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    Corporation Bank Money Flex Deposit

    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

    Flexibility and bank accounts traditionally don’t go together, with most deposit schemes having rigid rules and conditions. The Money Flex Deposit from Corporation Bank aims to eliminate this rigidity, enabling account holders to manage their funds as per their requirements. Given the unpredictability of life, this account is ideal for those who wish to be financially secure without having to compromise on finances during emergencies.

    Eligibility criteria to apply for Corporation Bank Money Flex Deposit

    A Corporation Bank Money Flex Deposit can be opened by the following.

    • Individual account in your own name
    • Joint account in the name of two or more people
    • This account can be opened for minors by their parents/guardian
    • Associations, clubs, educational organisations, societies, companies, government offices, HUFs, etc. can also maintain this account 

    Features of Corporation Bank Money Flex Deposit

    Account Type

    Both single and joint account can be opened and maintained

    Amount

    Min – Rs 5,000/-

    Max - No upper limit

    Rate of Interest

    The interest rate depends on the term of a deposit, with Corporation Bank having the right to change the rates at any point

    Period

    Min – 7 days

    Max – 10 years

    TDS

    NA

    Loan against Corporation Bank Money Flex Deposit

    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

    Corporation Bank Money Flex Deposit Interest rates

    The interest rates offered by Corporation Bank on its Money Flex deposit are extremely competitive, with the rates depending on the period of a particular deposit. With the deposit period ranging from 7 days to 10 years, the rates are highest for deposits with a longer tenure. Current interest rates vary from 5% per annum to 7.25% per annum, with Corporation Bank having the power to change the rates at its own discretion. Individuals should check the current interest rates with the bank before applying.

    Note: The rates mentioned above are as of December 28, 2015 and are subject to change.

    Corporation Bank Money Flex Deposit FAQs

    1. Are there different versions of the Money Flex Deposit?

      This account can be maintained either in the form of a Money Flex Fixed Deposit or a Money Flex Kshemanidhi Cash Certificate.

    2. How is the interest calculated and paid in this deposit?

      The interest component depends on the type of account chosen, with a Money Flex FD earning quarterly interest which is paid at maturity and the Money Flex KCC earning quarterly compound interest which is paid on maturity.

    3. Is premature withdrawal permitted under this scheme?

      Yes, premature withdrawal facilities are provided under this scheme.

    4. Is there a minimum limit in which the deposit can be increased?

      Yes, the initial minimum deposit can be increased in multiples of Rs 1,000/-.

    5. How much money can one withdraw prematurely?

      One can withdraw certain portions of their deposit, in units of Rs 1,000/- per withdrawal.

    Useful Information on Corporation Bank Fixed Deposit

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