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City Union Bank instigates new deposit scheme |
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Written by Arumai_Nagappan
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Tuesday, 06 March 2007 |
City Union Bank has instigated a novel deposit scheme “CUB 399” that would provide interest at 9.25 per cent on an annual basis for the general group.
On the other hand, the senior citizens will be given an additional advantage of 50 basis points (9.75 per cent) for senior citizens.
The length of this new scheme would be 399 days.
According to bank sources this limited period scheme was showing good response after its release on March 1.
“Basically, it is in the nature of a fixed deposit. Interest is payable monthly, quarterly, half-yearly, annual or on maturity depending on the option of the depositor,” the bank sources added.
But, if a saver wants to pre-close the account, no interest would be paid for the first 30 days and for the remaining period, but the bank would pay interest at 3.5 per cent.
CUB 399 is an addition to its existing special deposit schemes - CUB 400+ and CUB 600+. |
