirements for CUB Account Opening
|Without Cheque Book
|With Cheque Book
City Union Bank Account Opening Eligibility
- The bank has complete discretion over whether or not to accept or reject an application for a savings account. An account holder is normally expected to introduce the applicant. The Bank is not required to give a rationale for its denial.
- A term deposit must be held for a minimum of five years before it can be withdrawn.
- An individual can start a savings account on their own or in a joint account with many people.
- Savings accounts can be opened by individuals as young as 14 years old. It might be operated by them or controlled by an adult on their behalf.
- Blind and illiterate people can also open a Savings Account if they have sufficient identification and meet other requirements.
- Associations, Societies, Clubs, Schools, and religious/charitable groups can create savings accounts as long as they are approved by the Bank.
- Trusts are usually not permitted to open Savings Accounts with the bank.
City Union Bank Account Opening Process
Opening a savings account with City Union Bank is a simple process. You can do it online by going to City Union’s official website. Step-by-step instructions will lead you through the process. After pressing ‘Apply,’ you’ll be prompted to fill out the application form with your basic information. After that, a City Union Bank representative will contact you to continue processing your application.
Alternatively, you can fill out the new account opening form in person at any City Union Bank branch. All you have to do now is send this completely completed form together with the needed documentation.
You can deposit as little as Rs. 1000 or multiples of that amount. With the application, you must include your PAN number and a photograph.
City Union Bank Savings Account Documents Requirements
Accounts of individuals:
- Legal name of the individual, as well as any other names used
- Driving licence
- Voter’s Identity Card
- Identity card (which is to the bank’s satisfaction)
- PAN 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
- Letter from any recognized public authority
- Ration card
- Telephone bill
- Electricity bill
- Letter from employer (must be to the satisfaction of the bank)