|Maturity||For deposits less than Rs.1 Cr|
|1 Year to less than 3 years||7|
|3 years and above||6.9|
Get the best rates for a Corporation Bank Recurring Deposit
Corporation Bank offers recurring deposit schemes to its customers with attractive interest rates and maturity tenures. One of the best ways to put money away every month, a recurring deposit with Corporation Bank will help you save for the future and help your money grow. Interest is calculated on a quarterly basis and will be credited to the account at the end of each financial year. The interest is payable on maturity. At the end of the recurring deposit, you will receive the lump sum along with the interest payable.
Corporation Bank offers three recurring deposit schemes, the regular RD, flexible RD and the Millionaire RD.
Under the Regular RD scheme, individuals including minors represented by the guardian or parents, clubs, societies, companies, government departments and so on, can open this deposit. The RD can be opened for a minimum of 12 months to a maximum of 120 months. The minimum monthly deposit is Rs. 100, but for the rural and semi urban branches it is only Rs. 50.
The Flexible RD is a scheme under which the tenure is fixed at three years. The deposit holder has the option to withdraw a part of the deposit at the end of the 1st and 2nd year, or can remit up to 10 times the monthly installment per month. The minimum deposit amount required is Rs. 500.
The Millionaire RD scheme guarantees a maturity amount of more than Rs 1 million at the end of the deposit tenure.
Corporation Bank Short Term Recurring Deposit Interest Rates
A recurring deposit can be opened for a minimum of 1 year. The interest rate applicable for short-term deposits is 7.40% per annum. If you prematurely close the account before 7 days, then you shall not be eligible for any interest. Senior citizens can avail of an additional interest benefit of 0.50% on deposits less than Rs. 1 crore.
Corporation Bank Medium and Long Term Recurring Deposit Interest Rates
For deposits made for a period of above 1 year to less than 3 years, the interest rate is 7.40% per annum. This interest rate is subject to change based on the tenure. Corporation Bank can offer different interest rates for deposit made for 1 year only, or for 1-2 years, or 2 years and above. Deposits made for Rs. 1 crore and above will be accepted at the sole discretion of the bank.
Corporation Bank Senior Citizen Recurring Deposit Interest Rates
Senior Citizens can avail of interest benefits when they open a recurring deposit with Corporation Bank. Senior Citizens are given an additional interest of 0.50% per annum over and above the regular interest rate. This is applicable only to deposits that are less than Rs. 1 crore. Senior citizens opening deposits under the NRE, NRO, HUF, Capital Gains or Special Deposit schemes are not eligible to receive this additional interest.
Corporation Bank NRE Recurring Deposit Interest Rates
NRI’s can open recurring deposits for a minimum period of 1 year. The interest rate for deposits less than Rs. 1 crore is 7.40% per annum regardless of the tenure. The interest rate for deposits above Rs. 1 crore is 6.75% per annum as well, but is subject to change.
Corporation Bank Millionaire Recurring Deposit Interest Rates
The Millionaire RD account can be opened with Corporation Bank by contacting the nearest bank branch. You can avail of 8.75% interest per annum on deposits for 1 - 10 years. Senior citizens get an additional interest of 0.50% per annum making their interest rate 9.25%.
More you need to know about Recurring Deposit
- Corporation Bank Recurring Deposit
- Recurring Deposit
- Compare Recurring Deposit Rate of Corporation Bank with Other Banks and Institutions
Corporation Bank RD Schemes
Read More Articles On RD
News About Corporation Bank Recurring Deposit Interest Rates
Corporation Bank Updates RD Interest Rates
Corporation Bank recently updated its recurring deposit interest rates under different deposit tenures. The RD schemes are available to regular citizens under NRO, capital gains and domestic deposits while for senior citizens, they are not available under these parameters. For a 1 year period, the interest rate for regular citizens stands at 7.40% and for senior citizens, it stands at 7.90%. The interest rates for a period between 1 and 3 years remains the same for both categories. For a deposit tenure of 3 years and above, the interest rates are 7.25% and 7.95% for regular and senior citizens respectively. For NRE accounts, the interest rates are 7.40% and 6.75% for amounts of less than 1 crore and more than 1 crore respectively. The period for which these NRE interests hold applicable are between 1 and 3 years. For a period of more than 3 years, the NRE RD rate for less than one crore stands at 7.25% and for amounts more than 1 crore, the interest rate stands at 6.75%.
2nd September 2016
Corporation Bank Revised Recurring Deposit Rates
The recurring deposit schemes have turn out extremely good returns in the last few years in comparison to other investments. Corporation Bank offers attractive benefits on their RD schemes. For deposits of less than Rs.1 crore, interest rates are 7.50% p.a. for deposits of less than 3 years. The interest rate offered on deposits above 3 years is 7.25% p.a. For senior citizens, there is a bonus rate of 0.50% p.a. Granted on the deposits above the regular interest rate. For deposits that have a tenure of less than 3 years, the interest rate senior citizens earn is 8% p.a. For deposits above 3 years, 7.75% p.a. is granted. NREs earn the same as regular RDs at the rate of 7.50% p.a. for deposits of less than Rs.1 crore with tenures below 3 years. 7.25% p.a. is offered on deposits above 3 years. For NRE RDs that exceed Rs.1 crore, the interest rate is 6.75% p.a. regardless of the tenure.
1st July 2016
Corporation Bank Revises the Interest Rates for Recurring Deposit Schemes
Corporation Bank Recurring Deposit Schemes are one of the most preferred investment schemes amongst Indians mainly because of the features and high interest rates that it offered. Recently, Corporation Bank has changes the rate of interest for some recurring deposit tenures and senior citizen recurring deposit schemes. For regular recurring deposits less than Rs. 1 crore, the interest rate has been changed to 7.5% per annum for tenures of 1 years and 2 years & above from the previous interest rate of 7.25%. For a period of above one year to up to 2 years, the interest rate has been changed to 7.65% from 7.25%. For senior citizens who are depositing an amount less than Rs. 1 crore, the interest rate has been changed to 8% for tenures of 1 years and 2 years & above from an interest of 7.75% which was being offered previously. For a period of above one year to up to 2 years, the rate of interest has been changed from 7.75% to 8.15% per annum.
For NRE investors depositing an amount less than Rs. 1 crore, the rate of interest has been changed to 7.5% from 7.25% per annum for all tenures. For NRE investors depositing an amount of more than Rs. 1 crore, the interest rate remains the same at 7.25% across all tenures.
24th March 2016