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Types Of Corporation Bank Savings Accounts

Corporation Bank Savings Account

Corporation Bank offers 12 types of savings accounts. They are

1. Regular Savings Account

2. Corp Elite & Delite

3. Corp Super Savings Accounts

4. Corp Mahila Power Account

5. Corp Arambh Savings Account

6. Corp Saral Plus Savings Account

7. Corp Signature Account

8. Corp Classic Savings Account

9. Corp New Gen

10. Corp Pragati Account

11. Corp Saral Savings Account

12. Corp Saral Plus NRE

Regular Savings Account

This account is the basic savings account which you may need for daily financial activities.

Features & Benefits

a. This account can be opened by

  • An individual as a single account holder or a joint account holder
  • Minors if jointly opens the account with their parents or guardian
  • Associations, clubs, Trusts, Societies, Administrators, Educational Institutions, Hindu Undivided Family, Executors, etc

b. The balance to be maintained by all branches except rural branches is Rs 1000. For rural branches, the balance is Rs 500

c. For account balance below Rs 50 Lakhs, the rate of interest given will be 3.5 % and for those accounts with balance above Rs 50 Lakhs, the interest rate would be 4 %

d. The interest will be paid quarterly

e. If the quarterly annual balance is not maintained, there will be a charge of Rs 100 per quarter in addition to the GST

f. Free cheque books with 40 leaves are given during a financial year. Every cheque leaf after that will incur a charge of Rs 4

g. If a third party cheque gets returned for 3 or more times due to insufficient fund there will be a charge of Rs 200 per cheque. If the bank’s cheque gets returned, then the charge will be 50 % of the collection charges, minimum being Rs 60

Additional Information

1. Upon opening the account, the customer will be provided with an instant debit card

2. Free internet banking, SMS Alerts, and IMPS

3. Free RTGS & NEFT transfers

4. The customer can operate the account from any Corporation Bank branches

5. The bank will provide personalized cheque book to the customer

6. Insurance premium payments, Advance Tax payments, Tax E-payment through ATMs 

7. Card to card fund transfer is allowed

8. The customer can open a term deposit through internet

9. The customer can buy mutual funds and insurance through the bank

10. Free account statement email

11. The customer can get E-mandate, and E-passbook

12. Free usage of the Apna-App for daily banking

13. Missed call facility where the customer can get a call back from the bank

Corp Elite & Delite Accounts

This savings account is designed exclusively for Central and State employees as well as PSUs employees.

Features & Benefits

a. For opening the elite account one must have a gross salary between Rs 15000 and Rs 74,999. For Delite account, the salary must be Rs 75000 and above

b. No initial deposit or quarterly average balance to be maintained for both the accounts

c. Corp Elite account holders will be provided with Platinum debit cards and Delite account holders will get the signature card

d. The daily withdrawal limit is set as Rs 1 lakh for both the cards

e. The elite customers are allowed to do transactions up to Rs 2 lakhs wherein the Delite customers can go up to Rs 5 lakhs

f. Unlimited usage of debit cards in other banks ATM is provided to the Delite customers, where the usage is limited to 10 transactions for elite customers

g. The elite customer can get insurance coverage up to Rs 5 lakhs and the Delite customers up to Rs 10 lakhs

Additional Information

1. The bank can provide personal accident insurance coverage for elite customers and Delite customers for Rs 5 lakhs and 10 Lakhs respectively

2. Free mobile banking, SMS alert, etc

3. Personalized cheque books with 50 leaves and 100 for elite and Delite customers

4. Joint accounts are permitted for both the accounts

5. Concession in locker rent up to 25% for elite customers and 50 % for Delite customers

Corp Super Savings Account

From this account, the customer can get a lot of benefits.

