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Corporation Bank Recurring Deposit

A Recurring deposit (RD) account can be opened with Corporation Bank for a period that ranges between 12 months to 10 years. General citizens are offered interest in the range of 5.75% p.a. to 5.80% p.a. for opening a RD account with the bank. Senior citizens get an additional interest benefit of 0.50% for maturities above 91 days for any deposit less than Rs.1 crore.

Corporation Bank and Andhra Bank have merged with Union Bank from 1 April 2020.

Rate of return offered by Corporation Bank on RDs

The interest rates offered by Corporation Bank on recurring deposits less than Rs.2 crore are given below depending on the different tenures:

Tenure Interest rate of general public (p.a.) Interest rate of senior citizens (p.a.)
1 year 5.75% 6.25%
1 year to 444 days 5.75% 6.25%
444 days 5.85% 6.35%
444 days to 555 days 5.75% 6.25%
555 days 5.90% 6.40%
555 days to 3 years 5.75% 6.25%
3 years to 5 years 5.80% 6.30%
5 years to 10 years 5.80% 6.30%

Features of Corporation Bank Recurring Deposit

The features of Regular Recurring Deposits are listed below:

  • Minimum deposit is Rs.50 in semi-urban and rural branches and Rs.100 elsewhere
  • No maximum limit on deposits
  • Interest is compounded on a quarterly basis
  • Interest is credited at the end of the financial year and paid at maturity
  • Loan facility of up to 90% of the deposit amount can be availed if required
  • Nomination facility available

Who can open a Recurring Deposit account with Corporation Bank?

A RD account with Corporation Bank can be opened by:

  • Any individual in their own name
  • Individuals jointly with relevant repayment instructions
  • Minors represented by guardians or parents
  • Govt. Departments and Educational Institutions
  • Associations, Societies, Clubs, HUFs
  • Partnerships, Firms, Trusts,
  • Administrators, Joint Stock Companies, Executors

How to open a Corporation Bank Recurring Deposit account?

You can open an RD account with Corporation Bank by visiting your nearest bank branch along with the necessary documents. You can also open a recurring deposit account through net banking.

Medium Recurring Deposit Interest Rates

Medium-term recurring deposits are accounts that are opened for a period between 1 year and 3 years. Corporation Bank offers interest rates starting at 5.75% p.a. to general citizens on opening a recurring deposit account. Citizens above the age of 60 years are offered 0.50% additional interest on such deposits, starting at 6.25% p.a.

Long Term Recurring Deposit Interest Rates

Any RD account opened for a tenure of more than 3 years is termed a long-term recurring deposit. The interest paid on such deposits for the general category starts at 5.80% p.a. For senior citizens the interest rate starts at 6.30% p.a.

Corporation Bank Recurring Deposit FAQs

  1. Which forms should I submit if I want to avoid TDS?

    You can submit form 15G/15H as applicable to avoid TDS.

  2. Is there any penalty for not paying a monthly instalment?

    Yes, there is a penalty of Rs.1.50 per Rs.100 for every month that the instalment is not paid.

  3. Can recurring deposits be transferred from one branch to the other?

    Yes, accounts can be transferred from one branch of the bank to the other.

  4. What is an RD calculator?

    An RD calculator gives you information about how much you can expect at the end of your RD investment tenure. All you have to do is enter the amount you are depositing, the interest rate, and tenure into the respective fields and you will get to know your maturity amount.

  5. Can I withdraw the funds before the term is over?

    Yes, you can make withdrawals before the end of the investment period but there are specific bank terms and conditions for that.

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