Corporation Bank FD Rates

As for the FD interest rates in Corporation Bank, it depends upon the tenure of the deposit. As for tax application, it is deducted only on the applicable interest amount if the amount crosses Rs.10,000 in a financial year. The add-ons with the account include nomination facility, premature closing facility, and loan facility against deposit up to 90%.

Features of Corporation Bank Fixed Deposit

Investment Amount  Minimum - Rs. 1000 (Metro/Urban areas) & 500 (Rural/Semi Urban areas) Maximum- No Maximum Limit
Tenure  Minimum - 7 daysMaximum- 10 Years
Interest Rate  Minimum - 3.50 %Maximum- 5.45%

Corporation Bank Fixed Deposit Rates 2020

Corporation Bank FD Rates in India
Tenure General Public FD Rates Senior Citizen FD Rates
7 days to 14 days 3.50% 4.00%
15 days to 30 days 3.50% 4.00%
31 days to 45 days 3.75% 4.25%
46 days to 90 days 4.00% 4.50%
91 days to 120 days 4.50% 5.00%
121 days to 180 days 4.75% 5.25%
181 days to 364 days 5.00% 5.50%
365 days 5.40% 5.90%
444 days 5.40% 5.90%
445 days to 554 days 5.40% 5.90%
555 days 5.40% 5.90%
556 days to 3 years 5.40% 5.90%
1 year 1 day to 443 days 5.40% 5.90%
3 years 1 day to 10 years 5.45% 5.95%

Comparison of FD Rates by Top 10 Financial Institutes

Name Interest Rates Tenure  
Axis Bank 5.75% 5 years to 10 years View Details
Bank of Baroda 5.30% 5 years 1 day to 10 years View Details
Bank of India 5.40% 5 years to 10 years View Details
Canara Bank 5.45% 3 years to 10 years View Details
Central Bank of India 5.35% 5 years to 10 years View Details
HDFC Bank 5.50% 5 years 1 day to 10 years View Details
ICICI Bank 5.50% 5 years 1 day to 10 years View Details
IDBI Bank 5.70% 7 years 1 day to 10 years View Details
State Bank Of India 5.40% 5 years to 10 years View Details
Yes Bank 7.00% 1 year to 10 years View Details

Corporation Bank Fixed Deposit

Corporation Bank has its headquarters in Mangalore, India, and has its pan-presence across the country. However, its representative offices are in Hong Kong and Dubai. Corporation Bank fixed deposit schemes come with varied interests for varying durations, which can be monthly or quarterly or half-yearly or yearly.

Any individual can open the account in his or her name. Those who want to open Corporation Bank fixed deposit account, can do so in joint names. Minors can open accounts as well but under the ownership of a parent or guardian. Various organizations and societies such as firms, clubs, associations, societies, joint-stock companies, partnerships, etc., can open a fixed deposit account with the bank.

As for the period of investment of fixed deposit in Corporation Bank, it ranges from 7 days to 120 months. The biggest advantage is that rural people can open an FD account with the bank with a minimum of Rs.500, while in semi-urban branches, it requires Rs.1000 to open an account. There is no maximum limit for deposit.

Tax Implications

  • The amount invested in Fixed Deposit with a tenure of 5 years with Corporation Bank is eligible for tax deduction under IT section 80C, whereas the interest earned on the investment is taxable.
  • The applicable tax will be deducted at source, i.e. Corporation Bank, in case the annual interest earned crosses Rs. 10,000.

*Tax benefit is subject to changes in tax laws

Corporation Bank FD Rates in India

For NRE Fixed Deposit - Less than Rs. 2 cr (w.e.f 01.2020)

MATURITY PERIOD

DEPOSIT AMOUNT

INTEREST RATE (% p.a.)

One year

Less than Rs. 2 cr

5.25%

More than 1 year to 3 year

Less than Rs. 2 cr

5.25%

More than 3 years to 5 years

Less than Rs. 2 cr

5.30%

More than 5 years to 10 years

Less than Rs. 2 cr

5.40%

Note: Additional benefits on interest are not available for senior citizens for NRE deposits. No interest will be paid if an NRE Fixed Deposit account is closed prematurity before completion of 12 months from the deposit date.

For FCNR (B) Fixed Deposit - w.e.f 01.03.2020

Maturity Period

Rate of Interest (Per Year)

USD

EUR

GBP

CAD

AUD

<3 lakh

>=3 lakh

One year to less than 2 years

1.90%

2.10%

0.10%

1.07%

2.44%

1.05%

2 years to less than 3 years

1.76%

1.76%

0.08%

1.07%

2.00%

1.01%

3 years to less than 4 years

1.73%

1.73%

0.10%

1.06%

1.90%

1.00%

4 years to less than 5 years

1.72%

1.72%

0.10%

1.06%

1.90%

1.11%

5 years

1.76%

1.76%

0.13%

1.07%

1.89%

1.16%

Note: The aforementioned FD rates will apply to fresh deposits and the deposits that are renewed on or after 01st March 2020. The interest in RFC – SB accounts is 0.50% per annum. 

 

 

Written By: PolicyBazaar - Updated: 11 November 2020
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