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    Overview of 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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