CUB's new deposit scheme 'CUB 500' from June 11

Chennai, June 9 (UNI) The Kumbakonam-based City Union Bank today announced the launch of a new deposit product "CUB 500", carrying an attractive rate of interest of Rs 10.75 per cent for the general category and 11 per cent for senior citizens.

A Bank release here said the scheme would come into effect from June 11 for 500 days. Under the new scheme, the minimum deposit would be Rs 10,000 and maximum Rs two crore.

The bank, with a network of 167 branches across the country, planned to achieve a deposit target of Rs 6,500 crore and Rs 12,000 crore of total business during the current year.

The bank expected to garner Rs 2,000 crore through the new product, the release added.

UNI