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Corporation FD - Scheme, Eligibility, Documents

Corporation Bank Fixed Deposit Highlights

Last Updated 16th Jul 2021

Corporation Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 3.00% to 5.60%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs. 500 for Rural and Semi Urban Branches and Rs. 1,000 for Urban and Metro Branches
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    Corporation Bank FD

    Corporation Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years. Apart from that, Corporation Bank FD offers regular returns on fixed deposits ranging between 3.00% to 5.60%. For senior citizens, the interest rates on fixed deposits range between 3.50% to 6.10%. In addition to that, Corporation Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Corporation Bank Fixed Deposit Schemes

    Different type of Corporation Bank term deposit products offered to the investors are listed as follows:

    The High Returns Deposit Scheme

    Description:

    • A regular income scheme in which interest will be paid at regular intervals i.e. monthly, quarterly, half yearly or yearly at the option of the depositor.
    • Loan facility upto 90 per cent is available on the deposit while 75 per cent to the third party deposit
    • Nomination facility available
    • Flexibility to choose interest payment frequency as per your convenience

    Eligibility:

    • Resident Indians and hindu undivided family
    Money Flex Deposit

    Description:

    • A deposit scheme which allows withdrawal of part of the deposit in units of Rs. 1,000 as per the convenience without prematurely closing the entire deposit account.
    • Loan facility upto 90 per cent is available on the deposit while 75 per cent to the third party deposit
    • Nomination facility available
    • Interest is payable at quarterly intervals till maturity
    • Part withdrawal is allowed on this deposit without prematurely closing of your entire fixed deposit account

    Eligibility:

    • Associations, clubs, educational organisations, societies, companies and hindu undivided family
    Corporation Bank Tax Saver Plus Deposit

    Description:

    • A hassle free flexi tax saver deposit scheme with a benefit of personal accident insurance cover.
    • Free personal accident insurance cover of Rs. 1.00 lakh for one year
    • Nomination facility available
    • Tax benefits on deposit under section 80C of Income Tax Act, 1961
    • Free passbook will be provided to the depositor mentioning maturity value and rate of interest on it
    • A depositor must have PAN to avail benefit under this scheme

    Eligibility:

    • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm
    Money Multiplier Deposit

    Description:

    • This deposit scheme allows the depositor to link fixed deposit account to their savings account giving you the higher rate of interest.
    • Loan facility upto 90 per cent is available on the deposit while 75 per cent to the third party deposit
    • Nomination facility available
    • Interest will be compounded on a quarterly basis

    Eligibility:

    • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm

    Benefits of Corporation Bank FD

    Corporation Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are mentioned below:

    • Guaranteed returns: The best thing about Corporation Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Corporation Bank offers FD rates up to 5.60%. The interest rates offered on Corporation Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Corporation Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in an FD scheme is not only a reliable investment option but can also act as an asset. This is because Corporation Bank fixed deposit allows one to borrow a secured loan against Corporation Bank FD. Benefits of Loan Against FD of Corporation Bank are as follow:
      • Loan against FD of Corporation Bank offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the Corporation Banks flexible repayment options.
      • The processing fee of Loan Against FD in the Corporation Bank is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: Corporation Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. Corporation Bank offers fixed deposit for a minimum tenure of 7 days up to a maximum tenure of 10 years. Corporation Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Corporation Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 500 for Rural and Semi Urban Branches and Rs. 1,000 for Urban and Metro Branches. Apart from that, one can invest in the Corporation Bank FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Corporation Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Corporation Bank will attract an interest rate lowered by below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Corporation Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Corporation Bank FD

    Corporation Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Corporation Bank FD

    Corporation Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    Credit Card Against Corporation Bank FD

    Credit Cards againstCorporation Bank FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against Corporation Bank FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in Corporation Bank?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. Corporation Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under Corporation Bank?

    Corporation Bank Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs. 500 for Rural and Semi Urban Branches and Rs. 1,000 for Urban and Metro Branches.

