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Corporation FD Calculator

Corporation Bank Fixed Deposit Calculator 2022

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 Interest Rate for General Public Interest Rate for Senior Citizens Max Maturity Amount per Lakh
7 days to 14 days 3.00% 3.50% ₹ 1,00,058 - ₹ 1,00,134
15 days to 30 days 3.00% 3.50% ₹ 1,00,123 - ₹ 1,00,288
46 days to 90 days 3.75% 4.25% ₹ 1,00,473 - ₹ 1,01,048
91 days to 120 days 4.25% 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 calculate maturity value of your deposited amount at the interest rate which is compounded 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. Banks may allow a higher interest rate on larger deposits. Corporation Bank offers a deposit amount in the range of Rs. 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 - A TDS of 10% of interest amount is applicable if you earn more than Rs 40,000 in a year from FD, which is called FD income. If you do not submit the PAN Card to the bank then TDS rate will be 20% of interest amount.
    • 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 a tax saving scheme to save tax on fixed deposit.

How to Use MyLoanCare FD Calculator

Here is a simple procedure to use MyLoanCare FD calculator:-

  • Go to the FD Calculator.
  • Fill the fields like Deposit Amount, Rate of Interest, Period of Deposit (In years or months), Interest compound frequency.
  • Click Calculate.
  • Result will be shown, which will consist of total maturity amount and total interest earned

Corporation Bank Fixed Deposit Interest Rate Calculator – Interest Payment Options

  • Non Cumulative- 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.
  • Cumulative- 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.

How is Corporation Bank FD Rate Calculated?

Corporation Bank calculates fd interest in two ways, one is cumulative and non-cumulative as discussed above. It is a decision made by you whether you want interest payout at the end of the tenure or monthly, quarterly, half-yearly or yearly. To earn more money you can go for a cumulative method because interest earned throughout the tenure is added to the principal amount and is compounded then. However, if you are looking for monthly income or so then you can go for non-cumulative.

Corporation Bank FD Maturity Calculation for 5 Year

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.

Let’s understand how much interest you will earn if you invest ₹ 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 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
2022 ₹ 5,719 ₹ 1,05,719 ₹ 6,241 ₹ 1,06,241
2023 ₹ 6,046 ₹ 1,11,765 ₹ 6,630 ₹ 1,12,871
2024 ₹ 6,392 ₹ 1,18,157 ₹ 7,044 ₹ 1,19,915
2025 ₹ 6,757 ₹ 1,24,914 ₹ 7,484 ₹ 1,27,399
2026 ₹ 7,143 ₹ 1,32,057 ₹ 7,951 ₹ 1,35,350

Corporation Bank FD Calculator Formula

Along with an 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

Other Investment Calculators

FAQs

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

You can earn a maximum interest of 5.60% on Corporation Bank fixed deposits.

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.You can also use Corporation Bank fd calculator to calculate the maturity amount. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.05%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.05 = 10.21. 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.

Can I withdraw my premature FD from Corporation Bank?

Yes, you can withdraw your premature FD amount if you want money before the tenure ends. However, you might have to pay a penalty fee ranging from 1% of FD amount for premature withdrawal.

How can I calculate Corporation Bank premature FD amount?

To calculate premature FD amount you can use Corporation Bank bank fd calculator. All you have to put is the value of the invested amount, tenure, interest rate and premature penalty rate (if any).


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Corporation News - Jan 2022
  • 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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