The Millionaire recurring deposit scheme is a term deposit where the customer can deposit a specific amount for a particular tenure and get an assured maturity sum of more than Rs. 1 Million at the completion of the tenure.
Eligibility - Corporation Bank - Millionaire RD Account
A Corporation Bank recurring deposit account can be opened as a single or joint account by individuals. Minors with their parents and guardians, societies, associations, institutions, HUFs, trusts, administrators, Government departments and clubs are eligible to open a Corporation Bank Millionaire RD Account .
Features of Corporation Bank - Millionaire RD Account
- If a customer wants to open a Millionaire RD account they have to contact the nearest Corporation Bank branch. If the customer is new, then documents like Address Proof and Identity Proof have to be provided.
- If a customer makes premature withdrawals, then a penalty of 1% on the interest for the period the deposit has been with bank or on the agreed interest rate, whichever is lower is charged.
- Corporation Bank customers can take loans up to 90% on the balance available in their deposits.
- TDS is not applicable on Millionaire RD Accounts.
- For recurring deposits below Rs. 1 crore, the interest rate charged is 8.75% for tenures ranging from 1 year to 10 years.
- For senior citizen recurring deposit accounts below Rs. 1 crore, the interest rate charged is 9.25% for tenures ranging from 1 year to 10 years.
|Regular Recurring Deposit Tenure||Monthly Instalment Amount||Maturity Amount|
Read More Article on Recurring Deposit
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