Report Wire - City Union Bank hikes rates of interest as much as 75 bps on fastened deposits

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City Union Bank hikes rates of interest as much as 75 bps on fastened deposits

2 min read
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.

The personal sector lender City Union Bank has hiked rates of interest on fastened deposits of lower than ₹2 Cr. According to the financial institution’s official web site, the brand new charges are in impact as of in the present day, on 23 September 2022. In response to the change, the financial institution elevated rates of interest on fastened deposits with maturities starting from 46 days to 10 years. The financial institution is now providing rates of interest on deposits that mature in 7 days to 10 years that vary from 4.00% to six.00%.

City Union Bank FD Rates

The financial institution will proceed to supply an rate of interest of 4.00% on fastened deposits maturing in 7 to 14 days in addition to an rate of interest of 4.10% on time period deposits maturing in 15 to 45 days. Fixed deposits with maturities between 46 and 90 days will now present an rate of interest of 4.50%, up from 4.15% earlier than, a 35 foundation level enhance. Fixed deposits with maturities between 91 and 180 days will now provide an rate of interest of 5.00%, up from 4.25% beforehand, a 75 foundation level enhance.

The rate of interest for fastened deposits maturing from 181 days to 270 days has elevated by 75 foundation factors at City Union Bank, to five.25% from 4.50% beforehand. On fastened deposits maturing in 271 days to 364 days, City Union Bank will now present an rate of interest of 5.75% (up from 5%), a 75 foundation level enhance. On fastened deposits maturing in one year to 399 days, the financial institution will now provide an rate of interest of 6.15% (up from 5.50%), a 65 foundation level enhance. The rate of interest on fastened deposits maturing in 400 days has climbed from 5.60% to six.25%, a 65 foundation level enhance, whereas the rate of interest on time period deposits maturing in 401 to 699 days has risen from 5.50% to six.25%, a 75 foundation level enhance.

The financial institution elevated the rate of interest on fastened deposits maturing in 700 days from 5.75% to six.30%, a 55 foundation level enhance, and on fastened deposits maturing in 701 to three Years from 5.50% to six.25%, a 75 foundation level enhance. Fixed deposits maturing in above 3 Years as much as 10 Years will now present an rate of interest of 6.00%, up from 5.50% prior, a 50 bps hike, whereas City Union Bank will proceed to provide an rate of interest of 6% on tax-saving fastened deposits of 5 years.

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City Union Bank FD Rates (cityunionbank.com)

“Revision of rate of interest 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,” talked about the financial institution on its web site.

 

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