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Corporation Bank RD Interest Calculator

RD Calculator Corporation in India Jan 2021

Last Updated 11th Jan 2021

Tenure General Rates Senior Citizen Rates
1 year 1 day to 443 days 6.50% 7.00%
444 days 6.65% 7.15%
445 days to 554 days 6.50% 7.00%
555 days 6.70% 7.20%
556 days to 665 days 6.50% 7.00%
666 days 6.80% 7.30%
667 days to 10 years 6.50% 7.00%

    Calculate RD Maturity Amount of All Banks in India

    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 RD Calculator
    Investment Offers with High Returns offerOffers
    Bank/NBFCs Rate Tenure Action
    Bajaj Finance FD6.85%60 MonthsAPPLY
    PNB Housing Finance FD6.95%120 MonthsAPPLY
    DBS Bank Savings Account5.00%N.A.APPLY

    Corporation Recurring Deposit Calculator

    Corporation Bank, a leading Public Sector Bank in India offers attractive interest rates upto 6.80% on its Recurring deposits.
    RD maturity amount that you will get depends upon

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

    Corporation Recurring 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 same across the life of the deposit. On maturity of RD, 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 RD maturity amount using the RD calculator.

    Tax on Recurring Deposit Corporation Bank

    • In case the interest earned by you across all your recurring deposits across all branches of Corporation Bank in a year exceeds 10,000, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the Corporation Bank records, it must deduct twice the TDS at 20.6%. So, do remember to update your PAN on your RD.
    • We aren’t done yet. This was only the TDS. Now, you would need to add the interest income on all your Corporation Bank RD’s and other RD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. 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 will also issue you a Form 16A giving details of tax deducted on RD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.

    Corporation RD interest rate calculator – Check your city

    • 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

    FAQs

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

    You can earn a maximum interest of 6.80% on Corporation Bank recurring deposit.

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

    Yes, senior citizens get extra benefit of 0.5% interest rates on their RD in Corporation Bank.

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