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??

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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Answered By StudyChaCha Member