Corporation Bank Savings Account will help customers to not only track and manage their finances but also to earn considerable interest on the savings. With a range of customized plans, customers can choose a savings account scheme that is best suited for their needs.
Table of Contents
- Corporation Bank Savings Account Interest Rate
- How to Open a Corporation Bank Savings Account?
- Types of Corporation Bank Savings Account
- Corporation Bank Savings Account Minimum Balance Requirements
- Corporation Bank Savings Account Fees and Charges
- Corporation Bank Savings Account Eligibility
- Checking Corporation Bank Account Balance
- Corporation Bank Savings Account Documentation
Corporation Bank Savings Account Interest Rate
Corporation Bank offers an interest of 3% per annum on the daily minimum balance for all savings account schemes with effect from 1 April 2020.
How to Open a Corporation Bank Savings Account?
Customers can easily open a savings account with Corporation account by visiting any of the nearest Corporation bank branch. Customers will have to submit a duly filled application form with all the necessary KYC documents to complete the application process. New account holders will be provided with a welcome kit and debit card. After the account is activated, customers can start transacting from and to the savings account.
Types of Corporation Bank Savings Account
Corporation Bank offers a wide variety of Savings Accounts to meet the different needs of customers. Here’s a list of the schemes offered by Corporation bank along with the benefits.
Regular Savings Account
Kick start your saving journey with this basic savings account offered by Corporation Bank. With features like NEFT & RTGS fund transfer facilities, international debit card, any branch banking and personalized cheque book and card to card transfer, this savings account will fulfil all your banking needs too!
Corp Classic Savings Account
This account brings with it the advantages of term deposits and savings accounts. The tenure of term deposits can range anywhere between 15 days to 5 years.
Corp New Gen Savings Account
Exclusively created for students with features like minimum quarterly average balance requirements, this account also offers a lot of add-on facilities. Other features of this account include debit cards, SMS banking and internet banking facilities.
Corp Pragati Account
This basic savings account can be opened with an initial deposit of Rs.10 and will offer all the basic banking facilities to the account holder. Any resident individual over the age of 10 years is eligible to open this account.
Corp Saral Savings Account
Saral Savings account comes with many features like free personal accident cover worth Rs.1 lakh and free internet banking services. Account holder also get other benefits like personalized cheque book, free DD issuance and online FD/RD opening.
Corp Signature Account
A premier savings account facility offered by Corporation bank, customers get free personal accident cover worth Rs.10 lakhs and 50% concession on locker rental for the first year. Other benefits include high withdrawal limit from ATM and free signature debit card with exclusive features.
Corp Super Saving Account
A savings account with enhanced benefits, account holders stand to get premium features like 2 free RTGS transactions a month, 25% concession on locker rental, 50% concession on the charges of DD issuance and issue of certificates.
Corp Mahila Power Account
Specially designed to meet the savings requirements of women, this savings account can be singly or jointly opened by women in the age group of 21 to 60 years. Customers can avail benefits like MPower Take Off loan with quantum up to 10 times the QAB of the last 2 quarters depending on the customer’s income.
Corp Arambh Savings Account
It is a zero balance savings account and this scheme offered by Corporation bank will duly fulfil all the banking needs of the customer.
Corp Saral Plus Savings Account
This savings account scheme is opened by all resident individuals and account holders will get an array of benefits like mobile banking, free DD via net banking and complimentary personal accident insurance cover worth Rs.5 lakhs.
Corporation Bank Savings Account Minimum Balance Requirements
|Regular Savings Account||Quarterly Average Balance of Rs.500 for accounts held in all branches except in rural areas. In rural areas, a QAB of Rs.250 is to be maintained.|
|Corp Classic Savings Account||Rs.15,000|
|Corp New Gen||Quarterly Average Balance of Rs.100 is to be maintained.|
|Corp Pragati Account||No minimum balance requirements|
|Corp Saral Savings Account||An average quarterly balance of Rs.1,000 is to be maintained.|
|Corp Signature Account||QAB of Rs.1,00,000 is to be maintained.|
|Corp Super Saving Account||Quarterly Average Balance of Rs,15,000 is to be maintained.|
|Corp Mahila Power Account||Quarterly Average Balance of Rs.2,5000 is to be maintained.|
|Corp Arambh Savings Account||No minimum balance requirements.|
|Corp Saral Plus Savings Account||Nil|
Corporation Bank Savings Account Fees and Charges
|Non-Maintenance Charges||Add-Ons||Cheque Return Charges/other Charges|
|Regular Savings Account||Rs.100 per quarter||
||If 3 or more cheques are returned due to insufficient funds, Rs.200 per cheque. Rs.100 for inward clearing and 50% of collection charges subject to a minimum of Rs.60 for return of outward clearing|
|Corp Classic Savings Account||No Charges||
||Rs.100 for inward clearing Rs.200 per cheque, If 3 or more cheques are returned due to insufficient funds. 50% of collection charges subject to a minimum of Rs.60 for return of outward clearing|
|Corp New Gen||NA||
|Corp Pragati Account||NA||
|Corp Saral Savings Account||NA||
|Corp Signature Account||Rs.500 per quarter plus service taxes as applicable||
||Charges for personalized cheque book - 100 cheque leaves free per financial year and Rs.4 for every additional leaf.|
|Corp Super Saving Account||Rs.150 per quarter and service||
||Charges for personalized cheque book - 60 free cheque leaves in a financial year and Rs.4 for additional leaf|
|Corp Mahila Power Account||Rs.100 per quarter||
|Corp Arambh Savings Account||No charges||
|Corp Saral Plus Savings Account||NA||
||20 free cheque leaves per year and Rs.4 will be charged for every additional leaf.|
Corporation Bank Savings Account Eligibility
The eligibility for Corporation Bank Savings Account is as follows.
- An individual with a sound mind can open a savings account in his/her name.
- Minors represented by guardian or parent.
- Individuals can open an account in joint names with proper repayment instructions.
- Minor students over 10 years can open an account. However, they will not be issued an ATM card and will not be authorized to carry out third party payments and overdraw. Self-cash withdrawals are allowed.
- Societies, clubs, trusts, associations, executors, administrators, HUFs and educational institutions can open a savings account.
- For accounts specific to women, the account can be opened either jointly or singly. The applicant must have an independent source of income in semi-urban/urban/metro centers and must be in the age group 21 to 60 years.
However, the eligibility criteria may vary depending on the type of savings account. Do enquire with Corporation Bank before applying for a savings account.
Checking Corporation Bank Account Balance
Customers who hold savings accounts in Corporation Bank can check their account balance in the following ways:
Customers can give a missed call to the corporation bank number to find out their account balance. The customer will have to use their registered mobile number to place the call. Once disconnected, the customer will receive an SMS with their account balance.
Corporation Bank customers can receive their account balance by sending an SMS to the bank. The SMS should be sent to the bank’s SMS banking number—9243717778. The customer will then receive an SMS with their account balance.
Mobile Banking App
Customers with smartphones can download the bank’s mobile banking app, Corp Mobile. Once registered with the app, the customer can access information about their account, including their account balance and bank statement.
A customer can also view their account balance by logging in to the bank’s internet banking website.
Visiting the bank branch
If the options mentioned above are not feasible, the customer can visit the Corporation Bank branch where the account is held and make an enquiry at the help desk.
Corporation Bank Savings Account Documentation
All applicants must provide the following documents during application.
- Passport size photographs with duly filled application form
- KYC documents like ID proof and address proof
- Keep documents like PAN Card, voter ID, passport, Aadhar card, driving license and proof of age handy.
- Salaried applicants will be asked to provide salary slips and employer ID.
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GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.