Corporation Bank Savings Account

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Corporation Bank savings account

A savings account is the most popular means by which people store their money for convenience and safety. It is the most common form of an interest-bearing deposit account which is held with a bank or NBFC, and provides a nominal interest rate. A savings account is easy to open and is the first bank account for many people of all ages.

Benefits

There are many advantages to having a savings account. You have the benefits of accessibility, liquidity, growth of money (it accrues interest), safety and security. You also avail banking benefits like Internet banking, take advantage of SMS Banking, Phone banking, NEFT/RTGS facilities etc. Internet Banking facility lets you bank at ease while NEFT / RTGS / IMPS facilities make money transfers flexible, easy and convenient. A savings account is the most liquid investment, and you can easily access your safely stored cash at any point of time. You can also keep track of your expenses, deposits and withdrawals made.

Limitations

However, like all good things, there are some downsides to a savings account as well. There are various fees and charges associated with a savings account. You need to maintain a particular balance each month to avoid paying penal charges. If the balance goes lower than the minimum required amount, you will be required to pay penalty, depending on the kind of account maintained. There is a limit on the number of withdrawals you can make in a month without attracting charges. Savings accounts have low interest rates compared to other forms of investments, like a fixed deposit, and hence are the least profitable type of short-term investments.

However, all the pros outweigh the cons, as a savings account is often the first account for many for the various benefits it provides.

Corporation Bank Savings Account

A Corporation Bank savings account provides a host of banking benefits including flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with a Corporation Savings Account.

Features and Benefit of Corporation Savings Account

There are various benefits to having a savings account with Corporation Bank. Following is an overview.

  • Safety and security when you store your cash in a savings account
  • Different savings account for different needs.
  • Access your account with ease via Net Banking

Types of Corporation Bank Savings Accounts

Regular Savings Account

  • Interest payout: Half Yearly
  • 40 Free Cheque leaves per financial year
  • Instant International Debit card
  • Internet Banking, SMS / Mobile Banking & IMPS
  • Any Branch Banking
  • Personalized Cheque Book
  • Fund Transfer through NEFT & RTGS
  • Mobile Recharge through ATM & SMS
  • LIC Premium payment through internet & ATM
  • Advance Tax Payment through ATM
  • E-Payment of Tax
  • Card to Card fund transfer

Corp Signature SB account

  • Interest payout: Half Yearly
  • 100 Free Cheque leaves in a financial year
  • Free Personal Accident Insurance cover of Rs.10.00 lakhs (subject to terms and conditions and maintenance of QAB) .
  • Free Signature debit card
  • Unlimited access at other Bank ATM
  • Daily ATM cash withdrawal limit Rs.1.00 lakh
  • Daily POS (Point of Sale) limit: Rs.5.00 lakhs
  • 50% concession on locker rental for first year with priority on locker allotment
  • Specially designed pouch for cheque book/card/cash
  • 5 RTGS transactions free per month
  • 25% Concession in Bank charges on purchase of gold coin

Corp Classic Savings Bank Account

  • A two-in-one Account Savings Bank having Term Deposit features.
  • No. of Units required for transferring to term deposits: 5 units of Rs.1000 each and in multiples of 5 units thereafter.
  • Tenure: Minimum of 15 days to Maximum of 5 years

Corp Super Saving Account

  • Interest Payout: Half yearly
  • Free Personal Accident Insurance cover of Rs.5.00 lakhs (subject to maintenance of QAB)
  • Free Platinum debit card
  • 10 transactions at other Bank ATM free
  • Daily ATM cash withdrawal limit of Rs.1.00 lakh
  • Daily POS limit: Rs.2.00 lakhs
  • 25% concession on locker rental for first year with priority on locker allotment
  • Specially designed pouch for cheque book/card/cash
  • 2 RTGS transactions free per month
  • 25% Concession in Bank charges on purchase of gold coin
  • 50% concession in charges on issue of DD, account closure, standing instructions, issue of certificates etc.

Corp New Gen

  • Savings account for minors who have completed 10 years of age
  • Debit card issued
  • SMS Banking and Internet banking facility
  • Purchase of DD’s/PO’s through the account up to a maximum of 5 instruments in a month.
  • Collection of cheques up to a maximum of 2 instruments in a month.

