Kshemanidhi Cash Certificates or KCCs as they are known, are designed to multiply the money of a depositor. This is a reinvestment term deposit scheme which aims to help the initial deposit grow quickly, thanks to a compound interest scheme. Flexible deposit periods ensure that one can make optimum use of their hard earned money to the best of its ability.
The Kshemanidhi Cash Certificate scheme is open to the following people.
Some of the major features of KCC are mentioned below.
|
Account Type |
Both single and joint account can be maintained |
|
Amount |
In rural and semi urban branches Min – Rs 500/- Max - No upper limit In Urban and metro branches Min – Rs 1,000/- Max – No upper limit |
|
Rate of Interest |
The interest rate depends on the period for which a deposit is made, with Corporation Bank having the right to change it at any point |
|
Period |
Min – 6 months Max – 10 years |
|
TDS |
NA |
|
Loan against Kshemanidhi Cash Certificate |
Individuals can avail loans up to 90% of their deposit. In case of third person deposits, this amount is capped at 75% of the deposit amount |
|
Nomination |
Nomination facility available |
|
Auto Renewals |
NA |
Kshemanidhi Cash Certificates come with the promise of multiplying your money, offering attractive interest rates which are compounded every quarter. The interest rate for this deposit depends on the period for which a deposit is maintained, with higher interest rates offered for longer tenures in general. The interest rate is decided by Corporation Bank, with the bank having the power to change it at any time without prior intimation. Individuals should check with the bank to see the interest rate before they open an account.
The interest earned will be credited to the account half-yearly.
Yes, premature withdrawal facilities are available, subject to the person meeting certain criteria set by Corporation Bank.
The interest, along with the initial deposit will be paid on maturity.
Corporation Bank can choose to offer higher interest rates to senior citizens, at its sole discretion.
No, individuals who wish to opt for a cash saving fixed deposit can invest in a separate scheme, the Tax Saver Kshemanidhi Cash Certificate.
Useful Information on Corporation Bank Fixed Deposit
Other Fixed Deposit Schemes Offered by Corp Bank
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