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|
RD Interest Rate Pages
- United Bank RD Interest Rates
- Uco Bank RD Interest Rates
- Allahabad Bank RD Interest Rates
- Central Bank RD Interest Rates
- Federal Bank RD Interest Rates
- Indian Bank RD Interest Rates
- Andhra Bank RD Interest Rates
- Kotak Mahindra RD Interest Rates
- Syndicate Bank RD Interest Rates
- IOB RD Interest Rates
- City Union Bank RD Interest Rates
- Citybank RD Interest Rates
- Indusind Bank RD Interest Rates
- Corporation Bank RD Interest Rates
- BOM RD Interest Rates
RD Other Pages
- Recurring Deposit Vs. Chit Fund
- Miss to Pay the Recurring Deposit Due
- Difference Between Recurring Deposit and SIP
- Open RD Account through HDFC NetBanking
- RD Account in SBI
- Advantages of Recurring Deposit
- Flexi RD
- SBI Flexi RD Schemes
- Monthly Recurring Deposit
- Co-operative Bank Recurring Deposit
- City Union Bank Recurring Deposit
- Indian Bank Recurring Deposit
- Union Bank Recurring Deposit
- UCO Bank Recurring Deposit