City Union Bank (CUB) RDs are savings scheme options for guaranteed returns. With competitive interest rates & predetermined tenure, any individual can open a recurring deposit starting with ₹100. Also, City Union Bank RD Rate of Interest has an additional benefit to the senior citizens helping them make better returns.
City Union Bank offers RD interest rates ranging from 6.25% p.a. to 7.75% p.a. You can also utilize a loan against the deposit in your account.
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CUB RD Interest Rates 2024
The table below shows revised RD interest rates effective from 06.05.2024. Interest rates for the senior citizens and general public are given below:
| Deposit Tenure | General Public (% p.a.) | Senior Citizens (% p.a.) |
|---|---|---|
| 181 days to 270 days | 6.25% | 6.50% |
| 271 days to 364 days | 6.50% | 6.75% |
| 365 days to 399 days | 7.00% | 7.25% |
| 400 days | 7.25% | 7.75% |
| 401 days to 3 Years | 6.50% | 6.75% |
| Above 3 Years up to 10 Years | 6.25% | 6.50% |
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Note: The rates mentioned under the General category will be applicable for *NRO deposits, and the senior citizen rate will not be applicable.CUB RD Interest Rates For NRE
The table below shows revised RD interest rates effective from 06.05.2024.
| Deposit Tenure | Revised Interest Rate (% p.a.) |
|---|---|
| 365 days to 399 days | 7.00% |
| 400 days | 7.25% |
| 401 days to 3 years | 6.50% |
| Above 3 Years to 10 Years | 6.25% |
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City Union Bank RD Calculator
The RD Calculator helps you estimate the maturity amount and total interest earned on your Recurring Deposit (RD) investment.
| Invested Amount | : ₹1,000 |
| Total Interest | : ₹532 |
| Maturity Amount | : ₹12,532 |
Here are the steps to use the RD (Recurring Deposit) calculator:
Step 1: Enter the deposit amount.
Step 2: Input the RD interest rate.
Step 3: Select the investment tenure.
Step 4: The invested amount, total interest, and maturity amount will be displayed.
Features of City Union Bank Recurring Deposit
City Union Bank (CUB) offers RD accounts with minimum deposits as low as Rs.100, making it a great choice for those looking to build savings gradually. Here is an overview of the features of the CUB RD account:
| Feature | Details |
|---|---|
| Minimum Monthly Deposit | For Individuals: ₹100, For MSMEs: ₹1,000, and For Corporates: ₹5,000 |
| Minimum and Maximum Period | 12 to 120 months |
| TDS Deduction | Yes (at the prevalent Income Tax rate) |
| Preclosure Facility | Available |
| Loan Against Deposit | Available |
RD Interest Rates of Top Banks
Here is a comprehensive list of RD interest rates from top banks:
| Bank Recurring Deposit | For General Public(p.a) | For Senior Citizens (p.a) |
|---|---|---|
| City Union Bank RD | 6.25% to 7.00% | 6.50% to 7.50% |
| State Bank of India RD | 6.50% to 7.00% | 7.25% to 7.50% |
| ICICI Bank RD | 4.75% to 7.20% | 5.25% to 7.75% |
| HDFC Bank RD | 4.50% to 7.25% | 5.00% to 7.75% |
| Kotak Mahindra Bank RD | 6.00% to 7.40% | 6.50% to 7.90% |
| Axis Bank RD | 5.75% to 7.20% | 6.25% to 7.85% |
| Bank of Baroda RD | 5.75% to 7.25% | 6.25% to 7.75% |
| Punjab National Bank RD | 6.00% to 7.25% | 6.50% to 7.75% |
| IDBI Bank RD | 6.25% to 7.00% | 6.75% to 7.50% |
| Canara Bank RD | 6.15% to 7.25% | 6.65% to 7.75% |
| Indian Bank RD | 4.50% to 7.25% | 5.00% to 7.75% |
| Indian Overseas Bank RD | 5.75% to 7.30% | 6.25% to 7.80% |
| Union Bank of India RD | 5.75% to 6.50% | 6.25% to 7.00% |
| Yes Bank RD | 6.10% to 7.75% | 6.60% to 8.25% |
| Bandhan Bank RD | 4.50% to 7.85% | 5.25% to 8.35% |
| Bank of India RD | 4.50% to 6.00% | 5.00% to 6.50% |
| Bank of Maharashtra RD | 5.50% to 6.25% | 6.00% to 6.75% |
| DBS Bank RD | 6.00% to 7.50% | 6.50% to 8.00% |
| Dhanalakshmi Bank RD | 6.50% to 7.25% | 6.50% to 7.75% |
| Federal Bank RD | 5.75% to 7.50% | 6.25% to 8.00% |
| IndusInd Bank RD | 7.00% to 7.75% | 7.50% to 8.25% |
| Jammu and Kashmir Bank RD | 5.75% to 7.10% | 6.25% to 7.60% |
| Karnataka Bank RD | 5.80% to 7.40% | 6.20% to 7.90% |
| Karur Vysya Bank RD | 6.25% to 7.50% | 6.25% to 8.00% |
| Saraswat Bank RD | 7.00% to 7.50% | 7.50% to 8.00% |
| South Indian Bank RD | 5.00% to 7.40% | 5.50% to 7.90% |
| TMB RD | 6.75% to 7.75% | 7.00% to 8.25% |
| Post Office RD | 6.50% | 6.50% |
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Note: The interest rates are subject to change. Do visit the official website for updated rates.Did you know that, besides opening RD in banks, you cna also open an RD accou nt in Post Office. To check RD returns from post office, use a Post Office RD calculator for quick financial calculations.
