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    Corp Tax Saver Plus Deposit Scheme

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    5% - 7.9% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year onwards
    7.25% - 7.4% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Fixed Deposit BYTES FROM OUR KITCHEN

    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

    1. Can this account be opened by Associations or clubs?

      No, this account cannot be opened and maintained by societies, clubs, companies, etc.

    2. 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.

    3. 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.

    4. 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.

    5. 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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