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Home / Money / Personal Finance /  City Union Bank hikes interest rates up to 75 bps on fixed deposits
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The private sector lender City Union Bank has hiked interest rates on fixed deposits of less than 2 Cr. According to the bank's official website, the new rates are in effect as of today, on 23 September 2022. In response to the change, the bank increased interest rates on fixed deposits with maturities ranging from 46 days to 10 years. The bank is now offering interest rates on deposits that mature in 7 days to 10 years that range from 4.00% to 6.00%.

City Union Bank FD Rates

The bank will continue to provide an interest rate of 4.00% on fixed deposits maturing in 7 to 14 days as well as an interest rate of 4.10% on term deposits maturing in 15 to 45 days. Fixed deposits with maturities between 46 and 90 days will now provide an interest rate of 4.50%, up from 4.15% before, a 35 basis point increase. Fixed deposits with maturities between 91 and 180 days will now offer an interest rate of 5.00%, up from 4.25% previously, a 75 basis point increase.

The interest rate for fixed deposits maturing from 181 days to 270 days has increased by 75 basis points at City Union Bank, to 5.25% from 4.50% previously. On fixed deposits maturing in 271 days to 364 days, City Union Bank will now provide an interest rate of 5.75% (up from 5%), a 75 basis point increase. On fixed deposits maturing in 365 days to 399 days, the bank will now offer an interest rate of 6.15% (up from 5.50%), a 65 basis point increase. The interest rate on fixed deposits maturing in 400 days has climbed from 5.60% to 6.25%, a 65 basis point increase, while the interest rate on term deposits maturing in 401 to 699 days has risen from 5.50% to 6.25%, a 75 basis point increase.

The bank increased the interest rate on fixed deposits maturing in 700 days from 5.75% to 6.30%, a 55 basis point increase, and on fixed deposits maturing in 701 to 3 Years from 5.50% to 6.25%, a 75 basis point increase. Fixed deposits maturing in above 3 Years up to 10 Years will now provide an interest rate of 6.00%, up from 5.50% prior, a 50 bps hike, while City Union Bank will continue to give an interest rate of 6% on tax-saving fixed deposits of 5 years.

City Union Bank FD Rates
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City Union Bank FD Rates (cityunionbank.com)

“Revision of interest rate for Domestic Term Deposits & NRE Deposits from 23.09.2022," said City Union Bank on its website. “For senior citizens (60 Years +) additional interest rate applicable from 1st year," mentioned the bank on its website.

 

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