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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Save money while enjoying a higher interest rate with City Union Bank Recurring Deposits. City Union Bank Recurring Deposit Interest Rates differ for resident and NRI customers. City Union Bank Senior Citizen RD Interest Rates are higher.
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Recurring Deposit (RD) is a type of personal account wherein you can deposit a fixed or a small amount on a monthly basis and earn interest income out of it. It is quite similar to Fixed Term Deposit and earns comparable interest. Recurring Deposit is convenient to those people who prefer to invest on a regular basis rather than depositing a bulk amount at one shot.
One of the major differences between a recurring deposit and fixed deposit is the amount invested. In recurring deposit, one can deposit a small amount on a regular basis whereas in fixed deposit, one bulk amount is invested for a lock-in period. With a recurring deposit account, one can save money as well as maintain a good liquidity ratio in the overall financial scene.
About City Union Bank Recurring Deposit Rate
One can make regular instalments into the recurring deposit account either through direct transfer of money every month or use the standing instruction facility to deduct the required amount from savings account every month. There are two types of recurring deposit schemes available with City Union Bank:
Recurring Deposits For Individuals
CUB APOORVA
Recurring Deposit Interest rates are normally similar to that of Fixed Term Deposit interest rates. These interest rates are subject to change by the bank at their own discretion. It is recommended that you check the prevailing rates before opening a RD account.
For less than Rs. 1 Crore
| Period | General | Senior Citizens |
|---|---|---|
| 7 days to 90 days | 6.25% | 6.25% |
| 91 days to 180 days | 6.75% | 6.75% |
| 181 days to 364 days | 7.00% | 7.00% |
| 365 days - 999 days | 7.35% | 7.50% |
| 1001 days to 5 years | 7.35% | 7.50% |
| Above 5 years and up to 10 years | 6.70% | 6.95 |
| Tax Saver Schemes (both for General category and Senior Citizens) ROI p.a 7.35% | ||
For NRO Deposits, the above rates under General category will alone be applicable i.e, senior citizen rate is not applicable.
| NRE Term Deposits (Senior citizen rate not applicable) | |
|---|---|
| From 26-09-2018 | |
| PERIOD | Rate of Interest % p.a |
| 365 days - 999 days | 7.35% |
| 1000 days | 7.60% |
| 1001 days to 5 years | 7.35% |
| Above 5 Years and up to 10 Years | 6.70% |
In general, the following category of people can open recurring deposit account with City Union Bank:
1. What documents are accepted by the bank as ID proof to open a RD account?
The following documents are accepted by the bank as ID proof:
2. What is the minimum amount requirement to open an RD account with City Union Bank?
With Rs. 100/- and its multiples, you can open a RD account with the City Union Bank
3. Which documents are accepted as address proof by the bank?
The bank accepts the following documents as Address proof:
4. Will my interest earnings get taxed?
Yes, TDS is applicable on the interest earnings on Recurring Deposit account
5. How can I apply for an RD account?
The easiest and the fastest way to apply for RD account is by visiting the website and applying online. Alternatively, you can drop into the nearest bank branch and physically submit the documents to open the Account
6. I want to close the RD account, but it has only been one month. What are the charges?
In the case of premature closure within a month, no interest shall be paid and only your principal amount shall be returned.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application