• Overview of Corporation Bank Fixed Deposit

    Corporation Bank, now integrated with Union Bank of India, offers a variety of fixed deposit options with unique benefits and attractive interest rates. There are flexible repayment tenures ranging from 7 days up to 10 years. The rates offered currently range between 3.00% p.a. and 5.60% p.a. for general citizens. Apart from special tax benefit FD schemes, senior citizens are also offered an additional interest rate of 0.50% per annum for different maturities.

    Types of Term Deposits offered by Corporation Bank

    The following are the types of term deposits offered by Corporation Bank:

    • Fixed Deposit Receipt (FDR)
    • Deposit Reinvestment Certificate (DRIC)
    • Monthly Income Scheme (MIS)
    • Tax Saver
    • Short Deposit Receipt

    Features of Fixed Deposit Receipt (FDR)

    The features of the Fixed Deposit Receipt (FDR) scheme are as given below:

    • Tenure ranging from 6 months to 10 years
    • Minimum deposit of Rs.1000
    • No cap on the maximum deposit
    • Quarterly or half-yearly interest payout option
    • Loan facility is available
    • Nomination facility is available
    • Automatic renewal facility is available
    • Premature closure is allowed for deposits above 7 days with a penalty of 1.00% less interest rate

    Features of Deposit Reinvestment Certificate scheme (DRIC)

    The features of the DRIC scheme are as given below:

    • Tenure ranging from 6 months to 10 years
    • Minimum deposit of Rs.1000
    • No cap on the maximum deposit
    • Half-yearly interest credited to deposit account and paid on maturity
    • Loan facility is available
    • Nomination facility is available
    • Automatic renewal facility is available
    • Premature closure is allowed for deposits above 7 days with a penalty of 1.00% less interest rate

    Features of Monthly Income Scheme

    The main features of the Monthly Income Scheme are as given below:

    • To earn a regular fixed monthly income from guaranteed returns of deposit
    • Tenure from 1 year up to 10 years
    • Minimum Rs.1000 deposit with no upper limit
    • Loan facility available
    • Automatic renewal facility available
    • Nomination facility available
    • Premature closure allowed with payment of penalty of 1% less interest for deposits exceeding 7 days

    Features of Tax Saver Deposit Scheme

    The salient features of the Tax Saver Deposit scheme are as given below:

    • Income tax exemptions under Section 80C of the Income Tax Act
    • Can be opened under the FDR, DRIC, or MIS schemes
    • Tenure from 5 years to 10 years
    • Lock-in period of 5 years
    • Minimum Rs.5,000 as deposit
    • Maximum deposit of Rs.1.5 lakh in one financial year
    • Interest payout will be according to any one of the three schemes chosen
    • After lock-in period is over, loan facility can be availed

    Features of Short Deposit Receipt Scheme

    The key features of the Short Deposit Receipt scheme are as follows:

    • Tenure between 7 days and 180 days
    • Minimum Rs.1,000 deposit with no maximum limit
    • Interest payout on half-yearly basis
    • Auto-renewal facility available
    • Loan facility available
    • Premature closure available with payment of penalty of 1% on tenures exceeding 7 days

    Corp Bank Fixed Deposit rates for General Citizens: Under Rs.2 crore

    The interest rates for deposit below Rs.2 crore are as given below:

    Tenure bracket Regular FD rates (per annum)
    7 days to 14 days 3.00%
    15 days to 30 days 3.00%
    Above 31 days to 45 days 3.00%
    46 days to 3 months 3.75%
    91 days to 120 days 4.25%
    121 days to 6 months 4.30%
    181 days to less than 1 year 4.50%
    1 year 5.25%
    More than 1 year to 2 years 5.30%
    More than 2 years to 3 years 5.50%
    More than 3 years to 5 years 5.55%
    More than 5 years to 10 years 5.60%

    *The Corporation Bank FD rates are subject to change as per the discretion of the bank. The interest rates given in the table are valid as of 15 December 2020.

    Corp Bank Fixed Deposit rates for Senior Citizens: Under Rs.2 crore

    The interest rates for deposit below Rs.2 crore are as given below:

    Tenure bracket Regular FD rates (per annum)
    7 days to 14 days 3.00%
    15 days to 30 days 3.00%
    Above 31 days to 45 days 3.00%
    46 days to 3 months 3.75%
    91 days to 120 days 4.25%
    121 days to 6 months 4.30%
    181 days to less than 1 year 4.50%
    1 year 5.25%
    More than 1 year to 2 years 5.30%
    More than 2 years to 3 years 5.50%
    More than 3 years to 5 years 5.55%
    More than 5 years to 10 years 5.60%

    *The Corporation Bank FD rates are subject to change as per the discretion of the bank. The interest rates given in the table are valid as of 15 December 2020.

    Eligibility Criteria to apply for a Corporation Bank Term Deposit Scheme

    • Residents of India
    • Members of the Hindu Undivided Family
    • Minors under the guardianship of a natural/legal parent
    • Educational institutes
    • Trust Accounts
    • Partnership firms
    • Government units

    Documents required to apply for a Corporation Bank Fixed Deposit Scheme

    • ID proof and address proof
    • Permanent Account Number (PAN) Card
    • Age proof
    • Income proof
    • 2 recent passport size photos
    • Filled-out application form

    FAQs on Corporation Bank FD

    1. What is the highest Fixed Deposit rate offered by Corporation Bank?

      The highest Corporation Bank FD rate is 5.60% p.a. for a tenure of 5 years to 10 years.

    2. What is the maximum maturity period for Corporation Bank Tax Saver Deposit?

      The tenure for Corp Tax Saver Plus Term Deposit scheme is 5 years to 10 years.

    3. At what frequency will I receive the interest for the Corporation Bank FD schemes?

      You can choose to receive the interest income on a monthly, quarterly, or half-yearly payout basis.

    4. What is the minimum amount that I must invest to open an FD account with Corporation Bank?

      The minimum amount to be invested is Rs.1000 for any of the FD schemes except for the tax saver scheme for which the minimum amount is Rs.5,000.

    5. Does the Corporation Bank Tax Saver Deposit scheme have an option of premature withdrawal?

      No, you cannot prematurely break the Corp Tax Saver FD before completing the 5-year tenure because of the 5-year lock-in period.

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