Corporation Bank in India also offers fixed deposits at various rates to both regular customers and senior citizens for varying durations. The Corporation Bank Fixed Deposit Calculator helps the users get a decent idea of their approximate earnings at the maturity of fixed deposit tenure.
7.5%*
Guaranteed Plan
(by insurance companies)
(10 Years)
6.5%**
Fixed Deposits
(by SBI bank)
(5-10 Years)
7.1%***
Public Provident Fund
(other popular options)
(15 Years)
The Fixed Deposit 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.
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 Fixed Deposit 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.
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Corporation Bank extends various plans to 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% |
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 = P x R x T/100
Here, P = principal value,
R = rate of interest and
T = time period in years.
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.
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:
*Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
There are many advantages of using the Corporation Bank Fixed Deposit Calculator. One of the basic reasons for using the Fixed Deposit calculator is to get specific ideas regarding the investing process and final outcome under a particular plan. The Corporation Bank Fixed Deposit 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:
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.
A1. The users are free to choose whether they wish to receive the interest income on a monthly, quarterly, or half-yearly basis.
A2. The minimum amount is Rs. 1,000 for all plans and Rs. 5,000 for the tax saver fixed deposit.
A3. The option of premature withdrawal is not allowed by Corporation Bank for the fixed deposits.
A4. Corporation Bank charges a penalty of 0.5% to 1% if fixed deposits are withdrawn prematurely, depending upon the loan tenure and amount.
A5. No, customers cannot deposit any additional amount in their existing fixed deposits. They are only allowed to deposit once they open the FD account with the bank.
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.