Corporation Bank FD Interest Rate - 2018-2019 StudyChaCha

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  #1  
Old March 15th, 2016, 11:22 AM
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Default Corporation Bank FD Interest Rate

Hello sir I am here as I want to know what applicable rates of interest on Corporation Bank fixed deposits so will you please tell me about this??
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Old March 15th, 2016, 11:44 AM
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Default Re: Corporation Bank FD Interest Rate

Corporation Bank was founded in the year 1906 under the name of Canara Banking Corporation, with a starting capital of just ₹ 5000, in the town of Udupi.

Corporation Bank Fixed Deposit

Minimum amount required

The minimum amount required to open a fixed deposit account in the rural and semi-rural areas is ₹ 500 whereas the minimum deposit amount required for urban areas is ₹ 1000.

Features:
Some of the major highlights of Corporation Bank fixed deposits are

-Flexible choice of deposit tenure

-Extremely attractive interest rates are offered

-Nomination facility for deposit schemes

-Pre-closure facility as per bank guidelines

-Loans can be availed against a fixed deposit; equivalent to 90% of the deposit value

Applicable rates of interest

The rates on fixed deposits of Corporation Bank vary according to the period for which the funds are deposited. Here is a snapshot of the current rates with respect to the deposit tenure for each.

Short-term deposits
These are fixed deposits that are held by the bank for a period of 30 days to 9 months. Deposits between 30 to 60 days fetch a rate of 6% while it is increased to 8% for deposits fixed for 3-6 months. A further increase of 0.25% is paid for deposits that are made exactly for 9 months.

Mid-term deposits
Deposits between 1-5 years fetch a rate of interest of 9%

Rates applicable for Senior Citizens
Senior Citizens get an extra 0.5% over the regular rate of interest, on each type of fixed deposit except for short term deposits between 30-60 days

Who can open:
-An Individual in his/her own name.
-Individuals in their joint names with suitable repayment instructions.
-Minor represented by parents / guardian.
-Clubs, Societies, Associations, Educational Institutions, Trusts, Firms, Partnerships, Joint Stock Companies, Executors, Administrators, HUFs, Govt. Departments, etc.

Period of Investment
-7 Days to 120 months

TDS on Interest Amount
TDS shall be deducted at applicable rate on entire interest amount once it crosses Rs.10,000/-during the financial year
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