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Corporation Bank - Millionaire RD Account

 4.0 / 5.0   by 7 users
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Fees & Charges

Promised Interest Rate

Customer Service

Responsiveness

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
1st Year 79,500 1,000,104
2nd Year 38,100 1,001,925
3rd Year 24,300 1,002,491
4th Year 17,400 1,001,625
5th Year 13,300 1,002,144
6th Year 10,600 1,004,262
7th Year 8,700 1,008,221
8th Year 7,200 1,000,405
9th Year 6,100 1,000,934
10th Year 5,300 1,014,967.

Read More Article on Recurring Deposit

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Recurring Deposit by Banks
Recurring Deposit by other Institutions

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RD Reviews

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  • Corporation Bank Recurring Deposit
    "Safe and secured investment"
    CORPORATION BANK
    0.5 5.0/5 "Blown Away!"
    I making recurring deposit with Corporation bank, I have fixed one slap to make the payment on the duration of five year. I can track the RD transactions through mobile application. The bank staff are resolving the queries on the time, its safe and secured.
    Was this review helpful? 1
    , mangalore
    Reviewed on Feb 28, 2019
  • Corporation Bank
    Corporation Bank Recurring Deposit
    "Average Service"
    CORPORATION BANK
    0.5 3.0/5 "Satisfactory"
    I've been using the CORPORATION bank savings account for a while. I faced Many problems, it will take 24 hours to activate the password for Internet banking. The branch service is okay but they need to provide more fast service to their customers in this fast paced financial environment.
    Was this review helpful? 4
    , bangalore
    Reviewed on Jun 18, 2018
  • Corporation Bank Recurring Deposit
    "Better interest rate for recurring deposit"
    CORPORATION BANK
    0.5 3.0/5 "Satisfactory"
    I am having recurring deposit account with the Corporation bank and its the nationalized bank, so their services are not up to the mark, also they have to be get improved. Branch response is a better one with them and the online banking services are working up to the mark.
    Was this review helpful? 3
    , pune
    Reviewed on Jun 24, 2017
  • Corporation Bank Recurring Deposit
    "Super"
    CORPORATION BANK
    0.5 5.0/5 "Blown Away!"
    I am having recurring deposit account with the Corporation bank for some long time. Online banking service is good one and I need to pay around 1000 Rupees per month for ten years of time, also it used to debit as ECS. Branch employee are providing good response to the customer.
    Was this review helpful? 4
    , bangalore
    Reviewed on Jun 24, 2017
  • Corporation Bank Recurring Deposit
    "going good"
    CORPORATION BANK
    0.5 4.0/5 "Great!"
    Inspite of having a savings account with cooperation bank I have a recurring deposit with them too. The lock period is for 5 years and I am making rupees 1000 as monthly payment. The offered interest rate of 8-9% is better and my RD is going good in the bank.
    Was this review helpful? 13
    , ghaziabad
    Reviewed on Apr 27, 2016
  • Corporation Bank Recurring Deposit
    "Good services"
    CORPORATION BANK
    0.5 4.0/5 "Great!"
    I have opened my recurring deposit with Corporation bank. It was not much of a process. The rate of interest offered on this account is satisfactory. If I am to close the account before the maturity period. There would be a penalty charge taken.
    Was this review helpful? 8
    , mangalore
    Reviewed on Oct 06, 2015
  • Corporation Bank Recurring Deposit
    "Service feedback "
    CORPORATION BANK
    0.5 4.0/5 "Great!"
    Corporation account RD is fine. This was opened through the branch. Interest rate offered by them was one and the same expect for minor difference. Incase if I am planning to break the deposit I have to visit the branch for the same as I dont have an Internet banking access for the same.
    Was this review helpful? 7
    , bangalore
    Reviewed on Oct 05, 2015
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