Corporation Bank FD Interest Rates

Corporation bank FD interest rates for 5 years FD is 6.7%. 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%.

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Features of IDFC Bank Fixed Deposit

Investment Amount  Minimum - Rs.10,000 Maximum- No Maximum Limit
Tenure  Minimum - 7 daysMaximum- 10 Years
Interest Rate  Minimum - 4.00 %Maximum- 8.00%

Corporation Bank FD Interest Rates 

Corporation Bank FD Interest Rates 2023
Highest slab rate 7.30% (for 800 days; 3 years)
For 1 year 6.30%
For 2 years 6.30%
For 3 years 7.30%
For 4 years 6.70%
For 5 years 6.70%
Tax-Saving FD 6.70%

Features and Benefits of Corporation Bank FD Rates

Below are the features and advantages of the FD scheme provided by Corporation Bank.

  • Interest rates are appealing

  • Tenure - 7 days to 10 years

  • Loans are available

  • You can close the account early

  • Tax will be imposed on earned interest

  • You can nominate beneficiaries

  • Accounts can be opened jointly

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Eligibility Criteria & Documentation Required

The below-mentioned individuals and entities can apply for the FD:

  • Resident individuals

  • Illiterate persons

  • Blind persons

  • Minors

  • Purdanasheen Ladies

  • Associations

  • Clubs

  • Societies

  • Trusts

  • Agencies/ Institutions

FD interest rates India have fallen consistently over the last 10 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years

Documents Required to Open Fixed Deposit Account in Corporation Bank

  • Passport sized-photographs

  • Proof of address

  • Proof of identity

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 as well. In 2019, this bank was merged into Union Bank of India. 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 an account in his or her name. Those who want to open a 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 deposits.

Corporation Bank Fixed Deposit Interest Rate Calculator

Corporation Bank Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

  • The amount that is invested

  • The Rate of Interest offered

  • The tenure of the Fixed Deposit Account

  • The compounding period, that is, yearly, half-yearly, quarterly, or monthly

  • The FD Amount

Once entered the following details, an investor will come to know:

  • The maturity value of the FD

  • The total interest earned during the complete tenure

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 

Corporation Bank FD Rates in India [For NRE Fixed Deposit - Less than Rs. 2 cr (w.e.f 25.11.2022)]:

The revised rates for different maturities for NRE Rupee Term Deposits effective from 25th November 2022 are as given below:

Period Interest Rate (Rates in % per annum)
<Rs. 2 Cr
1 Year 6.30
>1 Year to 443 days 6.30*
444 days
445 days to 598 days
599 Days 7.00
600 Days to 699 days 6.30*
700 days 7.25*
701 days to 2 years 6.30*
>2 years to 799 days 6.30*
800 days 7.30*
801 days to less than 3 years 6.30*
3 years 7.30*
>3 Years to 5 Years 6.70
>5 Years to 10 Years 6.70

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 prematurely before completion of 12 months from the deposit date.

For FCNR (B) Fixed Deposit - w.e.f 28.01.2023:

The details of revised rates of interest on FCNR (B) & RFC term deposits in the permitted currencies w.e.f. 28.01.2023 are given below:

Maturity Period USD <500,000
Existing Revised
1 YR < 2 YRS 4.80 5.00
2 YRS < 3YRS 4.30 4.30
3 YRS < 4 YRS 4.05 4.05
4 YRS < 5 YRS 3.80 3.80
5 YRS ONLY 3.80 3.80

Loan against Fixed Deposit Corporation Bank

The Corporation Bank provides loans up to 90% of its deposit value. It is important to note that the loan cannot be availed against fixed deposits held in other banks. The Corporation Bank offers the loan at a rate ranging from 5.5% to 7.5% for its loan against fixed deposit scheme. Furthermore, the maximum loan tenure is limited to the maximum tenure of the fixed deposit.

Example – Mr. Sharma opted to invest Rs 1,00,000 in a fixed deposit for a 2-year period with Corporation Bank. Afterward, he decided to use the FD as collateral for a loan, and the bank granted him a credit limit of 90% against his FD at a 10% interest rate. If Mr. Sharma withdraws Rs. 90,000 on the first day of the month and repays the amount on the 1st day of the following month, he is liable to pay the interest on the amount borrowed for only one month. He repaid the amount of Rs. 90,744 after 1 month, which includes the interest charged on the loan of Rs. 744.

In Conclusion

Corporation Bank offers attractive interest rates on its fixed deposit accounts, making it a popular option for individuals looking to earn stable returns on their savings. The bank offers a range of FD tenures and interest rates, allowing customers to choose their best-suited open as per financial goals and preferences. Corporation Bank's FD interest rates are competitive and can provide a good opportunity for individuals to save and earn returns on their investments.

FAQ's

  • Can customers choose to receive interest payments on a monthly or quarterly basis on a Corporation Bank FD account?

    Interest is paid on quarterly or half yearly basis as per the instruction of the customer.
  • Is premature withdrawal of a Corporation Bank FD account allowed?

    If not explicitly forbidden by a deposit plan, one can withdraw the amount from FD accounts before maturity. However, if a term deposit is taken out before 7 days, the bank does not pay any interest.
  • What are the penalties for premature withdrawal of a Corporation Bank FD account?

    Interest will be charged at a rate 1.00% lower than the current rate at the time the deposit was opened, or the agreed upon rate, whichever is less, for the duration of the deposit.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023

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