|Deposit Tenure||General Customers (%)|
|1 year to less than 3 years||6.60|
|3 years & Above||6.50|
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 account 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