City Union Bank Current Account – Updated Guide 2025

Amit runs a thriving textile business in Tiruppur, handling frequent high-value transactions, ₹1,50,000 received, ₹75,000 paid, plus multiple ₹30,000 expenses daily. A regular savings account couldn't keep up, with limits and extra charges affecting his cash flow. A fellow entrepreneur suggested a City Union Bank Current Account. 

After exploring it, Amit found it ideal for his needs, offering unlimited transactions, faster fund access, and tailored support to run his business smoothly and efficiently.

Overview of City Union Bank Current Accounts

City Union Bank (CUB) is one of India's fast-growing public sector banking institutions, known to provide customised business banking solutions. As a scheduled commercial bank, CUB conducts business in an array of customised current account solutions for individuals as well as enterprises.

A current account, being a demand deposit account, is needed for those businesses and professionals who are receiving high volumes of transactions regularly. It offers them unlimited withdrawal and deposit facilities without the limitations of savings accounts. CUB emphasizes learning and catering to the very needs of entrepreneurs, and hence, it can be relied upon for managing business funds.

Importance of Current Accounts for Businesses and Professionals

To self-employed and business owners, a current account is not just an avenue to keep money in and withdraw from. It is a simple tool that aids efficient business performance:

• Facilitates Unlimited Transactions: Unlike savings accounts that generally restrict the volume of transactions, current accounts allow unlimited transactions, which is ideal for companies that have high-frequency financial activities.
  
  
• Facilitates Effective Cash Flow Management: Easy and regular access to money enables companies to effectively manage their cash inflows and outflows, making sure they settle payments with suppliers on time and mobilize receipts promptly.
  
  
• Provides Business-Specific Services: Services offered by facilities with current accounts are business-specific in nature, such as the outstation cheque collection, fund management and payment of bills in secure mode with premium internet banking and direct tax payments online, as City Union Bank offers.
  
  
• Brings Professionalism to Business Operations: Carrying out business transactions through a particular current account introduces some level of professionalism and order into financial operations.
  
  
• Simplifies Reconciliation and Accounting: Regular statements and simple transaction records facilitate easier tracking of the financial activity and proper keeping of accounts by the businesses.

Types of City Union Bank Current Accounts

City Union Bank has several current account offerings targeted towards fulfilling different segments of business persons and entrepreneurs, as listed on their website:

• Current Account for Individual: Tailored for individual businessmen and Hindu Undivided Family (HUF), with variants like Current Account General and Current Account Classic Plus.
  
  
• Current Account for MSME Customers: A Current Account with facilities designed for certain MSME requirements, once more in General and Classic Plus variants.
  
  
• Current Account for Corporate Customers: Suited for companies, partnership firms, clubs, associations, trusts, and other institutions, offering General and Classic Plus options.
  
  
• Current Account for Agri and Rural Customers: Specifically designed to reduce transaction costs for individuals and businesses in the agricultural and rural sectors, featuring General and Classic Plus variants.
  
  
• Current Account for Institutions: Catering to companies, partnership firms, clubs, associations, religious, educational, and charitable trusts, with General and Classic Plus options.

It's important to note that while the website lists these categories, the description for the "General" and "Classic Plus" variants often appears similar across these segments, with slight variations in benefits like free Demand Draft limits.

Key Features of City Union Bank Current Account

City Union Bank’s Current Accounts come with several features and benefits aimed at facilitating smooth business transactions:

• Outstation Cheque Collection: Enables quicker mobilisation of funds from cheques drawn on other locations.
  
  
• Premium Internet Banking: This offers robust online tools for managing accounts, conducting fund transfers, and making secure bill payments.
  
  
• Online Direct Tax Payment: This provides a convenient way to pay direct taxes through the internet banking platform.
  
  
• Account Transferability: Allows the account to be transferred to any other branch of City Union Bank.
  
  
• Monthly Statements: Regular statements provide a clear record of all transactions.
  
  
• Multi-City Cheque Books: Facilitates payments across different locations without additional charges (payable-at-par cheques).
  
  
• Nomination Facility: Allows the account holder to nominate a person to receive the funds in case of their demise.
  
  
• Low Inter-City Transaction Costs: Reduced costs for inter-city transactions such as payable-at-par cheque issuance, funds transfer (NEFT, RTGS, IMPS), and Demand Draft/Pay Order issuance.
  
  
• Free Electronic Fund Transfer: Across CUB accounts and via NEFT/RTGS/IMPS.
  
  
• SMS Alerts and e-Statement Facility: This keeps account holders informed about their transactions and provides convenient access to statements.
  
  
• International Debit/ATM Card: Offered with some current account variants.

