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Corporate Bank FD Interest Rates 2022 | Premature Withdrawal | Loan against FD

corporate bank fd rates

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 a 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 loan against FD option to assist its depositor meet their liquidity needs without breaking the FD.
  • Auto Renewal facility is available.
  • Nomination facility is available.

Corporate Bank FD Interest Rates

Kindly follow the Corporate Bank FD rates

TenureInterest Rate in % (< Rs.2 Cr)
7 to 14 days3.00
15 to 30 days3.00
31 to 45 days3.00
46 to 90 days3.75
91 to 120 days4.25
121 to 180 days4.30
181 days to less than 1 year4.50
365 days5.25
1 year 1 day to 2 years5.30
2 years 1 day to 3 years5.50
3 years 1 day to 5 years5.55
5 years 1 day to 10 years5.60
Interest Rate from Jan 2022

Corporate Bank FD Rates for Senior Citizens

TenureInterest Rate in % (< Rs.2 Cr)
7 to 14 days3.50
15 to 30 days3.50
31 to 45 days3.50
46 to 90 days4.25
91 to 120 days4.75
121 to 180 days4.80
181 days to less than 1 year5.00
365 days5.75
1 year 1 day to 2 years5.80
2 years 1 day to 3 years6.00
3 years 1 day to 5 years6.05
5 years 1 day to 10 years6.10
Interest Rate from Jan 2022

Fixed Deposit Rates for NRI

TenureInterest Rate in % (< Rs.2 Cr)
1 year5.40
> 1 year to 3 years5.40
> 3 years to 5 years5.45
> 5 years to 10 years5.45
Interest Rate from Jan 2022

Corporate Bank FD Premature Withdrawal

  1. Premature withdrawal fine will be charged at the rate of 1 percentage per annum on all deposits.
  2. In a condition of premature renewal of FD, including bank’s staff deposits for deposits accepted on or after 25 Nov 2010, penalty of 1 percentage is applicable.
    This clause is not applicable to Deposits opened prior to 25 Nov 2010.
  3. 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

  1. Login to Bank’s website with your credentials.
  2. After successful login in, Accountholders require to Deposits option under Personal tab.
  3. Next, Select the Time Deposit & fill the necessary details.
  4. Click on save button after check the interest rate & tenure.

Corporate Bank Tax Saving FD

EligibilityIndividuals or Jointly with other individuals including minors represented by guardian & HUF.
Tenure5 years.
Amount of DepositMinimum of Rs 100 and in multiples of Rs 100 up to a maximum of Rs 1,50,000 in a financial year.
Rate of InterestAt the latest prevailing interest rates for 5 year FD from time to time.
Premature ClosureNo premature closure is permitted. However, premature closure is permitted in case of death of the depositor.
Tax ExemptionTax deduction under section 80C of the Income Tax Act, 1961.
Loan against the FDNo 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

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