Home / Industry / Banking /  This 118 year old private bank hikes FD rates, get up to 8.00% on 444 days tenor
Back

City Union Bank incorporated on 31st October 1904 one of the oldest private sector lenders having 118 years of existence has hiked interest rates on fixed deposits (FDs) of less than 2 Cr. As per the official website of the bank, the new rates are effective as of 18.01.2023. Following the revision, the bank is now providing interest rates on deposits maturing in 7 days to 10 years that range from 5.00% to 6.90% for the general public and 5.00% to 7.25% for senior citizens. On a deposit tenor of 444 days, will fetch a maximum interest rate of 7.75% for the general public and 8.00% for senior citizens.

City Union Bank FD Rates

The bank is offering an interest rate of 5.00% on deposits that mature in the next 7 to 14 days, and City Union Bank is offering an interest rate of 5.50% on deposits that mature in the next 15 to 45 days. A deposit tenor of 46 days to 90 days is currently eligible for an interest rate of 5.75% from City Union Bank, and a deposit tenor of 91 days to 180 days is presently eligible for an interest rate of 6.00%.

Deposits maturing in the next 181 days to 270 days will now earn 6.25% interest, while those maturing in the next 271 days to 364 days will earn 6.50% interest. On deposits maturing in 365 days to 443 days, the bank is offering an interest rate of 6.75% and on those maturing in 444 days, City Union Bank will now offer an interest rate of 7.75% on a tenor of 444 days. On deposits with a tenor of 445 to 699 days, City Union Bank will now offer an interest rate of 6.95%, and on deposits with a tenor of 700 days, the bank will now guarantee an interest rate of 7.10%.

City Union Bank FD Rates
View Full Image
City Union Bank FD Rates (cityunionbank.com)

Deposits maturing in 701 to 3 Years now earn 7.25% interest, while those maturing in 3 Years or more up to 10 Years now earn 6.90% interest. City Union Bank is currently providing an interest rate of 7.00% on tax saver deposits made for a period of five years.

An established private bank, City Union Bank has 727 branches spread throughout 16 states and three union territories. The Reserve Bank of India regulates it as a scheduled commercial bank.

RBL Bank and IndusInd Bank announced a rise in the interest rates on fixed deposits under 2 crore on January 19, 2023. In response to the most recent modification, RBL Bank hiked interest rates on short-term deposits with terms ranging from 7 to 364 days by up to 50 bps. In contrast, IndusInd Bank is currently offering interest rates on deposits with maturities ranging from 7 days to 10 years that range from 3.50% to 7.00% for the general public and 4.00% to 7.75% for senior citizens. A maximum interest rate of 7.50% for the general public and 8.25% for senior citizens will now apply to deposits maturing in 2 years up to 3 years and 3 months.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout