Corporation Bank FD Calculator

Corporation Bank in India also offers fixed deposits at various rates to both regular customers and senior citizens for varying durations. The Corporation Bank FD Calculator helps the users get a decent idea of their approximate earnings at the maturity of fixed deposit tenure.

The FD calculator considers the principal amount, tenure of investment, and the rate of interest to calculate the maturity outcome in the end. Thus, it is recommended for investors to use the FD calculator before investing in a fixed deposit. It gives them an idea of their earnings in advance, helping the customers make wise financial decisions.

Benefits of Corporation Bank Fixed Deposit

  • Loan against FDs - Depositors can take advantage of loans for a maximum of 90%-95% against their fixed deposit amount. The interest on the loan given is about 2%-3% higher than the interest rates charged for the FDs.
  • Flexible investmentCorporation Bank fixed deposit offers the flexibility of the amount of investment to the depositors. Deposit of funds starts with a minimum amount of Rs. 500 for rural and semi-urban branches and Rs. 1,000 for urban and metropolitan branches. There are no maximum limits for investing.
  • Flexible tenures: Corporation Bank fixed deposit provides the investors with the convenience to select investment tenure as per their choice. The range offered on fixed deposit starts with a minimum tenure of 7 days up to 10 years. Different interest rates are imposed on the different tenure of investment.

How does Corporation Bank FD Calculator help Customers?

Corporation Bank advances a wide range of fixed deposit alternatives such as Fixed Deposit Receipt, Deposit Reinvestment Certificate, Monthly Income Scheme, Tax Saver, Short Deposit Receipt, and so on. Customers can pick from any of them on the basis of their objectives, income, the amount they can invest, and so on.

As anticipated, with these several options available, customers tend to get perplexed and indecisive as to what plan they should pick to gain maximum benefits. Thus, they need to apprehend all the plans well and select the one that provides the maximum of benefits.

With the help of the Corporation bank FD interest rates calculator, depositors can get a rough idea regarding the approximate principal value that they will get after maturity of the term. Thus, every individual must use the Corporation FD calculator before settling down on an investment plan to make sure that the final maturity value can fulfil their financial goals, thus empowering people to make informed decisions.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

How does the Corporation Bank FD Calculator Work?

Corporation Bank extends various plans to the customers, and they need to be aware of the different interest rates for each of the fixed deposits. Usually, fixed deposit interest rates are slightly on the higher end for citizens that are above the age of 60. The interest rates extended by Corporation Bank on fixed deposits can range from 3.00% to 5.60% and can be higher for specific groups. The table listed below displays the interest rates categorized as per the Corporation bank FD interest rates calculator:

TENURE

FD RATES FOR GENERAL PUBLIC

FD RATES FOR SENIOR CITIZENS

7 - 14 days

3.00%

3.50%

15 - 30 days

3.00%

3.50%

31 - 45 days

3.00%

3.50%

46 - 90 days

3.75%

4.25%

91 - 120 days

4.25%

4.75%

121 - 180 days

4.30%

4.80%

181 - 364 days

4.50%

5.00%

365 days

5.25%

5.75%

1 year 1 day to 2 years

5.30%

5.80%

2 years 1 day to 3 years

5.50%

6.00%

3 years 1 day to 5 years

5.55%

6.05%

5 years 1 day to 10 years

5.60%

6.10%

FD interest have fallen consistently over the last 5 years.
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Simple Interest v/s Compound Interest

Almost every bank calculates the interest rates on fixed deposits mainly through two techniques. These are known as simple interest and compound interest applications.

  • Simple Interest: This type of interest gets calculated on only the principal value on a yearly basis. The formula applied while doing so is:

Simple Interest = P x R x T/100

Here, P = principal value,

           R = rate of interest and

           T = time period in years.

  • Compound Interest: Under this procedure, interest is provided not only on the principal value but is also provided on the interest earned on the principal value. The maturity amount can be estimated by using the formula given below:

A = P (1+r/n) ^ (n*t)

Here, A = Maturity Amount,

            P = Principal Value invested,

            r = yearly rate of interest.

           n = frequency of compounding per year and

           t = total years passed since the investment commencement.

Therefore, in almost every case, an individual earns higher returns through the Compound Interest technique.

How to use Policybazaar Corporation Bank Fixed Deposit Calculator?

The Corporation Bank FD interest rates calculator behaves with the primary emphasis of making the procedure of calculating interest on fixed deposits simple and easy to use for every user so that they are left with no uncertainty in context to the whereabouts of the plan they have chosen. A corresponding system of calculating Corporation Bank FD interest rate has been adopted to make the tool further accessible for more individuals while also lending a helping hand to investors in selecting a suitable plan. The process of interest calculation on fixed deposit is precise for any customer to avail and sort out investment ventures according to his/her needs. The steps involved in doing so are listed below:

  • Firstly, the customer needs to visit the official website and open the FD calculator tab.
  • Secondly, the Corporation bank FD interest rates calculator has to be chosen.
  • A web pagewill be shown where the individuals are required to enter the principal value.
  • Here, he is required to select the investment tenure.
  • Thereafter, the customer can select the kind of deposit he would like. The options available are reinvestment, monthly, or quarterly payout.
  • In the final stage, the calculate button has to be clicked upon by the customer so that he can view the amount he receives after maturity.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Advantages of using Corporation Bank Fixed Deposit Calculator

There are many advantages of using the Corporation Bank FD Calculator. One of the basic reasons for using the FD calculator is to get specific ideas regarding the investing process and final outcome under a particular plan. The Corporation Bank FD calculator imparts faultless data that the users can rely on with no reluctance. Furthermore, there are other ways in which the Corporation Bank FD calculator can assist the customers. A few have been mentioned as follows:

  • It imparts a trouble-free and uncomplicated experience to all the customers.
  • The FD calculator is free to use. Customers can use it numerous times a day and compare the final maturity amount for different combinations of fixed deposit rates, tenure, and principal value.
  • It is easily accessible at a number of online portals like the official website of Corporation Bank, PolicyBazaar, and others.
  • This system can be utilized and used by individuals without leaving their houses as it is fully online and can be availed from any device of their choice.
  • The manageable setup of the FD calculator in simple English language has made it easier for users to work out their short-term and long-term investment goals.

Corporation Bank Fixed Deposit accounts can be utilized by all Indian citizens as well as NRIs, firms, business houses, guardians of minors, senior citizens, alliances, communities, and clubs. The documents that need to be presented in order to open a fixed deposit at Corporation Bank are identity proof (AADHAAR card or PAN card), evidence for address, and bank statement, along with a cancelled cheque.

FAQs

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

**Tax benefit is subject to changes in tax laws. Standard T&C apply.

Written By: PolicyBazaar - Updated: 24 June 2021
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