With taxes integral to our way of life in India, it can be hard to save money after paying all the taxes and making money is often easier than saving money, which is what makes Corp Tax Saver unique. This tax saving term deposit scheme from Corporation Bank is designed to help you save tax, ensuring your hard earned money can be yours, serving the dual role of a savings cum growth plan.
Eligibility criteria to apply for Corp Tax Saver Plus
The Corp Tax Saver account from Corporation Bank can be opened by the following.
An individual in his/her own name
A joint account between two or more individuals
A guardian or a parent can open this account for a minor
Hindu Undivided families
An accountholder should be under the age of 65 years while opening this account
Features of Corp Tax Saver PlusDeposit Scheme
Account Type
Both single and joint account can be opened and maintained
Amount
Min – Rs 100/-
Max - Rs 1.5 lakh per year
Rate of Interest
The interest rate depends on the rates offered by Corporation Bank at a particular point of time
Lock in Period
5 years
TDS
Tax will be deducted at source, with accountholders expected to submit a self-declaration through Form 15G or 15H
Loan against Corp Tax Saver
No loan facility available
Nomination
Nomination facility available, except for accounts held on behalf of minors
Auto Renewals
NA
Corp Tax Saver Plus interest rates
The interest rate offered by Corporation Bank on the Corp Tax Saver depend on bank policies, with rates subject to change accordingly. The current interest rate for this account is 7.25% per annum for regular accountholders. Senior citizens are entitled to a higher interest rate.
Note: Individuals should check the interest rates with the bank before opening an account as Corporation Bank maintains the right to change rates without prior intimation and at its sole discretion. The rates mentioned above are for December 2015.
Corp Tax Saver Plus Deposit Scheme FAQs
Can this account be opened by Associations or clubs?
No, this account cannot be opened and maintained by societies, clubs, companies, etc.
Is there a limit on the number of times an individual can deposit money into this account?
There is no limit on the number of times an individual can deposit money into the account, subject to the deposits not exceeding Rs 1.5 lakh a year.
How much additional interest is paid to senior citizens?
Senior citizens are entitled to an interest which is 0.5% higher than regular interest rates.
Is premature withdrawal permitted in this account?
No, premature withdrawal is not permitted under general circumstances. This is allowed only in the event of death of depositor.
Can the money deposited into this account be used as collateral for a loan/overdraft?
No, the deposited money cannot be utilised as security/collateral for any purpose.
Useful Information on Corporation Bank Fixed Deposit
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I have opt for five years of fixed deposit with Corporation Bank. I can invest minimum of Rs. 1000 and max amount, they are providing the current interest of 7.5% per annum but I can also prolong the duration. I have online option to deposit the fd amount, even the maturity comes along the interest to the direct account.
I had account with Corporation Bank and its very old one. I put fixed deposit before 3 to 4 years. The interest rate was around 7% which was minimum compared to others but am satisfied. I have deposited for 5 years. Actually have not taken any benefits, just have invested. The customer service was okay.
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4
SANJAY KISAN GOSAVI
, pune
Reviewed on Jan 04, 2019
I've a fixed deposit with the CORPORATION bank. The deposit is 50000 an they offers 9% annum. I've deposited for the five years. It was easy to start the deposit but I am not happy with their services as they don't provide any additional benefits to their customers.
Service is very good ,response of their representatives was very good and responsible. They have some problem with their online application during the payments and other transactions are very slow with their application ,still overall service is good from CORPORATION bank.
I had the fixed deposit account with the Corporation bank and the interest rate was around 11%. Customer service was good and they are having the online application to track my account. Responsiveness is good with the corporation bank.
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13
MOHAMMED KHAN NAYEEMULLA
, mysore
Reviewed on Feb 01, 2016
Interest rate offered for fixed deposit is 9% from corporation bank i have taken for three years tenure. They have the activation charges which is minimum. Depends upon the tenure they fix the amount but the minimum amount is Rs.10,000 appropriately. It is pretty good offer.
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10
RAVI NATESHAN
, bangalore
Reviewed on Nov 02, 2015
Corportion bank FD was good. I have been holding this FD for more than 8 years it was basically a long term plan . Interest rate offered by them was good and there was no processing fee here. As my mom is working there she advised me to invest here.
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4
SRIHARSHA MADANAPALLI
, bangalore
Reviewed on Oct 31, 2015
Benefits of Fixed Deposit are quite similar to other bank. Interest rate differs depending on tenure period that customer select. The interest rate normally ranges between 7 to 9%. Partial amount cannot be dropped in midst of the tenure but we can pre close that where Corporation bank provides interest for that particular period.
I am having the fixed deposit account with the Corporation Bank. The minimum lock in period is around 3 years and the rate of interest is around 8% per annum. Services are good with them. They are not responsiveness towards the customers. I would like to suggest they should improve the response towards the customers.
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5
SURESH KADEGOWDA
, bangalore
Reviewed on Sep 10, 2015
I also have a fixed deposit with Corporation bank. The services are good from them. I have not faced any issues yet. I am happy with the rate of interest given by the bank. They offer a interest rate of 8%. It has only been a year with them for this fixed deposit. They do no charge for this account. Not sure if there would be a penalty fee if I closed my account before the maturity period.
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2
TKAMALAKARA RAO
, vijayawada
Reviewed on Sep 08, 2015
Initially I had a salary account in Corporation bank. Later I opted for a fixed deposit around 3 years back. The rate of interest was 9.2% approx. I would say that the services are better. Being a government bank they provide good services. The lockin period is 7 years. There are no preclosure charges.
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5
ARUN KUMAR SINGH
, ghaziabad
Reviewed on Jan 18, 2015
Processes are Simple for users and you can do lot of stuff online. Good Bank to bank upon. Nice fixed deposit interest rates.
Have Branches at most of the places so its easy to reach them. Very friendly staff and helpful. Loan approvals are not that easy.
Corporation bank has offered very good interest rate for Fixed deposit and there are no hidden charges. Basis my entire experience, really satisfied and appreciable customer service. Response is wonderful and getting proper follow up in terms of deposit.
I did open fixed deposit in Corporation bank and it was good initially however it needs lots of improvement as the front office executives is not quite professional. The maturity amount is quite beneficial and it would be better if they could respond to all queries.
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3
ARATHI SHANKAR
, bangalore
Reviewed on Dec 12, 2014
The rate of interest is around 9% to 10%, which I feel to be high on Fixed deposit. Corporation bank is good in customer service and responsiveness is also good. Overall, I am glad about corporation bank as an existing customer for more than five years.
I am really satisfied with the payment option because payment option is flexible for me and I can do payment from 5,000 to 50,000 in the month. Recently I have availed Fixed deposit with Corporation bank and online features are good. The rate of interest on my Fixed deposit is 9% but according to me the rate offered to me is low while comparing to other banks. As corporation bank being a nationalized bank they could increase the rate of interest.
I got a very good interest rate from Corporation bank, so opted for this fixed deposit. They do provide 13% interest rate which is impressive one. I get customer friendly services from them. I do cash deposits by visiting the branch where it gets done within few hours.
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11
RAGHU MUNIRAJU
, bangalore
Reviewed on Sep 16, 2014
Fixed Deposit