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City Union Bank RD Interest Calculation
You can use a formula to calculate the RD maturity amount yourself. The formula considers factors like your monthly deposit, interest rate, and investment period.
The formula is:
M = R[(1+i)^n-1]/(1-(1+i)^(-1/3) )
Here,
M = Maturity Value
R = Monthly Installment
n = Number of quarters
I = Rate of interest
To calculate the total interest earned, let’s assume:
Monthly deposit (R) = ₹500
Deposit period (n) = 3 years * 4 quarters/year = 12 quarters
Interest rate (i) = 6.5% p.a. = 6.5 / 100 = 0.065 (converted to decimal)
We'll still use the same formula for compound interest:
M = R [(1 + i)^n - 1] / (1 - (1 + i)^(-1/3))
Calculating the maturity value (M):
M = 500 * [(1 + 0.065)^12 - 1] / (1 - (1 + 0.065)^(-1/3))
M ≈ ₹8,192.34
Total deposit:
Total deposit = Monthly deposit * Number of deposits
Total deposit = ₹500/month * 12 quarters = ₹6,000
Interest earned:Interest = Maturity value - Total deposit
Interest = ₹8,192.34 - ₹6,000
Interest ≈ ₹2,192.34
Therefore, with a 6.5% interest rate compounded quarterly, you would earn approximately ₹2,192.34 in interest over the 3 years on a recurring deposit of ₹500 per month.
Steps to Open CUB RD Account
Opening an RD account is simple with City Union Bank. Here are the steps to open a Recurring Deposit (RD) using a Mobile Banking App:
Step 1: Log in to the Mobile Banking App.
Step 2: Navigate to the Menu option and select "E-Deposit."
Step 3: Choose the "Deposit Opening New" option.
Step 4: Select "Recurring Deposit (RD)" from the available options.
Step 5: Provide the following details: Deposit type, Deposit amount, Deposit term, Maturity instructions, Account number
Step 6: Submit the request and enter your MPIN (Mobile PIN) to complete the process.
Eligibility Criteria to Open CUB RD Account
The CUB RD account can be opened by the following individuals and entities:
- Resident Indians
- Non-Resident Indians (NRIs)
- Hindu Undivided Families (HUFs)
- Minors, under the supervision and guardianship of their parents
- Sole proprietorships, partnerships, corporations, trusts, societies, clubs, and other such organizations
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Documents Required For CUB RD Account
Here are the details of the KYC (Know Your Customer) documents required for opening accounts at City Union Bank (CUB):
ID Proof:
- Passport
- PAN (Permanent Account Number) card
- Voter's Identity Card
- Driving license
- Employee ID/Confirmation letter from the employer or other bank (subject to the branch's satisfaction)
- ID cards issued by recognized Educational Institutions
- ID issued by Postal Authorities
- Letter from a recognized public authority or public servant (not below the rank of the Tahsildar) verifying the identity and residence of the customer
- Job card issued by NREGA (National Rural Employment Guarantee Act), duly signed by an officer of the State Government
- Letter issued by the Unique Identification Authority of India (UIDAI) containing details of name, address, and Aadhaar number
Address Proof:
- Passport
- Voter's Identity Card
- Driving license
- Telephone bill (not older than two months, with an installation date of at least six months prior)
- Bank account statement
- Letter from a recognized public authority or public servant (not below the rank of the Tahsildar) verifying the identity and residence of the customer
- Electricity bill (latest)
- Ration card
- Letter from the employer (subject to the bank's satisfaction)
- ID issued by Postal Authorities
- Letter issued by the Unique Identification Authority of India (UIDAI) containing details of name, address, and Aadhaar number
- Consumer Pass Book issued by a Gas Agency confirming the residential address on the passbook
- A rent agreement indicating the address of the customer, duly registered with the State Government or a similar registration authority
Closing a CUB RD Account
To close your RD account with City Union Bank, you have two options - online closure or in-branch closure. Both methods may involve a premature closure penalty.
Here are the steps to close the City Union Bank RD account:
Step 1: Log in to your City Union Bank internet banking account.
Step 2: Navigate to the "Accounts" section and find the RD account you want to close.
Step 3: Click on the "Close A/c" tab or option.
Step 4: Follow the on-screen instructions to complete the RD account closure process.
Step 5: You may be charged a premature closure penalty of Rs. 300.
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Frequently Asked Questions
The minimum deposit amount to open an RD account at City Union Bank is typically ₹100 per installment.
You can apply for an RD account at your nearest City Union Bank branch. Alternatively, you can also open an RD account using the mobile banking app.
The current CUB RD interest rate ranges from 6.25% p.a. to 7.75% p.a. and varies based on the tenure and deposit amount. You can check the latest interest rates on the bank's website or by contacting your nearest branch.
You can close your CUB RD account online using the "Close A/c" tab or by visiting the branch, but this may result in a penalty. The current penalty for premature closure of a City Union Bank RD is Rs. 300.
You can use the RD Calculator available online to estimate the maturity amount and interest earned based on the deposit amount, tenure, and interest rate.
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