Corporation Bank Fixed Deposit

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

TenureFor amount less than ₹1 Crore
(w.e.f. 11th July 2017)
7 days to 45 days 5.00%p.a.
46 days to 90 days 5.75%p.a.
91 days to 180 days 6.25%p.a.
181days to less than 1 year 6.35% p.a.
1 year to less than 3 years 6.60% p.a.
3 years & Above 6.50% 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.

ParticularsDetails
Minimum Investment Amount ₹500 in rural & semi urban branches
₹1,000 in urban, port town & metro branches
Maximum Investment AmountNo specific limit
Minimum Tenure7 days
Maximum Tenure 120 months
Interest Payout FrequencyMonthly, quarterly,half-yearly, yearly
TDSApplicable
Premature WithdrawalAllowed
Loan/Overdraft FacilityUpto 90% of deposit
Nomination FacilityAvailable

2.  Corporation Bank Money Flex Deposit
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.

ParticularsDetails
Minimum Investment Amount ₹5,000
Maximum Investment AmountNo specific limit
Minimum Tenure7 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 FacilityUpto 90% of deposit
Nomination FacilityAvailable

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.

ParticularsDetails
Minimum Investment Amount ₹100
Maximum Investment Amount₹1,50,000
Minimum Tenure5 years
Lock-in-Period5 years
Premature ClosureOnly in case of death
Loan FacilityNot available
PassbookIssued
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

ParticularsDetails
An Individual, Hindu Undivided Family, Sole Proprietorship ConcernID Proof
Address Proof
A photograph
TrustsCopy 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 / ClubsBy-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 FirmPartnership 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.

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