City Union Bank's deposit schemes
Coimbatore: The 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 individuals with taxable income of more than Rs10 lakhs. Both the schemes will be eligible for claiming tax benefits under Section 80 C of the Income Tax Act.

PAN cardholders will be eligible for the scheme with the maximum investment fixed at Rs1 lakh. The deposit can neither be closed before maturity, nor would a loan facility be 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 aimed at monthly savers.

The bank has also received permission from the RBI to open 26 additional branches, 4 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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