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Previously known as ‘The Kumbakonam Bank Limited’, City Union Bank was incorporated as a limited company on 31st October, 1904. The first Memorandum of Association was signed by 20 devoted and prominent citizens of Kumbakonam including Sarvashri R. Santhanam Iyer, S. Krishna Iyer, V. Krishnaswami Iyengar, and T.S. Raghavachariar. Raghavachariar was the first Agent of the Bank. Initially, the Bank preferred the role of a regional organization but eventually, it had a slow and steady journey into building for itself a place in the Delta District Thanjavur.
About City Union Bank
The first branch of the Bank was opened at Mannargudi on 24th January 1930. Thereafter, branches were opened at Nagapattinam, Sannanallur, Ayyampet, Tirukattupalli, Tiruvarur, Manapparai, Mayuram, and Porayar within a span of 25 years. The Bank was included in the Second Schedule of Reserve Bank of India Act, 1934, on 22nd March 1945. The Bank celebrated its Golden Jubilee on 14th November 1954 at Kumbakonam under the Presidentship of Shri C.R. Srinivasan. City Union Bank now has a strong network of 525 computerized branches and 1292 ATMs spread across India. The Bank celebrated its 110 years of service on 31st October 2014.
The Bank believes in adherence to the highest standards of honest and ethical conduct, compliance with applicable laws, rules and regulations, and maintaining the highest level of confidentiality within and outside the Bank. One of the key commitments of City Union Bank services is act to fairly and reasonably in all its dealings. The Bank strives to help all its customers understand how its financial products and services work. It also aims to give a positive thrust to the MSE sector by making efficient banking services easily accessible.
City Union Bank Loans
City Union Bank Home Loan : The CUB Swayam Graha loan scheme has been designed for the general public. The Bank extends financial assistance for various purposes, such as – purchase of a house site for construction of a house thereon, construction of a house property over the site, purchase of a ready built house/flat, extension/improvement of the existing house/flat, and purchasing a flat under construction. Any individual having as assured source of income, including salaried employees, self-employed professionals, businessmen, farmers, etc. satisfies the City Union Bank Home Loan eligibility criteria. The loan may be granted upto 75% of the total cost subject to a maximum of Rs. 25 lakhs. However, it will also be ensured that the quantum of loan does not exceed 48 months net salary/income of the applicant or the previous year’s income with regard to professionals/others as per IT returns. The repayment period of for business people is a maximum of 10 years, while for the salaried class, it is 15 years.