Benefits of City Union Bank Current Account

Choosing a City Union Bank Current Account can provide numerous benefits for businesses and professionals:

• Efficient Business Transactions: Designed specifically to enable smooth and efficient handling of business-related financial activities.
  
  
• Convenient Fund Management: Features like internet and mobile banking provide easy access to and management of funds.
  
  
• Reduced Transaction Costs: Low costs for inter-city transactions and free electronic fund transfers can lead to significant savings for businesses with wide geographical operations.
  
  
• Quicker Fund Mobilization: Outstation cheque collection ensures faster access to funds.
  
  
• Enhanced Security: Premium internet banking and SMS alerts contribute to the security of transactions and account information.
  
  
• Flexibility and Accessibility: Account transferability and a wide network of branches ensure convenience and accessibility.

City Union Bank Current Account Eligibility & Required Documents

The eligibility criteria for opening a City Union Bank Current Account are broad, covering various types of business entities:

• Resident Individual
• Hindu Undivided Family (HUF)
• Sole Proprietorship Firm
• Partnership Firm
• Private or Public Limited Company
• Limited Liability Partnership (LLP)
• Trust/ Association/ Club/ Society
• Foreign Institutional Investor (FII)
• Foreign National Residing in India

Documents Required for City Union Bank Current Account

How to Open a City Union Bank Current Account? (Offline & Online Process)

City Union Bank offers both offline and online methods to initiate the process of opening a current account:

Offline Process: Opening a City Union Bank Current Account by Visiting a Branch

Visit Your Nearest City Union Bank Branch:

• Inform the bank staff of your intention to open a current account for your business.

Consult with a Bank Representative:

• A bank representative will provide information on the different types of current accounts and help you choose the most suitable one based on your business needs.

Obtain and Fill out the Application Form:

• Request the current account opening form and complete all the required details accurately.

Submit Required Documents:

• Submit the filled application form along with self-attested copies of all the necessary KYC documents as per your business entity type. Carry the original documents for verification by the bank official.

KYC (Know Your Customer) Verification:

• The bank will conduct KYC verification, which may involve in-person verification of the documents and a brief discussion about your business.

Make the Initial Deposit:

• Deposit the initial amount required for the specific current account you have chosen.

Account Activation and Welcome Kit:

• Once the bank completes its internal verification, your current account will be activated. You will receive your account details and a welcome kit, including your chequebook and debit card (if applicable).

Online Process: Initiating a City Union Bank Current Account Opening Online

Visit the City Union Bank Official Website:

• Go to https://www.cityunionbank.com/.

Navigate to the Current Accounts Section:

• Go to Personal> Open an Account> Current Account.
• Select the account you want to open.

Fill out the Online Application Form:

• The website mentions filling up a form online. Look for "Apply Now" and complete the application.

Fill out the Online Form:

• Provide all the required details about your business and contact information in the online form.

Submit the Online Form:

• Once completed, submit the form through the website.

Bank Representative Contact:

• After you submit the online form, a bank official from City Union Bank may contact you to take the process further. This will likely involve discussing your requirements, providing information on the next steps, and guiding you on the submission of necessary documents and completion of KYC.

Document Submission and KYC:

• You will typically need to submit the physical copies of the required KYC documents to the bank, either by visiting a branch or as per the instructions provided by the bank representative. In-person KYC verification may also be required.

Initial Deposit and Account Activation:

• After your documents are verified and KYC is complete, you will need to make the initial deposit, and your current account will be activated. You will then receive your account details and welcome kit.

Comparison Table

Conclusion

City Union Bank's current accounts are crafted to support the diverse financial needs of Indian businesses and professionals. With a focus on personalised service and practical features like low inter-city transaction costs and robust digital banking, CUB offers a viable banking partnership. Whether you're an individual entrepreneur or a large institution, the range of account types aims to provide a suitable solution for efficient financial management. 

By offering both online and offline account opening processes, CUB ensures accessibility. Choosing a City Union Bank current account can be a strategic step towards streamlining your business operations and fostering financial growth.

City Union Bank Current Accounts FAQs

Who is eligible to open a City Union Bank Current Account?

Various entities, including individuals, HUFs, firms, companies, LLPs, trusts, and more, are eligible.

What are the key benefits of having a City Union Bank Current Account? 

Benefits include unlimited transactions, efficient cash flow, outstation cheque collection, internet banking, and low inter-city costs.

What is the minimum balance requirement for a City Union Bank Current Account? 

The minimum balance varies by account type; check the latest Schedule of Charges.

What documents are required to open a current account with City Union Bank? 

Documents vary by entity type and include ID, proof, and business-specific papers.

Can I open a City Union Bank Current Account online? 

Yes, you can initiate the process online via their website.

Does City Union Bank offer internet and mobile banking for current accounts?

Yes, they offer CUB Net and CUB Mobile banking.

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