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%.

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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%

Compare FD Interest Rates of Top Financial Institutions
BANKS GENERAL CITIZENS SENIOR CITIZEN
Axis Bank FD Rates 2.50% - 5.75% 2.50% - 6.50%
Bandhan Bank FD Rates 3.00% - 5.00% 3.75% - 5.75%
Bank of Baroda FD Rates 2.80% - 5.25% 3.30% - 6.25%
Bank of India FD Rates 2.85% - 5.05% 3.35% - 5.55%
Canara Bank FD Rates 2.90% - 5.40% 2.90% - 5.90%
Central Bank of India FD Rates 2.75% - 5.00% 2.90% - 3.25%
DBS Bank FD Rates 2.50% - 5.50% 3.50% - 6.00%
HDFC Bank FD Rates 2.50% - 5.60% 3.00% - 6.35%
IDFC Bank FD Rates 2.50% - 6.00% 3.00% - 6.50%
Indian Bank FD Rates 2.90% - 5.15% 3.40% - 5.65%
Indian Overseas Bank FD Rates 3.40% - 5.20% 3.90% - 5.70%
IndusInd Bank FD Rates 2.50% - 6.00% 3.00% - 6.50%
Punjab National Bank FD Rates 2.90% - 5.25% 3.50% - 5.75%
SBI FD Rates 5.30% - 5.40% 5.80% - 6.20%
UCO Bank FD Rates 2.55% - 5.05% 3.80% - 6.30%
Yes Bank FD Rates 3.25% - 6.25% 3.75% - 7.25%
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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 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.

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About 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 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 01.09.2021)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
One year Less than Rs. 2 cr 5.00%
More than 1 year to 2 year Less than Rs. 2 cr 5.10%
More than 2 years to 3 years Less than Rs. 2 cr 5.30%
More than 3 years to 5 years Less than Rs. 2 cr 5.40%
More than 5 years to 10 years Less than Rs. 2 cr 5.50%

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 01.03.2022

Maturity Period Rate of Interest (Per Year)
USD EUR GBP CAD AUD
<3 lakh >=3 lakh
One year to less than 2 years .99% 0.99% 0.01% 1.43% 0.52% 0.50%
2 years to less than 3 years 1.46% 1.56% 0.04% 1.88% 1.63% 0.98%
3 years to less than 4 years 1.54% 1.64% 0.19% 2.00% 1.85% 1.36%
4 years to less than 5 years 1.60% 1.70% 0.29% 2.01% 1.91% 1.59%
5 years 1.63% 1.73% 0.34% 1.97% 1.97% 1.69%

Note: The aforementioned FD rates will apply to fresh deposits and the deposits that are renewed on or after 01st March 2022. The interest in RFC – SB accounts is 0.50% per annum.

 

 

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