Corporation Bank Fixed Deposit Rate

Corporation Bank’s fixed deposit

Corporation Bank’s fixed deposit scheme provides the customer with regular income in which the interest is paid at regular intervals either monthly, quarterly, half yearly or yearly. This can be opened by individuals, jointly, minors under guardianship, clubs, societies, associations, HUFs, trusts, firms, partnerships, etc. The duration for which the money can be deposited ranges from 7 days to 10 years. The minimum amount that can be deposited is Rs.500 in rural and semi-urban branches and Rs.1000 in urban and metro branches. There is no maximum limit. TDS is deducted at the applicable rate on the entire interest amount once it crosses Rs.10,000 during the financial year. Nomination facility is available.

Money Flex deposit

Deposits made under this scheme allows the customer to withdraw part of the deposit in units of Rs.1000 at any time without needing to prematurely close the deposit. This can be opened by individuals, jointly, minors under guardianship, clubs, societies, associations, HUFs, trusts, firms, partnerships, etc. The duration for the deposit ranges from 7 days to 10 years. The minimum amount to be deposited is Rs.5000 and thereafter in multiples of Rs.1000. There is no maximum limit on the deposit amount. Nomination facility is available.

Corp Tax Saver Plus deposit scheme

Under this scheme, the deposit is locked in for a duration of 5 years. This can be opened by individuals, jointly, minors under guardianship, clubs, societies, associations, HUFs, trusts, firms, partnerships, etc. The customer can deposit a minimum of Rs. 100/- and in multiples of Rs 100/- up to a maximum of Rs 1,50,000 in a year, any number of times. No premature closing is allowed. Nomination facility is available. The customer can claim tax exemption under Section 80(C) for the amount which he /she had deposited under this scheme.

444, 555 and 666 deposits

Deposits are made for a duration of 444 days, 555 days or 666 days as per the scheme. The maximum amount that can be deposited should be less than 1 crore. The minimum amount that can be deposited is as per the regular fixed deposit. 444 days, 555 days and 666 days fixed deposit can be opened with an auto renewal facility at prevailing rate of interest on the date of maturity/renewal.

Interest Rate on Corporation’s Fixed Deposit

The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. Corporation Bank’s Interest Rates typically range from 4.50% to 6.80% per annum.

The defining criteria for a fixed deposit is that the money cannot be withdrawn before maturity, unless on payment of a penalty. Once the deposit matures, the bank credits the original amount plus the interest earned to the bank account specified when the FD is opened.

Corporation Bank Fixed Deposit rates

Following is an overview of Corporation Bank’s Fixed Deposit Rates as of 11.12.2018

(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the bank. For the latest rates, it is advisable to check with Corporation Bank directly.)

Term Deposits (Other than NRE):

Corporation Fixed deposit for senior citizens

There is an additional interest benefit for senior citizens of 0.50% for deposits of less than Rs.1 Cr effective from 25.04.2012 for all maturities of 91 days and above. However, deposits of Senior citizens opened under NRO, NRE and HUF are not eligible for this benefit.

How to Calculate Corporation Bank Fixed Deposit Interest?

Corporation Bank FD Premature Withdrawal Penalty

Premature withdrawal penalty will be charged at the rate of 1% p.a. on all deposits. No interest is paid on any Term Deposit prematurely closed in less than 7 days.

Corporation Bank Fixed Deposit Rate FAQ