The Hindu Business Line : City Union Bank's deposit schemes

City Union Bank (CUB) has introduced two new deposit schemes - CUB Tax Saver Gold and CUB Tax Saver Silver, with an effective annual yield of up to 17.72 per cent for persons with taxable income of more than Rs 10 lakhs. Both the schemes are eligible for claiming tax benefit under Section 80 C of the Income Tax Act.

The deposit scheme is however open for PAN cardholders only and the maximum investment is fixed at Rs 1lakh. The deposit can neither be closed before maturity nor loan facility is entertained against these deposits. In the event of death of the depositor, the nominee can withdraw the money before or after maturity. While CUB Tax Saver Gold is for persons who wish to place lump sum deposits to avail of the tax benefits under Section 80 C, the CUB Tax Saver Silver Scheme is for monthly savers'.

The bank has got the nod from the RBI to open 26 additional branches, four of which would be in Maharashtra, 5 in Andhra Pradesh, 4 in Karnataka, 1 in Gujarat and 12 in Tamil Nadu.

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