Fixed Deposit or FD is a good interest rate investment option. City Union Bank offers a Fixed Deposit Account with a high interest rate. Fixed Deposit can open for the duration of a minimum of 7 days and a maximum of ten years. Fixed Deposit gives you a high-interest rate on your deposit amount. The Deposit minimum amount is depending upon the bank. You can also visit the official website.
Benefits of City Union Bank Fixed Deposit Account
- You get a higher interest rate on your fixed Deposit while comparing with saving accounts.
- Multiple fixed deposits can open.
- Allahabad Bank also gives a loan on your fixed Deposit so that, you don’t need to break your Deposit for your need.
- You can get an Rs.1.5 lakh exemption under Section 80 C of the Income Tax Act, 1961.
- If you are a senior citizen, then you will get a high-interest rate on your Fixed Deposit account.
Fixed Deposit Eligibility
- Fixed Deposits can open the name of Individual, Joint, Society, Company, Partnership, etc.
- The applicant must have a savings account in the bank.
Income Tax Facts on City Union Bank Fixed Deposit Interest
If you are looking for income tax fact on Fixed Deposit interest, then you can check below:
- If Fixed Deposit interest is less then Rs. 40, 000/-, then the City Union Bank will deduct TDS on interest.
- Interest earned on Fixed Deposit is taxable. It will treat as Income from Other Sources.
- If you don’t want to pay any TDS on Fixed Deposit, then you have to submit Form 15G and Form 15H in City Union Bank.
City Union Bank Tax Benefit Fixed Deposit
- Interest Rate is 6.5% for 5 years term deposits.
- The amount can not withdraw before five years.
- The deposit account can not transfer to another bank.
City Union Bank Fixed Deposit Interest Rate
|Rate of Interest % p.a|
|Less than Rs.2 Crore|
|7 days to 14 days||4.25%||4.25%|
|15 days to 45 days||4.50%||4.50%|
|46 days to 90 days||4.75%||4.75%|
|91 days to 180 days||5.25%||5.25%|
|181 days to 270 days||5.75%||5.75%|
|271 days to 364 days||6.25%||6.25%|
|Above 1 year to 5 years||6.35%||6.60%|
|Above 5 years and upto 10 years||6.30%||6.55%|
|Tax Saver Schemes (both for General category and Senior Citizens) ROI p.a 6.60%|
|Savings A/C: Rate of interest will be 4.00% P.a|
|NRE TERM DEPOSITS ( Senior citizen rate not applicable)|
|PERIOD||Rate of Interest % p.a|
|Above 1 year to 5 years||6.35%|
|Above 5 Years and upto 10 Years||6.30%|
|NRE Savings A/C: From 03-05-2011 rate of interest will be 4.00% P.a|
|1 Year and above but less than 2 Years||2.34||0.93||0.00||0.01||2.03||1.21||1.45|
|2 Years and above but less than 3 Years||2.20||0.94||0.00||0.00||1.75||1.15||1.37|
|3 Years and above but less than 4 Years||2.15||0.93||0.00||0.00||1.72||1.15||1.34|
|4 Years and above but less than 5 Years||2.11||0.68||0.00||0.00||1.70||0.78||1.34|
|5 Years only||2.12||0.68||0.00||0.00||1.68||0.82||1.35|
|Interest rates on RFC Deposits from 01-FEB-2020 to 29-FEB-2020|
|1 Year and above but less than 2 Years||2.34||0.93||0.00||1.45|
|2 Years and above but less than 3 Years||2.20||0.94||0.00||1.37|