Money won’t grow in your mattress.
It will grow in a Fixed Deposit!
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    Overview of Corporation Bank Fixed Deposit  and 2 other FDs

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    5% - 7.10% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year onwards
    6.65% - 6.75% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.49% - 8.19% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.75% - 8.5% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know

    Overview of Corporation Bank Fixed Deposit is Rated as "Excellent!" by 13 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Fixed Deposit BYTES FROM OUR KITCHEN

    Corporation Bank Fixed Deposit

    Corporation Bank was founded in the year 1906 under the name of Canara Banking Corporation, with a starting capital of just ₹ 5000, in the town of Udupi. Since then the bank has progressed by leaps and bounds and is one of the major players in empowering the rural as well as urban population of India. For years, the bank has been helping in nation building and growth of the Indian economy.

    Corporation Bank became the second public sector bank of India to enter the capital market; its IPO was oversubscribed by 13 times. The bank is 100% core-banking compliant and is a forerunner in technological advances with respect to enhancements in the financial domain.

    The primary aim of Corporation Bank is not just cultivating the thrift habit among masses but also to foster cooperation among all sections of the society.

    Who is eligible to avail fixed deposit from Corporation Bank?

    The following entities that are eligible to open a Fixed Deposit with Corporation Bank –

    • An individual under his/her name
    • Individuals with Joint Account
    • Minors represented by parents
    • Societies, Clubs, Institutions, Trusts, Joint Stock Companies, HUFs etc.

    What are the different fixed deposit schemes offered by Corporation Bank?

    Corporation Bank offers the most basic fixed deposit scheme which can be customized with respect to maturity periods and deposit amounts. The higher the deposit period the more is the applicable rate of interest. The deposits have the option of interest payment either monthly, quarterly, half-yearly or yearly. The fixed deposits can also be re-invested by instruction given to the bank at the time of deposit account opening.

    What is the minimum amount required to open a fixed deposit with Corporation Bank?

    The minimum amount required to open a fixed deposit account in the rural and semi-rural areas is ₹ 500 whereas the minimum deposit amount required for urban areas is ₹ 1000.

    What is the maximum amount required to open a fixed deposit scheme of Corporation Bank?

    There is no maximum limit on the deposit amount for opening a fixed deposit account with the Corporation Bank.

    What is the minimum and maximum applicable deposit period for fixed deposits of Corporation Bank?

    The minimum period for which a fixed deposit can be opened with Corporation Bank is 7 days while the maximum time period for such deposits is 120 months or 10 years.

    What is the process of opening a fixed deposit account with Corporation Bank?

    To avail a fixed deposit account with Corporation Bank, you need to go to a bank branch and fill the required application form. The deposit comes with nomination as well as foreclosure facilities. Alternatively, these deposits can be availed online also, but a phone enquiry about these is advisable.

    What are the applicable rates of interest on Corporation Bank fixed deposits?

    The rates on fixed deposits of Corporation Bank vary according to the period for which the funds are deposited. Here is a snapshot of the current rates with respect to the deposit tenure for each.

    • Short-term deposits
    • These are fixed deposits that are held by the bank for a period of 30 days to 9 months. Deposits between 30 to 60 days fetch a rate of 6% while it is increased to 8% for deposits fixed for 3-6 months. A further increase of 0.25% is paid for deposits that are made exactly for 9 months.

    • Mid-term deposits
    • Deposits between 1-5 years fetch a rate of interest of 9%

    • Rates applicable for Senior Citizens
    • Senior Citizens get an extra 0.5% over the regular rate of interest, on each type of fixed deposit except for short term deposits between 30-60 days

    Does Corporation Bank offer tax-saver fixed deposit?

    Yes. Fixed Deposits which have a locking period of 5 years or more are subject to a waived-off income tax under section 80C of the Income Tax Act.

    Are Corporation Bank fixed deposits taxable?

    Yes. In case the interest on the FD is equal to or more than ₹ 10000 in a year, income tax at 10% is deducted. However, if the interest received in a year is more than ₹ 10000 and the PAN number has not been provided then a tax of 20% on the interest received is levied. Corporation Bank fixed deposits are taxable and are essentially split up into two categories. First is those deposits for which the account holder has furnished his/her PAN number while the other is for which the PAN number has not been furnished.

