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Corporation Bank Interest Rates on FD, Oct 2017

Last Updated 10th Oct 2017

Fixed Deposit Interest Rate of Corporation

Tenure General Rates Senior Citizen Rates
7 days to 14 days 5.00% 5.50%
15 days to 45 days 5.00% 5.50%
46 days to 60 days 5.75% 6.25%
61 days to 90 days 5.75% 6.25%
91 days to 120 days 6.25% 6.75%
121 days to 180 days 6.25% 6.75%
181 days to 270 days 6.35% 6.85%
271 days to 364 days 6.35% 6.85%
1 year to 2 years 364 days 6.60% 7.10%
3 years to 10 years 6.50% 7.00%

The above rates are applicable for deposits of below Rs. 1 crore.

Corporation Bank FD Maturity Calculator

Corporation Bank FD Interest Rates

Corporation Bank offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. A customer is required to make a deposit once into their FD account at the time of opening the account with the bank. The customer is not allowed to deposit more money and withdraw any money in the account during the tenure of the deposit. Fixed Deposits of Corporation Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Corporation Bank are:

  • 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

Corporation Bank Fixed Deposit Rates

The factors affecting Fixed Deposit interest rates are as follows:

Policies Framed by RBI – As per RBI guidelines, the change in Cash Reserve Ratio (CRR) and repo rate affects the interest rate of all banking instruments including the fixed deposit.

Recession – Recession results in a decrease in the interest rate offered on fixed deposit. At the time of recession, RBI is forced to release the funds in the market which it achieves by lowering the rates on cash reserve of the banks and hence, providing them with additional liquidity. As a result of high liquidity and low credit demand, banks reduce the rates on FD.

Inflation – Inflation has a positive effect on a fixed deposit interest rate. Banks typically fix interest rates of FD in a manner that it is higher than the existing inflation rates. Hence, FD rates tend to be higher in a period of rising inflation.

Current State of Economy – Economic condition of the country is the major factor that affects the fixed deposit interest rate. In a booming economy, people need and are willing to take larger credit to meet their personal and business requirements. In periods of high credit demand, banks offer higher interest rate to garner more funds through fixed deposits.

Fixed Deposit Schemes Corporation Bank

The High Returns Deposit Scheme


  • 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

Who is eligible?

  • Resident Indians and hindu undivided family

Money Flex Deposit


  • 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

Who is eligible?

  • Associations, clubs, educational organisations, societies, companies and hindu undivided family

Corp Tax Saver Plus Deposit Scheme


  • 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

Who is eligible?

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

Money Multiplier Deposit


  • 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

Who is eligible?

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

Corporation Bank FD Interest Calculator

Corporation Bank fixed deposit rates calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at quarterly. FD maturity amount that you will get depends on the following four parameters

  • Deposit amount – This is the initial amount deposited by a customer in Corporation Bank. Bank may offer higher interest rate on larger deposits. Corporation Bank offers deposit amount in the range of Rs. 500 for Rural and Semi Urban Branches and Rs. 1,000 for Urban and Metro Branches 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 held for a shorter period. Highest interest rate offered by Corporation Bank is 6.60% for deposit amount below Rs. 1 crore and the lowest interest rate offered by Corporation Bank is 5.00%
  • 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 5.00% for a 7 Days FD and a rate of 5.00% for a 10 Years Years FD.
  • Interest Compounding Frequency - This calculates maturity amount based on monthly, quarterly, half yearly or annual frequency.

Illustration: Mr. A opens a FD account of Rs. 1 lakh with a tenure of 7 Days at an interest rate of 5.00%. In this case, the maturity amount at the end of 7 Days will be Rs. 100,095 and includes the principal and total interest earned on the principal amount during the period at Rs. 95. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

Corporation Bank calculates interest earned on its fixed deposits on quarterly basis.

FD in Corporation Bank – Premature Withdrawal

Premature closure of Term Deposit with Corporation Bank is along with the lower interest rate of 1% than the contracted rate. The penal provisions for premature closure on Corporation Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Corporation Bank

Corporation Bank offers loan up to 90% against its own deposit. Note that Corporation Bank will not give you loan against FD of any other bank.

Maximum loan tenure is restricted up to the maximum tenure of the FD.

Illustration - Mr. Rahul has opened a fixed deposit of Rs. 100,000 for 2 years in Corporation Bank. The borrower later decided to take loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws Rs. 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on Rs. 90,000 availed for 1 month only. The amount he repays after 1 month is Rs. 90,744. So, the interest charged on the loan taken is Rs. 744.

Documents required to open Fixed Deposit Account in Corporation Bank

    PAN Card2 Photographs

FAQs on Corporation Bank Fixed Deposit

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

You can earn a maximum interest of 6.60% on Corporation Bank fixed deposit.

Are there any extra benefits for senior citizens on fixed deposit of Corporation Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 5.00% to 6.60%. Compared to this, the rate of senior citizens FD are in the range of 5.50% to 7.10%.

What is the tenure range for Corporation Bank Fixed Deposit?

The tenure ranges from 7 days to 10 years.

Is there any minimum amount that I have to give for opening a Fixed Deposit with Corporation Bank?

The minimum deposit amount required to book an FD with Corporation Bank is Rs. 500 for Rural and Semi Urban Branches and Rs. 1,000 for Urban and Metro Branches.

Can I deposit additional amount in my 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 PAN Card2 Photographs.

Is it possible to change the tenure of my existing fixed deposit account with Corporation Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Corporation Bank without their PAN card

  • TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply
Corporation Bank Fixed Deposit

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