City Union Bank Launches "CUB 400"

Chennai, Aug 21 (UNI) City Union Bank Limited today launched "CUB 400", a new deposit scheme offering higher returns on investment.

A CUB release here said deposits accepted for a period of 400 days would be paid interest of 8.50 per cent and nine per cent for senior citizens.

The bank also launched three new deposit products recently, namely Tax Saver Gold, Tax Saver Silver and Tax Saving Enabler.

These products were designed to suit the needs of the tax paying investors who would opt to claim the deduction benefits under the provisions of Section 80-C of Income Tax Act.

These schemes envisage placement of term deposit up to a maximum of Rs One lakh for a minimum period of five years. The return on investment on these schemes would be around ten per cent, the release added.

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