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How to Open City Union Bank Fixed Deposit Account

Updated 29 Aug 2023

Embracing a financially secure future involves making wise decisions today. Fixed Deposits (FDs) remain a go-to choice for many looking for risk-free investment returns. City Union Bank's longstanding reputation in the banking sector offers a seamless process for opening an FD account.

 

Understanding the procedure can be crucial whether you're a first-time investor or seeking to diversify your portfolio. In this blog, we'll guide you step-by-step through setting up your FD account with City Union Bank, ensuring your journey towards financial growth is smooth and straightforward.

Opening an FD with City Union Bank

Investors can open FD with City Union Bank through various modes such as Internet banking, Mobile Apps and Offline:

Using City Union Bank’s mobile application (App):

Step 1: Download CUB mobile App, Log in to the mobile application 
Step 2: Choose the type of deposit account in the E- Deposit section.
Step 3: Select the FD tenure and insert the deposit amount, interest payout instructions, nominee details etc. 
Step 4: After filling out the form, one can submit the details and create an FD; the investor will be notified when FD is created


Using City Union Bank’s Internet banking website:

Step 1: Log in to the City Union Bank Internet Banking website
Step 2: Navigate to the “Personal” tab. 
Step 3: From the menu, select “Deposits”. FD page will display on the screen. 
Step 4: Click on ‘Apply Now’. This will generate an online form in which you must select the FD tenure and insert the deposit amount and interest payout instructions.
Step 5: After completing the form, one can submit the details and create an FD.

Offline by visiting the nearest branch:

Step 1: Visit the nearest City Union Bank branch
Step 2: Obtain and fill up the form to create a fixed deposit indicating the period, amount and other preferences
Step 3: Submit the form along with a copy of your Aadhar and Pan card; the bank officials will process the form and create an FD.
Step 4: CUB Bank will provide an FD receipt on successfully processing the application

City Union Bank’s FD eligibility criteria

  • Any person in his individual capacity
  • More than one person in their joint names,
  • Any minor jointly with a major
  • Sole Proprietary concern
  • Members of charitable trusts
  • Educational institutions
  • HUF
  • Clubs
  • Private Traders 
  • Merchants
  • Agents
  • Professionals
  • Partnerships Firms
  • Societies & Corporates

All the above are eligible to open their fixed deposit accounts with City Union Bank.

Documents required for City Union Bank’s FD account

Banks require the below-listed documents for completing the Mandatory Know Your Customer (KYC) procedure before opening an account for its customer:

  • FD Application form
  • Government ID proof such as (Aadhar Card, PAN card, voter ID card, driving license, ID issued by postal authorities, NREGA Job Card, letter from a recognised public authority or public servant etc)
  • Address Proof (Passport, voter ID card, Bank account statement, letter from employer, ID issued by postal authorities, NREGA Job Card, Consumer passbook issued by Gas agency, rent agreement Utility bills such as phone bills, electricity bills, driving licenses, Aadhar card etc)

FAQs

How is a tax-saver FD different from a regular FD?

A tax-saving FD has a lock-in period of 5 years. No premature withdrawals, overdrafts, or loan facilities are available under a tax-saving FD. Whereas one can have a regular FD for any tenure as per individual’s choice, and they are eligible for premature withdrawals, loans and overdraft facilities.

How can I break my City Union Bank FD?

Offline: Place a request at your nearest City Union Bank Branch. This method will credit the amount to your account within 24-48 hours.
Online: Log in to the app or website and select the FD you want to break, click on Premature Withdrawal, and the amount will be credited on the same day.

Is the ₹5 lakhs DICGC insurance cover applicable on City Union Bank FD?

Yes. ₹5 lakhs Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover applies to City Union Bank FD.

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Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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