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Corporation FD Interest Rates 2021

Corporation FD Interest Rates

Last Updated 16th Jul 2021

When it comes to the FD interest rate, the highest rate offered on Corporation Bank FD is 5.60%. Latest Corporation Bank FD interest rate for senior citizens, on the other hand ranges between 3.50% to 6.10%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 3.00% 3.50%
15 days to 30 days 3.00% 3.50%
31 days to 45 days 3.00% 3.50%
46 days to 90 days 3.75% 4.25%
91 days to 120 days 4.25% 4.75%

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.

Earn upto 6.95% on FD APPLY NOW

Corporation Fixed Deposit Features

Corporation Bank FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of Corporation Bank Fixed Deposit are:

  • Deposit Amount : Corporation Bank FD can be opened with an amount as a low ₹ 500 to up to No Limit.
  • FD Tenure : Ranges between 7 days to 10 years.
  • Interest Rate Range : 3.00% p.a. to 5.60% p.a.
  • Senior Citizens FD Rate : 3.50% p.a to 6.10% p.a.
  • Highest Interest Rate : As per today’s rate, Corporation Bank’s highest interest rate on FD is 5.60% offered for a tenure of 10 years.
  • Safety of Corporation Bank Deposits : Corporation Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD : Corporation Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto- Renewal Facility : Available
  • Nomination Facility : Available
  • Popular FD Schemes : The High Returns Deposit Scheme, Money Flex Deposit, Corporation Bank Tax Saver Plus Deposit, Money Multiplier Deposit

Corporation Bank FD Interest Rates Today

Interest rates on Corporation Bank deposits are updated regularly by the Government of India. The following are updated Corporation Bank FD interest rates 2021:

Tenure Interest Rate
7 days to 14 days 3.00%
15 days to 30 days 3.00%
31 days to 45 days 3.00%
46 days to 90 days 3.75%
91 days to 120 days 4.25%
121 days to 180 days 4.30%
181 days to 364 days 4.50%
365 days 5.25%
1 year 1 day to 2 years 5.30%
2 years 1 day to 3 years 5.50%
3 years 1 day to 5 years 5.55%
5 years 1 day to 10 years 5.60%

Corporation Bank FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, Corporation Bank offers a higher interest rate to senior citizens than the general public. Listed below are the Corporation Bank fixed deposits interest rates for senior citizens 2021:

Tenure Interest Rate for senior citizens
7 days to 14 days 3.50%
15 days to 30 days 3.50%
31 days to 45 days 3.50%
46 days to 90 days 4.25%
91 days to 120 days 4.75%
121 days to 180 days 4.80%
181 days to 364 days 5.00%
365 days 5.75%
1 year 1 day to 2 years 5.80%
2 years 1 day to 3 years 6.00%
3 years 1 day to 5 years 6.05%
5 years 1 day to 10 years 6.10%

Best FD Plan as per Corporation Bank FD Rates

To invest in Corporation Bank fixed deposit, you must compare Corporation Bank Fixed Deposit Rates for varying tenures. Corporation Bank FD Interest Rates 2021 are best for the deposits with a tenure of 5 years 1 day to 10 years, wherein the current Corporation Bank Fixed Deposit Interest Rates is 5.60 p.a.

If you are looking to invest in short term deposits with Corporation Bank, the interest rate of Corporation Bank for FD ranges from 3.00% p.a. to 4.50% p.a. These deposits are known as short term deposits and are offered with a tenure of 7 days to less than 365 days. Short term Corporation Bank Fixed Deposit Rates for senior citizens range from 3.50% to 5.00% p.a.

If you want to invest in long term deposits, Corporation Bank Fixed Deposit Rates with tenure ranging from 5 years to 10 years are a good choice with interest rates on deposits at 5.60%.Corporation Bank Senior citizens FD Rates are offered at special rates with the highest deposit rates of6.10% p.a. on long term FDs.

Below-mentioned is some of the benefits of opening an FD account in Corporation Bank:

  • Interest on deposit is paid only at the time of the maturity
  • Corporation Bank also offers a nomination facility on its fixed deposits.
  • Extra interest of 0.25% to 0.50% is payable to the senior citizens.
  • Availability of auto-renewal facility on the deposit.
  • Earn higher returns on the money deposited.

Documents required to open Fixed Deposit Account in Corporation Bank

  • PAN Card
  • 2 Photographs
  • Age proof (Birth certificate, matriculation certificate, etc,)
  • Passport size photographs
  • Bank A/c details

Corporation Bank Fixed Deposit Rates – Premature Withdrawal

You can close your Corporation Bank FD account prematurely, however Corporation Bank charges a penalty of 1% for premature withdrawal. Also, 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 loans up to 90% against its own deposit. Note that Corporation Bank will not give you loan against FD of any other bank. Corporation Bank offers Loan against FD at the rate of 4% to 6.6%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in Corporation Bank. The borrower later decided to take a 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 ₹ 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 ₹ 90,000 available for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at Corporation Bank

To open an Corporation Bank Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of Corporation Bank and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the Corporation Bank FD after reading the terms and conditions.

To open a Fixed Deposit account in Corporation Bank, you can visit the official website and login to your account. Choose the Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Corporation Bank FD after reading the terms and conditions.

Nomination Facility on Corporation Bank FD

Corporation Bank also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an Corporation Bank FD account. The nominee has to submit his/her identification proof at the time of claim.

Corporation Bank Fixed Deposit Scheme

The High Returns Deposit Scheme

Description:

  • 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

Description:

  • 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
Corporation Bank Tax Saver Plus Deposit

Description:

  • 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

Description:

  • 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

FAQs

What is the highest fixed deposit interest rate for Corporation Bank?

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

Are there any special rates for senior citizens FD 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 3.00% to 5.60%. Compared to this, Corporation Bank senior citizens FD are in the range of 3.50% to 6.10%.

What are the current Corporation Bank FD interest rates 2021?

Current interest for FD in Corporation Bank ranges between 3.00% - 5.60%.

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 ₹ 500.

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

  • Your 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

Can a customer open an FD account online in Corporation Bank?

Yes, you can submit your application for opening an FD account on the website of Corporation Bank. After submitting the application, you will be contacted by the bank’s representative for the further process, which includes filling an application process and submitting KYC documents.

In how many years FD will double in Corporation Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 the 5.60%. For Corporation Bank FD the number of years in which your FD will get doubled is; 72/5.60 = 13

What is the interest of 1 lakh in the Corporation Bank?

The interest on Corporation Bank fixed deposit depends on the tenure of the FD for which it is deposited. Below mentioned is the Corporation Bank FD interest rate 2021 across different tenures.

TenureInterest Rate
7 days to 14 days 3.00%
15 days to 30 days 3.00%
31 days to 45 days 3.00%
46 days to 90 days 3.75%
91 days to 120 days 4.25%
121 days to 180 days 4.30%
181 days to 364 days 4.50%
365 days 5.25%
1 year 1 day to 2 years 5.30%
2 years 1 day to 3 years 5.50%
3 years 1 day to 5 years 5.55%
5 years 1 day to 10 years 5.60%


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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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