Features & Benefits

a. The quarterly average balance to be maintained is Rs 15000

b. The rate of interest is 3.5% for account balance below Rs 50 lakhs and 4% for above 50 lakhs

c. The interest will be paid quarterly

d. If the quarterly average balance is not maintained, then there will be a charge of Rs 150 including GST

e. The customer can get 60 cheque leaves a year. Any additional cheque leaves will cost Rs 4

Additional Information

1. The customer will be issued a platinum debit card for free

2. The customer can use the card for up to 10 transactions a month in other bank ATMs

3. Per day cash withdrawal is limited to Rs 1 Lakh

4. Mobile recharge through SMS

5. Insurance premium payment, Advance Tax payment through ATM can be done

6. 25 % concession in the locker rent

7. 2 free RTGS transactions per month

8. Free NEFT Transactions

9. Free SMS Alert

10. Stop payment charges is RS 25 in addition to the GST

11. Online deposit opening

12. Purchase of insurance and mutual funds

13. Free account statement email will be sent to the customers on request

14. E-passbook facility

15. E-payment of Tax, E-mandate, E-purse facilities

16. Usage of Apna-app

Corp Mahila Power

This account can be opened by women of age from 21 to 60 years.

Features & Benefits

a. This bank account gives a loan facility to the account holder

b. The minimum balance to be maintained is Rs 2500

c. Charges up to Rs 100 will be levied if the QAB is not maintained

d. The rate of interest is 3.5 % for balance up to Rs 50 lakhs and 4 % for above 50 lakhs

e. The interest payment frequency is quarterly

f. The customer can take loan up to Rs 1 lakh which need to be repaid in 24 EMI

g. Any of the earning members of the family needs to be the surety for getting the loan

Additional Information

1. Free personalized cheque book with 40 leaves

2. Internet banking, SMS alerts, etc

3. Issuance of free debit card

4. Personal accident insurance coverage up to Rs 1 lakh

5. E-passbook, E-mandate, and E-purse facility

Corp Arambh Savings Account

This account can be opened by any individual who wants to start regular savings

Features & Benefits

a. No minimum balance is required for this account

b. The credit aggregate in a year should not go beyond Rs 1 lakh

c. The balance in the account should not go beyond Rs 50000 at any point in time

d. The rate of interest will be as equal to the regular savings account

e. Collection of outstation cheque is provided

f. Nomination facility is available for this account

Additional Information

1. No withdrawals are allowed from any other branches. Through the base branch, withdrawals can be done only through cheque leaves

2. NEFT fund transfer is available

3. Mobile banking facility

4. Passbook facility

Corp Saral Plus Savings Account

This account can be opened for the benefit of the family

Features & Benefits

a. Anyone can open this account. Minors can open the account as a joint account holder with their parents or guardian

b. No minimum balance needs to be maintained

c. The interest payment frequency is quarterly

d. Upon request, a free monthly email statement will be provided

e. Cheque books with 20 leaves will be provided free of cost. Any additional leaf will cost Rs 4

f. Internet banking facility is available

g. Free NEFT funding

h. Personal accident insurance coverage is provided for Rs 5 lakhs

i. The account can be opened with a deposit of Rs 100

j. Instant debit card

k. LIC premium payment, Advance Tax payment, E-payment etc. can be done through ATMs

Additional Information

1. Insurance and Mutual fund facility

2. Online deposit opening

3. Apna app facility

4. E-purse

5. Missed call facility

Corp Signature Account

This account can be opened by an individual in their names and joint names

Features & Benefits

a. The QAB to be maintained is Rs 1 lakh

b. For balance up to Rs 50000, the rate of interest is 3.5% and above Rs 50000 it is 4%

c. The interest payment frequency is quarterly

d. Failure to maintain QAB will result in a penalty of Rs 500 per quarter in addition to GST

e. 100 free cheque leaves a year for free. Any addition to that will cost Rs 4

f. A free signature debit card will be provided

g. The ATM withdrawal per day is limited to Rs 1 lakh

h. Mobile banking

i. Free access to airport lounge once in a quarter

Additional Information

1. LIC premium payment, Advance Tax Payment, E-tax payment, etc. via ATM

2. Personal accident coverage up to Rs 10 lakhs

3. 5 free RTGS transactions

4. 50 % concession on locker rent

Corp Classic Savings Account

This account can be opened by an individual, societies, trusts, etc. except minors.

