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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.

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.

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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.

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