Corp Mahila Power Account

  • Free Personalized Cheque book
  • Free Debit / ATM card.
  • Free Any branch banking.
  • Free Internet and SMS banking.
  • Free Personal Accident Insurance cover of Rs.1.00 lakhs.

Corp Pragati Account

  • Zero balance account
  • One normal cheque book of 10 leaves issued in a quarter
  • Withdrawals can be effected at base branches only through loose cheque leaves
  • Collection of outstation cheques
  • Remittance facilities
  • Passbook provided
  • Nomination facility

Corp Arambh Savings Account

  • Zero balance account
  • One normal cheque book of 10 leaves issued in a quarter
  • Withdrawals can be effected at base branches only through loose cheque leaves
  • Collection of outstation cheques
  • Inland Remittance facility
  • Passbook provided
  • Nomination facility

Corp Saral Savings Account

  • Free Personal Accident Cover of Rs. 1 lakh (only for individuals above 18 years)
  • Free Monthly Email Statement
  • Free Issuance of Demand Draft (through Internet Banking)
  • Free NEFT / Internet Banking facility
  • Free Personalized Cheque Book of 40 leaves per year
  • Online Opening of Fixed/Recurring Deposits enabled

Corp Saral Plus Savings Account

  • Personal Accident Insurance Cover of Rs. 5 Lakhs. for a nominal fee of Rs. 100/- p.a.
  • Free Monthly email statement (on request).
  • Free 20 Cheque leaves per year
  • Free DD through Net Banking.
  • Free NEFT
  • No minimum balance requirement
  • e – Passbook
  • Instant Debit card
  • Mobile / tablet Banking
  • Fund Transfer through ATM & Mobile
  • Any Branch Banking
  • E-Payment of Tax

Corp Saral Plus NRE

  • All NRIs individually / jointly are eligible to apply for this account
  • Personal Accident Insurance Cover of Rs. 5 Lakhs. for a fee of Rs. 100/- p.a.
  • Free Monthly email statement (on request).
  • Free 20 Cheque leaves per year
  • Free DD through Net Banking.
  • NEFT Normal Charges
  • RTGS Normal Charges
  • No minimum balance requirement
  • Other features for a normal savings account apply

Corporation Savings Account Minimum Balance

The minimum balance required in Corporation savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:

Type of Savings Account Minimum Balance Required
Regular Savings Account QAB: Rs. 250/- in Rural Branches Rs. 500/- in all Branches except Rural
Corp Signature SB account Rs. 1,00,000
Corp Classic Savings Bank Account Rs. 15,000
Corp Super Saving Account Rs. 15,000
Corp New Gen Rs. 100
Corp Mahila Power Account Rs. 2,500
Corp Pragati Account Initial deposit Rs. 10, zero balance account
Corp Saral Savings Account QAB: Rs. 1,000

Corporation Savings Account Interest Rate

Corporation Bank savings account comes with interest rates of up to 4%, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank.

Corporation Bank Savings Account Charges

Different Corporation Bank savings accounts have a different schedule of charges. It is best to contact Corporation Bank directly for the most up to date charges.

How to open a Corporation Bank Savings Account

Corporation Bank savings account opening is easy and hassle-free. You can download the account opening form online from their website, fill it and go to your nearest branch to have it submitted along with all your KYC documents. Upon successful verification of all the details, your account will be opened.

Alternatively, you can directly walk into your nearest Corporation Bank branch with your KYC documents and talk to a bank representative regarding your saving needs and open an account accordingly.

Corporation Bank Savings Account FAQS

What is the best interest rate on a Corporation Bank saving account?

The interest rates can go up to 4%. For the latest interest rates, it is better to contact the nearest Corporation Bank branch.

Who is eligible to open a classic savings account with Corporation Bank?

An individual residing in India, Individuals in their joint names with suitable repayment instructions, NRIs, HUF, Clubs, Societies, Associations, Trusts, Executors, Educational Institutions, Administrators, etc. are eligible to open a Corporation bank savings account.

Is it possible to open a Corporation Bank savings account online?

No. you would be required to go to the bank in person to have your account opened. Don’t forget to carry your KYC documents.

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