Corporation Bank FD Calculator
Corporation Bank Fixed Deposit Calculator 2020
Corporation Bank FDs have tenures ranging from 3 years 1 day to 10 years with maximum rate of interest of 5.45%. Interest rates for senior citizens are higher than the normal rates and ranges upto 5.95%.
| Tenure | Rates | Maturity Amount for ₹ 1 Lakh |
|---|---|---|
| 7 days to 14 days | 3.50% to 4.00% | ₹ 1,00,067 - ₹ 1,00,153 |
| 15 days to 30 days | 3.50% to 4.00% | ₹ 1,00,144 - ₹ 1,00,329 |
| 46 days to 90 days | 4.00% to 4.50% | ₹ 1,00,504 - ₹ 1,01,110 |
| 91 days to 120 days | 4.50% to 5.00% | ₹ 1,01,122 - ₹ 1,01,647 |
| 121 days to 180 days | 4.75% to 5.25% | ₹ 1,01,578 - ₹ 1,02,606 |
| 181 days to 364 days | 5.00% to 5.50% | ₹ 1,02,495 - ₹ 1,05,599 |
| 365 days | 5.40% to 5.90% | ₹ 1,05,510 - ₹ 1,06,032 |
| 1 year 1 day to 443 days | 5.40% to 5.90% | ₹ 1,05,526 - ₹ 1,07,367 |
| 3 years 1 day to 10 years | 5.45% to 5.95% | ₹ 1,17,651 - ₹ 1,80,510 |
| 31 days to 45 days | 3.75% to 4.25% | ₹ 1,00,318 - ₹ 1,00,524 |
| 444 days | 5.40% to 5.90% | ₹ 1,06,742 - ₹ 1,07,385 |
| 445 days to 554 days | 5.40% to 5.90% | ₹ 1,06,758 - ₹ 1,09,297 |
| 555 days | 5.40% to 5.90% | ₹ 1,08,498 - ₹ 1,09,314 |
| 556 days to 3 years | 5.40% to 5.90% | ₹ 1,08,514 - ₹ 1,19,209 |
Corporation Bank has merged into Union Bank of India on April 1, 2020. The interest rates of Union Bank of India will now be applicable on Corporation Bank.
Corporation Bank Fixed Deposit Calculator
Corporation Bank fixed deposit calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.
Corporation Bank Fixed Deposit Interest Calculator – Interest Payment Options
FD Maturity Calculator
The interest earned on a fixed deposit in Corporation Bank depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on Corporation Bank FD can be calculated monthly, quarterly, half-yearly and annually. The interest rates for senior citizens are higher than normal rates of Corporation Bank FD.
Suppose if you make an investment of ₹ 1,00,000 in Corporation Bank FD for a 5-year tenure at an interest rate of % for depositors below 60 years and % for senior citizens. The maturity amount for this deposit amount is ₹ 1,00,000 and the total interest earned is ₹ 0 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 0 which is higher. The maturity schedule of Corporation Bank FD for 5 years is explained below in the table –
Maturity Schedule for ₹ 1,00,000 FD at % for Citizens below 60 years and at % for Senior Citizens for 5 years
| Year | Citizens below 60 Years of Age | Senior Citizens above 60 Years | ||||
|---|---|---|---|---|---|---|
| Interest Earned | Closing Balance | Interest Earned | Closing Balance | |||
| 2020 | ₹ 0 | ₹ 1,00,000 | ₹ 0 | ₹ 1,00,000 | ||
| 2021 | ₹ 0 | ₹ 1,00,000 | ₹ 0 | ₹ 1,00,000 | ||
| 2022 | ₹ 0 | ₹ 1,00,000 | ₹ 0 | ₹ 1,00,000 | ||
| 2023 | ₹ 0 | ₹ 1,00,000 | ₹ 0 | ₹ 1,00,000 | ||
| 2024 | ₹ 0 | ₹ 1,00,000 | ₹ 0 | ₹ 1,00,000 | ||
| 2025 | ₹ 0 | ₹ 1,00,000 | ₹ 0 | ₹ 1,00,000 | ||
Corporation Bank FD Calculator Formula
Along with online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on Corporation Bank FD.
A = P (1 + r/n) ^ n*t
In the above formula –
FAQs
✅What is the highest interest earned on Corporation Bank fixed deposit?
You can earn a maximum interest of 5.45% on Corporation Bank fixed deposit.
✅How is Corporation Bank FD interest calculated?
The formula to calculate interest on Corporation Bank FD is
A = P(1+r/n)^nt
Here: A = Maturity amount
P = Invested amount
r = Interest rate as decimal
n = number of times interest is compunded
t = tenure of deposit
However, you can use online FD calculator to estimate the value of interest earned on the deposited amount.
✅How many years FD will double in Corporation Bank?
The growth of Corporation Bank FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in Corporation Bank FD. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.35%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.35 = 9.80. So it will take a little more than 14 years for one’s investment to get doubled in Corporation Bank.
✅What are the minimum and maximum amounts that I can invest in an Corporation Bank FD?
The minimum investment limit in Corporation Bank Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.
- 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.