    What are the main highlighting features of fixed deposits by Corporation Bank?

    Some of the major highlights of Corporation Bank fixed deposits are –

    • Flexible choice of deposit tenure
    • Extremely attractive interest rates are offered
    • Nomination facility for deposit schemes
    • Pre-closure facility as per bank guidelines
    • Loans can be availed against a fixed deposit; equivalent to 90% of the deposit value

    Can I avail a loan from Corporation Bank if I have a fixed deposit scheme of the bank?

    Yes. Corporation Bank loans of up to 90% of the deposit value can be availed against fixed deposits that are held with the bank. However, it depends solely on the discretion of the bank.

    Are special rates offered to senior citizens on fixed deposits of Corporation Bank?

    Yes. Special and higher rates of interest are offered to senior citizens who hold a fixed deposit with Corporation. Except for short-term deposits of 30-60 days, rest all deposits offer 0.5% above the regular interest rate on fixed deposits.

    Can I avail a credit card against the fixed deposit held by Corporation Bank?

    No. Currently, Corporation Bank does not offer Credit Cards against your fixed deposit scheme with the bank.

    Does Corporation Bank offer NRI Fixed Deposits?

    Yes, Corporation Bank offers two NRI Fixed Deposits.

    • Non-Resident External (NRE) Fixed Deposit - This can be opened in Indian rupees. A joint account can be opened in the names of two or more non-resident Indians if need be. The money in this account is repatriable and there is no TDS on the interest.
    • Foreign Currency Non-Resident (FCNR) Fixed Deposit – This account can be maintained in multiple currencies including Australian Dollars, Canadian Dollars, US Dollars, Euros or Great Britain Pound Sterling. Joint accounts can be opened in the names of eligible persons and the funds are fully repatriable.

    What is the term period for NRI Fixed Deposits?

    NRE Fixed Deposits should have a minimum term period of 1 year and can have a maximum term period of 10 years.

    The FCNR deposits can have term periods ranging from 1 year to 5 years but should conform to these time limits.

    Greater than one year but less than two years.

    Greater than two years but less than three years.

    Greater than three but less than four years.

    Greater than four years but less than five.

    Five years only

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  • Corporation Bank Fixed Deposit Reviews

    • Corporation Bank Fixed Deposit
      "Excellent"
      0.5 3.5/5 "Pretty good"
      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.
      Was this review helpful? 12
      , mysore
      Reviewed on Feb 01, 2016
    • Corporation Bank Fixed Deposit
      "pretty good offer"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 9
      , bangalore
      Reviewed on Nov 02, 2015
    • Corporation Bank Fixed Deposit
      "Feedback"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 4
      , bangalore
      Reviewed on Oct 31, 2015
    • Corporation Bank Fixed Deposit
      "No great feature as similar to other banks..."
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 2
      , new delhi
      Reviewed on Sep 26, 2015
    • Corporation Bank Fixed Deposit
      "Good "
      0.5 3.0/5 "Satisfactory"
      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.
      Was this review helpful? 4
      , bangalore
      Reviewed on Sep 10, 2015
    • Corporation Bank Fixed Deposit
      "Good services"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Sep 08, 2015
    • Corporation Bank Fixed Deposit
      "Satisfactory"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 5
      , ghaziabad
      Reviewed on Jan 18, 2015
    • Corporation Bank Fixed Deposit
      "Simple and Good Bank"
      0.5 4.5/5 "Excellent!"
      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.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jan 16, 2015
    • Corporation Bank Fixed Deposit
      "Its good"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 3
      , pune
      Reviewed on Dec 18, 2014
    • Corporation Bank Fixed Deposit
      "Good"
      0.5 3.5/5 "Pretty good"
      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.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 12, 2014
    • Corporation Bank Fixed Deposit
      "Good"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 6
      , delhi
      Reviewed on Oct 30, 2014
    • Corporation Bank Fixed Deposit
      "Excellent"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 3
      , bangalore
      Reviewed on Oct 17, 2014
    • Corporation Bank Fixed Deposit
      "Very good interest rate"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 10
      , bangalore
      Reviewed on Sep 16, 2014
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