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Corporation FD Calculator

Corporation Bank Fixed Deposit Interest Calculator

Last Updated 16th Jul 2021

Corporation Bank FDs have tenures ranging from 5 years 1 day to 10 years with maximum rate of interest of 5.60%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.10%.

Tenure Rates Maturity Amount for ₹ 1 Lakh
7 days to 14 days 3.00% to 3.50% ₹ 1,00,058 - ₹ 1,00,134
15 days to 30 days 3.00% to 3.50% ₹ 1,00,123 - ₹ 1,00,288
46 days to 90 days 3.75% to 4.25% ₹ 1,00,473 - ₹ 1,01,048
91 days to 120 days 4.25% to 4.75% ₹ 1,01,060 - ₹ 1,01,565

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.

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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.

  • Deposit amount – This is the initial amount deposited by a customer in Corporation Bank. Bank may allow higher interest rate on larger deposits. Corporation Bank offers deposit amount in the range of 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. Corporation Bank offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by Corporation Bank is 5.60% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 5 years 1 day to 10 years.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 3.00% for a 5 years 1 day FD and a rate of 5.60% for a 10 years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 3.00%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      Corporation Bank calculates quarterly interest on its fixed deposits. You can also opt for tax saving scheme to save tax on fixed deposit.

Corporation Bank Fixed Deposit Interest Calculator – Interest Payment Options

  • 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.

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 5.60% for depositors below 60 years and 6.10% for senior citizens. The maturity amount for this deposit amount is ₹ 1,32,056 and the total interest earned is ₹ 32,056 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 35,351 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 5.60% for Citizens below 60 years and at 6.10% 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
2021 ₹ 2,820 ₹ 1,02,820 ₹ 3,073 ₹ 1,03,073
2022 ₹ 5,880 ₹ 1,08,700 ₹ 6,433 ₹ 1,09,506
2023 ₹ 6,216 ₹ 1,14,916 ₹ 6,834 ₹ 1,16,340
2024 ₹ 6,572 ₹ 1,21,488 ₹ 7,261 ₹ 1,23,601
2025 ₹ 6,948 ₹ 1,28,436 ₹ 7,714 ₹ 1,31,315
2026 ₹ 3,621 ₹ 1,32,057 ₹ 4,036 ₹ 1,35,351

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 –

  • A - Amount received on maturity
  • P – Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

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

You can earn a maximum interest of 5.60% 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 6.95%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/6.95 = 10.36. 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.

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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.
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