The Kumbakonam Bank Limited was renamed as City Union Bank in 1904. It was started as a regional bank in the Thanjavur area of Tamil Nadu. Ever since its inception, the bank has grown in terms of business and technology. It has over 600 branches now. It has also launched a banking robot named Lakshmi in 2016. The bank offers many innovative digital services.
CUB Excel Savings Account
This Savings account is meant for all individuals between 18 and 54 years of age. The minimum balance that is to be maintained in this account is a quarterly average of Rs.50000, failing which, a penalty fee of Rs.150 will be charged per quarter. A nomination is compulsory for this type of account. An insurance coverage of Rs.1 lakh is offered by the bank in case of an account holder’s death upon the payment of the following premium:
18 to 35 years
Rs.172/- per annum
36 to 50 years
Rs.384/- per annum
51 to 54 years
Rs.888/- per annum
This account provides the following facilities as well:
This account is meant for students between the age of 18 and 25 years. The applicants need to be introduced to the bank by the head of their educational institute where they are studying or by another account holder of the bank. Applicants are required to submit birth certificates or SSLC mark sheet as proof of age, ID card or bonafide certificate from the educational institution as identity proof and deposit at least Rs.500 to open this account. The account holder can avail the following facilities:
This scheme is exclusively for children. Parents or guardians can create this account for children who are aged in between 1 day to 17 years. This account also requires an introducer. The child’s birth certificate has to be provided as a part of account opening documentation. If a cheque-book facility is availed, the account should contain a minimum balance of Rs.250, else Rs.100 should suffice. This account receives a savings interest at the rate of 3.5% per annum.
Minimum Balance Requirements for a Savings Account at City Union Bank
Accounts without Cheque Book
Accounts with Cheque Book
Documents Required to Open a Savings Account