Corp Tax Saver Plus Deposit Scheme

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.