Corporation Bank FD Calculator

FD Calculator Corporation Bank in India Jul 2020

Tenure Rates Maturity Amount for Rs. 1 Lakh
7 days to 14 days 3.50% to 4.00% Rs. 100,067 - Rs.100,153
15 days to 30 days 3.50% to 4.00% Rs. 100,144 - Rs.100,329
46 days to 90 days 4.00% to 4.50% Rs. 100,504 - Rs.101,110
91 days to 120 days 4.50% to 5.00% Rs. 101,122 - Rs.101,647

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 FD Maturity Calculator
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Corporation Bank Fixed Deposit Calculator

Corporation Bank, a leading Public Sector Bank in India offers attractive interest rates upto 5.45% on its fixed deposits.
FD maturity amount that you will get depends upon

  • Deposit amount
  • Rate of interest
  • FD tenure
  • Compounding frequency
  • TDS applicability and TDS rate

Corporation Bank Fixed Deposit Interest Calculator

  • In a periodic interest payout option, Corporation Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • In case you opt for a Corporation Bank cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
  • Calculate the FD maturity amount using the FD calculator.

Tax on Fixed Deposit Corporation

  • In case the interest earned by you across all your fixed deposits across all branches of Corporation Bank in a year exceeds 40,000, the bank must deduct TDS at 10%. In case your IT PAN is not updated in the Corporation Bank records, it must deduct twice the TDS at 20%. So, do remember to update your PAN on your FD.
  • Sorry, but we aren’t done with tax yet. This was only the TDS. Now, you would need to add the interest income on all your Corporation Bank FD’s and other FD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. Remember that you must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).

Corporation Bank FD Interest Rate Calculator

  • Keep your KYC documents - PAN card, address proof and photo ready.
  • To know more or apply, contact any of the branches of Corporation Bank in your city

Corporation Bank Fixed Deposit during Coronavirus

RBI has announced a repo rate cut of 75 bps in response to coronavirus lockdown. In response to this rate cut, Corporation Bank may reduce FD rates in the near future which could adversely impact the interests of fixed depositors.

Frequently Asked Questions on FD Calculator Corporation Bank

What is the highest interest earned on Corporation Bank fixed deposit?

You can earn a maximum interest of 6.25% 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.

Corporation News - Jul 2020
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
Earn upto 8.00% Return