Corp Classic Savings Account

The Corp Classic Savings Bank Account is a unique product offering from Corporation Bank that doubles up as a savings bank account and a term deposit account.  

Updated On - 05 Sep 2025
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Corp Classic Savings Account Overview

All types of customers including institutions and societies are eligible to open a Corp Bank Savings Bank Account. Customers are required to have a certain number of units before they make transfers to term deposits.

Bank

Corporation Bank

Category

Corp Classic Savings Bank Account

Initial Deposit Requirements

Nil

Minimum Average Balance Requirements (MAB)

Rs. 15,000

Quarterly Average Balance

Rs. 500 / Rs. 250 in Rural Areas

Eligibility

Corp Classic Savings Bank Accounts can be opened by single applicants or as joint applications. NRIs, trusts, clubs, associations, educational institutions, societies, HUFs and administrators are eligible to open the account. Minors cannot open a Corp Classic Savings Bank Account.

Corporation Bank Debit Card Offered

Visa Ordinary Debit Card

Interest Rate

4% per annum on daily balance

Services Offered with Corp Classic Savings Accounts

The following services are offered with a Corp Classic Savings Account -

Passbook and e-Statements

Passbook is given free of cost.

SMS Banking Charges

Rs. 100 plus service taxes per annum

Cheque Book

Corporation Bank will give 40 cheque leaves, free of cost during one financial year.

Cash Withdrawal

3 withdrawal transactions allowed with other bank ATMs (Metro Cities) Withdrawal Limit - Rs. 25,000

Internet Banking

Regular charges apply for RTGS transactions.

Features of Corp Classic Savings Account

Listed below are some important features that come with a Corp Classic Savings Account.

Savings Bank Account plus Term Deposit Account

The Corp Classic Savings Account is offered as a dual account with a savings account and a term deposit account.

Cheque Book

Forty cheque leaves will be issued by Corporation Bank, free of cost.

Non-maintenance of MAB

No Charges

Term Deposit Account

A minimum of 5 units of Rs. 1000 each is required to make a transfer to a term deposit. Future deposits can be done in multiples of 5 units. Tenure of the deposit - From a minimum of 15 days up to a maximum of 5 years.

Liquidity of Term deposits portion

The DRSN (Deposit Running Serial Number) can be broken down into multiples of 5 units of Rs. 1000 each.

Fees and Charges for Corp Classic Savings Account

Service / Product

Fees & Charges

PoS Transaction Limits

Rs. 35,000

Personalized Cheque

Leaves

Additional cheque leaves can be got at a cost of Rs. 4 per leaf.

Concession on Demand Draft

Nil

Account Closure Charges

If closed within a year - Rs. 100 plus service taxes per annum If closed after a year - Nil

Stop Payment Instruction

Charges

Rs. 50 plus service taxes per cheque / Up to a maximum of Rs. 250

Surrender of unused cheque leaves

Nil

Allowing operation in the savings account via Mandate holder or Power of Attorney

Rs. 200

Addition or deletion of names in the savings account

Rs. 50 per instance

Fund transfer within Corporation Bank accounts

No charges

Dormant Account servicing

Rs. 100 per annum

Old Transaction Enquiry

Rs. 100

Issuance of duplicate statements/ passbook

Nil

Issuance of Certificates

Rs. 100

Ledger Folio Charges

Nil

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

FAQs on Corp Classic Savings Account

  • Who is eligible to open a Corp Classic Savings Account?

    Individuals, joint applicants, NRIs, trusts, clubs, associations, institutions, societies, and HUFs are eligible. Minors are not allowed.

  • What is the minimum balance required for a Corp Classic Savings Account?

    The minimum average balance is ₹15,000, with ₹500 (₹250 in rural areas) as quarterly average balance.

  • What interest rate is offered on the Corp Classic Savings Account?

    The account earns 4% per annum on the daily balance.

  • What facilities are provided with the account?

    Free passbook, 40 free cheque leaves per year, Visa Ordinary Debit Card, internet banking, and SMS banking.

  • Are there charges for closing the Corp Classic Savings Account?

    If closed within one year, charges are ₹100 + taxes; after one year, there are no closure charges.

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