    What is the minimum amount for a fixed deposit in Corporation Bank?

    The minimum amount required for a fixed deposit investment in Corporation Bank fixed deposit is Rs. 500 for Rural and Semi Urban Branches and Rs. 1,000 for Urban and Metro Branches.

    What is the current interest rate on FD in Corporation Bank?

    Currently, Corporation Bank offers an interest rate ranging between 3.00% to 5.60% on its fixed deposits.

    What is the penalty for early withdrawal in Corporation Bank?

    Bank charges penalty on premature withdrawal of fixed deposits. The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Corporation Bank?

    Corporation Bank fixed deposit can be opened with a minimum tenure of 7 days. The tenure of the Corporation Bank fixed deposits ranges from 7 days to 10 years.

    Can I deposit additional amount in my Corporation Bank FD account?

    No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

    Who is eligible for opening an FD account in Corporation Bank?

    All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

    What documents are required to open an FD account in Corporation Bank?

    The documents required to open an FD account in Corporation Bank includes KYC documents and Passport size photos.

    In how many years FD doubled in the Corporation Bank?

    The time Corporation Bank fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the Corporation Bank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a Corporation Bank fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in Corporation Bank schemes. It means that they are not eligible to invest in fixed deposits.

    Is the Corporation Bank safe for FD?

    Yes, the Corporation Bank is one of the safest avenues for any investments. Corporation Bank is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the Corporation Bank?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from Corporation Bank are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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    Corporation News - Jul 2021
    • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
      Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
    • 2020-12-21 : Revised FD rates for Corporation Bank
      Corporation Bank revised its interest rates on FD with effect from 15 December 2020. New fixed deposit rates for 7 to 45 days is 3%, the rate for 46 to 60 days is 3.75%, the rate for 91 to 120 days 4.25%, for 121 to 180 it is 4.30%, and for 181 to less than one-year the new rate is 4.50%. Further, for long tenors of one year, the rate stands at 5.25%, the rate for 1 year one day to 2 years is 5.30%, for 2 years one day to 3 years it is 5.50%, for 3 years one day to 5 years it is 5.55%, the rate for 5 years one day to 10 years stands at 6.35%.
    • 2020-01-08 : Corporation Bank revised its Fixed deposits rate
      Corporation Bank revised its interest rates on FD with effect from 6 January 2020. New fixed deposit rates for 7 to 45 days is 4.55%, rate for 46 to 60 days is 5.50%, for 61 to 90 days it is 5.60%, the rate for 91 to 120 days 6.10%, for 121 to 180 is 6%, and for 180 to less than one-year the new rate is 6.15%. Further, for long tenors of one year the rate stands at 6.50%, the rate for 1 year to 554 days is 6.40%, for 555 days it is 6.45%, for 556 to 665 days is 6.40%, the rate 666 days is 6.55% and above 666 days it stands at 6.35%.
    • 2019-11-05 : Corporation Bank FD rates for November
      Public Sector Bank, Corporation Bank revised its FD interest rates on 1st November 2019. The revised rate for 7-45 days is 4.75%, for 46-90 days the rate is 5.50%, rate for 61-90 days is 6.00%, for 91-180 days the rate is 6.10%, it is 6.25% for 181-270 days, and for 271 days to less than a year, the revised rate is 6.30%. Further, for longer periods of 1 year the rate is 6.60%, from 1 year to 554 days the rate is 6.50%, the rate for 555 to 665 days is 6.55%, for 666 days it is 6.65%, and for 667 days and above the interest rate is revised to 6.50%.
    • 2019-02-05 : Corporation Bank revises interest rate on fixed deposits by 20 basis points
      Corporation Bank has revised the interest rate on fixed deposits on February 4, 2019. The interest rates have been hiked for fixed deposits less than Rs. 1 crore only. Interest rate of fixed deposit for one year has been revised to 6.80% from 6.60% earlier. While the rate for 555 days has been hiked to 6.90 % from 6.70% respectively.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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