Corporation Bank Fixed Deposit
Last Updated : Aug. 24, 2017, 11:53 a.m.
About Corporation Bank Fixed Deposit
Corporation Bank, a public sector bank with 8,000 functional units spread across India has introduced its service in the sector of fixed deposits. Corporation Bank fixed deposits yield interest at competitive rates. The interest is paid at regular intervals as per customer’s demand. Here, your amount is safe and secure. The deposits can be liquidated and you can withdraw the amount in times of need. Moreover, to satisfy the diversified needs of the customers, the bank has rolled out different fixed deposit plans.
- Fixed Deposit
- Money Flex Deposit
- Corp Tax Saver Plan
Corporation Bank Fixed Deposit Interest Rate
| Tenure | For amount less than ₹2 Crore (w.e.f. February 8, 2020) |
|---|---|
| 7 days to 45 days | 4.55% p.a. |
| 46 days to 60 days | 5.50% p.a. |
| 61 days to 90 days | 5.60% p.a. |
| 91 days to 120 days | 5.70% p.a. |
| 121 days to 180 days | 5.80% p.a. |
| 181 days to 270 days | 5.90% p.a. |
| 271 days to less than 1 year | 5.90% p.a. |
| 1 year | 6.40% p.a. |
| 1 year to 554 days | 6.30% p.a. |
| 555 days only | 6.35% p.a. |
| 556 days to 665 days | 6.40% p.a. |
| 666 days | 6.30% p.a. |
| 667 days to less than 3 years | 6.25% p.a. |
| 3 years & Above | 6.25% p.a. |
Corporation Bank Fixed Deposit Schemes
1. Corporation Bank Fixed Deposit
It is a regular income scheme in which the depositor receives interest as per his desire. The investor can avail the loan facility for up to 90% of the fixed deposit amount.
| Particulars | Details |
|---|---|
| Minimum Investment Amount | ₹500 in rural & semi urban branches ₹1,000 in urban, port town & metro branches |
| Maximum Investment Amount | No specific limit |
| Minimum Tenure | 7 days |
| Maximum Tenure | 120 months |
| Interest Payout Frequency | Monthly, quarterly,half-yearly, yearly |
| TDS | Applicable |
| Premature Withdrawal | Allowed |
| Loan/Overdraft Facility | Upto 90% of deposit |
| Nomination Facility | Available |
Under this scheme, you can withdraw the amount in multiples of ₹1,000 without breaking the fixed deposit. The interest is paid out at the end of each quarter.
| Particulars | Details |
|---|---|
| Minimum Investment Amount | ₹5,000 |
| Maximum Investment Amount | No specific limit |
| Minimum Tenure | 7 days |
| Maximum Tenure | 120 months |
| Additional Investment Amount | In multiples of ₹1,000 |
| Interest Payout Frequency | Quarterly |
| Partial Withdrawal | In multiples of ₹1,000 |
| Loan/Overdraft Facility | Upto 90% of deposit |
| Nomination Facility | Available |
3. Corporation Bank Corp Tax Saver Plan
The investor can claim tax exemption under Section 80C of Income Tax Act. The benefit of investing in this plan is that you get free personal accident insurance cover of ₹1 lakh for one year.
| Particulars | Details |
|---|---|
| Minimum Investment Amount | ₹100 |
| Maximum Investment Amount | ₹1,50,000 |
| Minimum Tenure | 5 years |
| Lock-in-Period | 5 years |
| Premature Closure | Only in case of death |
| Loan Facility | Not available |
| Passbook | Issued |
| Personal Accident Insurance Cover | Free personal accident insurance cover of Rs. 1lakh |
Eligibility Criteria
The listed candidates can apply for the schemes mentioned above:
- An Individual in his/her own name
- Individuals in their joint names with suitable repayment instructions
- Minor represented by parents/guardian
- Clubs, Societies, Associations, Educational Institutions, Trusts, Firms, Partnerships, Joint Stock Companies, Executors, Administrators, HUFs, Govt. Departments, etc.
- Eligibility Criteria for Corp Tax Saver Plan
Individuals, either single or jointly with other individuals including minors represented by guardian & HUF are eligible for investing in the scheme.Documentation
| Particulars | Details |
|---|---|
| An Individual, Hindu Undivided Family, Sole Proprietorship Concern | ID Proof Address Proof A photograph |
| Trusts | Copy of the Trust Deed Copy of the registration certificate Copy of the Resolution of The Trustees Authorizing the members concerned to open and operate the account Photographs of the members operating the account |
| Associations / Clubs | By-laws of the Association Copy of the Resolution by the board authorizing the members concerned to open and operate the account Photographs of the members operating the account |
| Partnership Firm | Partnership Deed Letter from partners approving the persons concerned to open and operate the account Photographs of the persons operating the account |
Corporation Bank Fixed Deposit Calculator
It is easy to calculate the maturity amount of the fixed deposit using FD calculator. The calculator helps to know the overall hike in the investment by providing the amount of interest payable at the maturity.
How to Apply
Once you have selected the scheme, you can apply for the same by visiting the nearest branch office. The customer care representatives will assist you in completing the paperwork.
Corporation Bank Fixed Deposit Form
The application form is available at all bank branches. To avail, the facility of fixed deposit fill in the application form and attach the copy of required documents.