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 scheme come with varied interests for varying durations, which can be monthly or quarterly or half yearly or yearly.

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%

Any individual can open the account in his or her name. Those who want to open Corporation Bank fixed deposit account, they can do so in joint names. Minors can open accounts as well but under the ownership of 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 a 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.

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%.

Corporation Bank Fixed Deposit Rates

It is advisable to reconfirm the FD Rates from the bank before making any decision on basis of data provided below.

For Domestic Deposits - Less than Rs. 1 cr (w.e.f 14.01.2020)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
General Senior Citizen
7 days to 14 days Less than Rs. 1 cr 4.55 5
15 days to 45 days Less than Rs. 1 cr 4.55 5
46 days to 60 days Less than Rs. 1 cr 5.50 5.75
61 days to 90 days Less than Rs. 1 cr 5.60 5.75
91 days to 120 days Less than Rs. 1 cr 6.10 6.75
121 days to 180 days Less than Rs. 1 cr 6.00 6.75
181 days to 270 days Less than Rs. 1 cr 6.15 6.85
271 to less than 1 year Less than Rs. 1 cr 6.15 6.85
1 year to less than 3 year Less than Rs. 1 cr 6.50 7.1
3 Years and Above Less than Rs. 1 cr 6.40 7

 

Tax Saver FD (Max Deposit - 1 LPA)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
General Senior Citizen
Corp Tax Saver Plus - 5 years Upto Rs. 1 lakh 6.5 7

 

Tax Implications

  1. 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.
  2. The applicable tax will be deducted at source, i.e. Corporation Bank, in case the annual interest earned crosses Rs. 10,000.

For NRO Fixed Deposit - Less than Rs. 1 cr (w.e.f 14.01.2020)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
7 days to 14 days Less than Rs. 1 cr 4.55
15 days to 45 days Less than Rs. 1 cr 4.55
46 days to 60 days Less than Rs. 1 cr 5.50
61 days to 90 days Less than Rs. 1 cr 5.60
91 days to 120 days Less than Rs. 1 cr 6.10
121 days to 180 days Less than Rs. 1 cr 6.00
181 days to 270 days Less than Rs. 1 cr 6.15
271 to less than 1 year Less than Rs. 1 cr 6.15
1 year to less than 3 year Less than Rs. 1 cr 6.50
3 Years and Above Less than Rs. 1 cr 6.40

 

For NRE Fixed Deposit - Above Rs. 5 cr (w.e.f 14.01.2020)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
1 year to less than 3 year Above Rs. 5 cr 5.90
3 Years and Above Above Rs. 5 cr 5.90

 

For NRE Fixed Deposit - Less than Rs. 1 cr (w.e.f 14.01.2020)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
1 year to less than 3 year Less than Rs. 1 cr 6.50
3 Years and Above Less than Rs. 1 cr 6.40

 

For NRE Fixed Deposit - Rs. 1 cr to Rs. 5 cr (w.e.f 14.01.2020)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
1 year to less than 3 year Rs. 1 cr to Rs. 5 cr 5.90
3 Years and Above Rs. 1 cr to Rs. 5 cr 5.90
Written By: PolicyBazaar - Updated: 31 July 2020
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