Features & Benefits

a. This account can be a savings account and term deposit account

b. The minimum balance to be maintained is Rs 15000

c. If the balance goes beyond Rs 15000, then this account can be converted into a term deposit

d. No auto-renewal for term deposits

e. No maintenance charges will be levied

Additional Information

1. The breaking of deposit can be done in multiples of Rs 5000

2. The deposit tenure is from 15 days to 5 years

Corp New Gen Account

This account is for students who are above 10 years of age

Features & Benefits

a. No QAB is required.

b. No initial deposit or maintenance charges is required for this account.

c. For balance up to Rs 50000, the rate of interest is 3.5 % and above Rs 50000 it is 4 %

d. The student must produce the school ID card to open this account

e. A free debit card is provided

f. SMS alerts, Cheque collection facility is available

Additional Information

1. Mobile banking

2. E-passbook, E-mandate, E-purse facilities are available

3. Personalized cheque books for students above 18 years of age

Corp Pragati Account

This account can be opened with zero balance and even minors can be account holders.

Features & Benefits

a. The rate of interest is 3.5 % p.a

b. Interest payment frequency is quarterly

c. Rupay debit card is provided

d. No limits set for cash withdrawals

e. Chequebook with 10 leaves can be issued to the account holder in a quarter

f. Collection of outstation cheques

g. Nomination facility is available

Additional Information

1. Free- ABB transactions

2. E-passbook, E-mandate, E-purse facility is available

3. No charges will be levied if the account is closed

4. Mobile Banking

Corp Saral Savings Account

This account can be opened by an individual, society, organizations, trusts, etc.

Features & Benefits

a. The QAB to be maintained is Rs 1000

b. For balance up to Rs 50000, the rate of interest is 3.5 % and above Rs 50000 it is 4 %

c. Interest payment frequency is quarterly

d. Free personal accident coverage of Rs 1 lakh

e. Free NEFT

f. Free Cheque book with 40 leaves

g. Internet banking facility

h. Free monthly statement

i. Through internet banking free issuance of demand draft

j. Online opening of deposits ( FD/RD)

k. Instant Debit card

l. LIC premium payment, Advance Tax Payment, E-tax payment, etc. via ATM

Additional Information

1. Online fund transfer

2. E-passbook, E-mandate, E-purse facility

3. Insurance and Mutual Funds 

4. Apna app facility

Corp Saral Plus

This account is for NRIs excluding minors

Features & Benefits

a. No QAB to be maintained

b. For balance up to Rs 50000, the rate of interest is 3.5% and above Rs 50000 it is 4%

c. Upon request, a free monthly statement will be provided

d. Free cheque book with 20 leaves per year

e. Through the internet, banking dd can be issued.

f. Free NEFT

g. Normal charges for RTGS

h. Personal accident insurance coverage of Rs 5 lakhs will be provided

Additional Information

1. Free debit card

2. Mobile banking, internet banking, any branch banking facility is available

3. E-payment of tax, Advance Tax payment facility

4. E-passbook, e-mandate, and e-purse facility

5. Insurance and mutual funds

FAQs: Corporation Bank Savings Account

1. How can a customer check their Corporation Bank savings account balance?

a. Missed call

b. SMS

c. Mobile Banking App

d. Internet App

e. Bank Branches

2. What are the documents to be submitted for opening a Corporation Bank savings account? 

a. Passport Size Photo

b. PAN Card, Voter ID, or any other ID proof

c. KYC documents

d. Salary Slips

3. What is the interest rate for a regular savings account?

The interest rate for a regular savings account is 4%.

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