The Hindu Business Line : City Union Bank's new scheme

The Union Bank has introduced `CUB 399', a deposit scheme that would yield interest at 9.25 per cent per annum for the general category and an additional 50 basis points (9.75 per cent) for senior citizens. The duration would be for 399 days. According to bank sources, there was good response for this limited period offer scheme rolled out 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.'' However, if a depositor opts 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 (Savings Bank rate). CUB 399 is an addition to its existing special deposit schemes - CUB 400+ and CUB 600+.

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