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.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
