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Save money while enjoying a higher interest rate with Corporation Bank Recurring Deposits. Corporation Bank Recurring Deposit Interest Rates differ for resident and NRI customers. Corporation Bank Senior Citizen RD Interest Rates are higher.
A Recurring Deposit (RD) is a kind of a term deposit that is given by many banks to their customers. It gives a customer the opportunity to deposit a certain amount of money at periodic intervals with the bank, and this amount earns an interest for the duration being deposited. These regular monthly deposits can be made over a certain duration of time. This duration to deposit can be chosen by the individual who wishes to deposit.
The major difference between a Fixed Deposit and a Recurring Deposit is that an RD account allows the customer to make regular investments in the deposit that goes on for the entire tenure, whereas a fixed deposit, allows one to deposit the entire lump amount at the time they open the Fixed Deposit account.
About Corporation Bank Recurring Deposit Rate
A Recurring Deposit in the Corporation Bank enables one to save at periodic intervals. There are two Recurring Deposit schemes that are offered to the customers by Corporation Bank. They are Recurring Deposit and Flexible Recurring Deposit.
Corporation Bank Recurring Deposit interest rates are similar to the rates offered for Fixed Deposit accounts. Following is an overview of Corporation Bank RD interest rates. For the latest and accurate RD interest rates in Corporation Bank, it is advisable to check with the bank directly.
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.)
There is an additional interest benefit for senior citizens of 0.50% for deposits of less than Rs.1 crore 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 make use of the Corporation Bank Recurring Deposit Calculator to compute the interest and the maturity that is acquired on your invested amount. Using an RD calculator is easy as you just need to enter the amount you want to invest on a monthly basis, mention the date of opening of RD, the duration and due date of RD. The calculator will then provide the maturity amount that you get at the time of maturity of the Recurring Deposit.
Using a Recurring Deposit calculator gives you the maturity amount and you can accordingly decide how much you want to invest. You can try various investment amount options and opt for the one that is most suited to your budget and helps achieve your financial goals.
1. What is the minimum amount required to open an RD with Corporation Bank?
The minimum amount one can deposit is Rs.50/- per month in rural and semi-urban branches and a minimum amount of Rs.100/- in all other bank branches.
2. What is the minimum and maximum deposit period?
The minimum deposit tenure is 1 year and can extend up to a maximum of 10 years.
3. Who can open an RD with Corporation Bank?
An individual, joint individuals, minor represented by parents, clubs, societies, associations, educational Institutions, Trusts, Firms, Partnerships, Joint Stock Companies, Executors, Administrators, HUFs and Government departments
Usefulness of information,OK
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