FD Rates Hike: 118 years old City Union Bank giving up to 8.00% interest on FD, know here...
The 118-year-old bank is still in existence because people have shown their trust in it. This bank has increased the interest rates on its fixed deposits (FD). City Union Bank, one of the oldest private sector lenders that came into existence on October 31, 1904, has increased interest rates on FDs of less than ₹2 crores. As per the official website of the bank, the new rates are effective from 18.01.2023.
After the revision, the bank is now offering deposits maturing in 7 days to 10 years at 5.00% to 6.90% for the general public and 5.00% to 7.25% for senior citizens. Apart from this, a maximum interest rate of 7.75% for the general public and 8.00% for senior citizens will be available on a deposit period of 444 days.
City Union Bank FD Rates
The bank is offering an interest rate of 5.00% on deposits maturing in 7 to 14 days, while the bank is offering an interest rate of 5.50% on deposits maturing in the next 15 to 45 days. City Union Bank is offering an interest rate of 5.75% for a deposit period of 46 days to 90 days. The interest rate of 6.00% will be available for the deposit period of 91 days to 180 days.
Deposits maturing in the next 181 days to 270 days will now fetch 6.25% interest. While deposits maturing in the next 271 days to 364 days will get 6.50% interest. On deposits maturing in 365 days to 443 days, the bank is offering an interest rate of 6.75%. While offering an interest rate of 7.75% on 444 days FD. City Union Bank is now offering an interest rate of 6.95% on deposits of 445 to 699 days in duration. The bank will now give an interest rate of 7.10% on deposits of 700 days duration.
Deposits maturing in 701 days to 3 years now fetch 7.25% interest. City Union Bank is currently offering an interest rate of 7.00% on deposits with a tenure of five years. City Union Bank has 727 branches spread across 16 states and three union territories. It is regulated by the Reserve Bank of India as a scheduled commercial bank. Apart from this, RBL Bank and IndusInd Bank have announced an increase in interest rates on fixed deposits up to ₹ 2 crores from January 19, 2023.