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Corporation Bank offers attractive fixed deposit rates. Fixed deposits can be opened online or by visiting the nearest branch. Corporation Bank Fixed deposit rates vary with the amount invested and the tenure. The rates are also different for non-withdrawable deposits and recurring fixed deposits.
What is a fixed deposit?
A fixed deposit is a form of investment that is preferred by many customers as it is a safe form of investment that earns a higher rate of interest than a regular savings account. The money is deposited for a specific time and gets an interest that is then given to the customer. Fixed deposits are offered to customers by many banks and Non-Banking Financial Companies (NBFCs). The tenures on fixed deposits range from 7 days to 10 years or more in some cases. The money deposit for this duration earns an interest and is given back to the customer after the tenure has ended. One is guaranteed to earn returns in a fixed deposit.
You can deposit the needed amount at Corporation Bank’s fixed deposit account for a duration that typically ranges from 7 days to 10 years. The minimum amount that can be deposited in the Corporation Bank account is Rs.100. The bank offers competitive interest rate on fixed deposits. The interest earned on the fixed deposit will attract the TDS as applicable.
Apart from the regular fixed deposit scheme, Corporation Bank provides three different fixed deposit schemes catering to the needs of the customers. One can choose a fixed deposit scheme that is convenient based on personal needs. The three other schemes at Corporation Bank are Money flex deposit, Corp Tax saver plus deposit, 444, 555 and 666 deposits.
About Corporation Bank Fixed Deposit Rate
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.
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.
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.
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.
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):
Less than Rs.1 Crore (applicable for domestic,
NRO and Capital Gains deposits)
NRE Term Deposits:
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.
You can use online resources to calculate the interest accrued on your Corporation Bank FD. There are several online sites that allow you to instantly calculate the interest earned. All you have to do is enter the FD amount, tenure and rate of interest and the calculator will do the hard number crunching and present you with a breakup of the interest earned and the maturity amount
You can enter as many combinations as you want, and the calculator will give you instant and accurate results.
You can also calculate the interest earned and the maturity value on the principal amount using the following formula.
The following is the formula to calculate the interest earned in a Fixed Deposit account:
Calculate Corporation Bank FD Rate
A = P x (1 + r/n)nt
I = A - P
A = Maturity Value
P = Principal Amount
r = Rate of Interest
t = Number of Years
n = Compounded Interest Frequency
I = Interest Earned
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.
1. What is the eligibility for opening an FD account with Corporation Bank?
A fixed deposit can be opened by individuals, jointly, minors under guardianship, clubs, societies, associations, HUFs, trusts, firms, partnerships, etc
2. For how long can I keep my Corporation Bank Fixed deposit?
You can open a fixed deposit account for any period ranging from 7 days to 10 years. Upon maturity of your deposit, you are paid your original deposit amount plus the interest accumulated.
3. 3. Can I deposit additional amount in my Corporation Bank FD account?
No. It is possible to deposit the amount only once, that is at the time of opening the account. If you want to invest any additional amounts, then you will need a new FD account.
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