Corporate Bank Fixed Deposit Scheme
Corporation Bank is one of the most dependable fixed deposit providers amongst several competitors.
Bank’s FD offers many advantages to investors like a higher rate of interest, flexibility in tenure, loan against FD, and lower minimum deposit limit.
This is the main reason that attracts many investors, mostly senior citizens, to corporate FDs.
This FD provides the customer with regular income in which the interest is paid at systematic intervals either monthly, quarterly, half-yearly, or yearly.
Let’s talk about all the features along with Corporate Bank FD rates (Interest Rate).
Features
Major Features of Corporation Bank FD are:
- FD can be opened with an amount as low Rs 500 to up to No Limit.
- FD tenure from 7 days to 10 years.
- Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to Rs 5 lakh of all deposits of a depositor are insured by DICGC.
- Bank provides loans against FD options to assist its depositor to meet their liquidity needs without breaking the FD.
- An auto-Renewal facility is available.
- A nomination facility is available.
Corporate Bank FD Interest Rates
Kindly follow the Corporate Bank FD rates
Tenure | Interest Rate in % (< Rs.2 Cr) |
7 to 14 days | 3.00 |
15 to 30 days | 3.00 |
31 to 45 days | 3.00 |
46 to 90 days | 3.75 |
91 to 120 days | 4.25 |
121 to 180 days | 4.30 |
181 days to less than 1 year | 4.50 |
365 days | 5.25 |
1 year 1 day to 2 years | 5.30 |
2 years 1 day to 3 years | 5.50 |
3 years 1 day to 5 years | 5.55 |
5 years 1 day to 10 years | 5.60 |
Corporate Bank FD Rates for Senior Citizens
Tenure | Interest Rate in % (< Rs.2 Cr) |
7 to 14 days | 3.50 |
15 to 30 days | 3.50 |
31 to 45 days | 3.50 |
46 to 90 days | 4.25 |
91 to 120 days | 4.75 |
121 to 180 days | 4.80 |
181 days to less than 1 year | 5.00 |
365 days | 5.75 |
1 year 1 day to 2 years | 5.80 |
2 years 1 day to 3 years | 6.00 |
3 years 1 day to 5 years | 6.05 |
5 years 1 day to 10 years | 6.10 |
Fixed Deposit Rates for NRI
Tenure | Interest Rate in % (< Rs.2 Cr) |
1 year | 5.40 |
> 1 year to 3 years | 5.40 |
> 3 years to 5 years | 5.45 |
> 5 years to 10 years | 5.45 |
Corporate Bank FD Premature Withdrawal
- A premature withdrawal fine will be charged at the rate of 1 percent per annum on all deposits.
- In a condition of premature renewal of FD, including bank’s staff deposits for deposits accepted on or after 25 Nov 2010, a penalty of 1 percent is applicable.
This clause is not applicable to Deposits opened prior to 25 Nov 2010. - No interest shall be paid on any FD prematurely closed in less than seven days.
Also Read SBI Loan Against FD : Interest Rate | Features | Benefits | Online | Repayment
Corporate Bank FD Online
- Login to Bank’s website with your credentials.
- After successful login in, Accountholders require to Deposits option under the Personal tab.
- Next, Select the Time Deposit & fill the necessary details.
- Click on the save button after checking the interest rate & tenure.
Corporate Bank Tax Saving FD
Eligibility | Individuals or Jointly with other individuals including minors represented by guardian & HUF. |
Tenure | 5 years. |
Amount of Deposit | Minimum of Rs 100 and in multiples of Rs 100 up to a maximum of Rs 1,50,000 in a financial year. |
Rate of Interest | At the latest prevailing interest rates for 5 year FD from time to time. |
Premature Closure | No premature closure is permitted. However, premature closure is permitted in case of the death of the depositor. |
Tax Exemption | Tax deduction under section 80C of the Income Tax Act, 1961. |
Loan against the FD | No Loan is permitted. |
Loan against FD Corporate Bank
Corporation Bank Fixed Deposit offers loan up to 90% against its own deposit.
Corporation Bank offers Loan against FD at the rate of 4.5% to 7%
Maximum loan tenure is restricted up to the maximum tenure of the Fixed Deposit.
Source – Corporate Bank