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  • Corporation Bank - Millionaire RD Account

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    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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