• Corp Classic Savings Account

    Savings Account
    • Instant money transfer
    • 24x7 ATM withdrawals
    • Attractive rate of interest

    Corp Classic Savings Account Overview

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

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

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