Corporation Bank NRE FD Rates

What is the Corporation Bank of India NRE Account?

Corporation Bank of India (now the Union Bank of India) is providing the NRE FD account facility for the NRI's. To avail of the benefits, one needs to open the NRE FD account with the bank and deposit a principal amount for a specified tenure and interest rate. 

Upon completing the said tenure, the account holder will receive the maturity amount, i.e., principal amount + accrued interest.

Corporation Bank of India NRE FD Interest Rates

Corporation Bank is providing the NRE accounts for NRIs at specified NRE fixed deposit rates. It proves the NRE FD accounts at a provided tenure right from one to five years or more. The Corporation Bank NRE fixed deposit interest rates are listed below:

Domestic Term Deposit Rates (Below Rs. 2 Crores)

Rates with effect from 2022:

NRE FD Interest Rates (Above Rs. 1 Crore)

Rates with effect from 20th April 2022:

NRE Term Deposit Rates (Below Rs. 2 Crores)

Rates with effect from 2022:

FCNR(B) Foreign Currency Non-Resident Deposits

Rates with effect from 2022:

Disclaimer: Corporation Bank NRE Fixed Deposit interest rates are subjected to change from time to time according to the market conditions or according to the desertion of the corporation bank. 

Features of Corporation Bank Account

Some of the features of the Corporation Bank of India accounts are stated below:

1. Minimum Amount

   The minimum amount to open a Fixed Deposit account is Rs. 1,000 for FD holders in urban branches. For rural and semi-rural branches, the minimum amount is Rs. 500.  For senior citizens, the minimum amount is Rs. 500. 

   The minimum amount option is not available to the persons who will fall under the category of subsidies (subsidy offered by the government schemes, margin money, earnest money, and court deposits).

2. Payment of the Interest

   In the Corporation Bank (now Union Bank), interest can be compounded annually, semi-annually, quarterly, or monthly.

3. Nomination Facility

   A nomination facility is available to the depositors. If the interest payment is due on holiday, then the next working day will be considered. 

4. Eligibility

   • Non- Resident Indians (NRIs)

   • Individuals

   • Indian residents

   • Minors

   • Society, trust, clubs, etc.

   

5. Renewal of Deposits

   The renewal option is available to the NRE depositors before the maturity date. This option is made available by the bank according to the directives of the RBI.

6. Premature Withdrawal

   NRE depositors can withdraw their amount prematurely. The interest rate will be the same as the interest rate at the time of depositing. But no interest will be paid if the depositor closes the NRE account before one year from depositing the amount. 

7. Tenure

   The fixed deposit tenure for NREs (Non-Resident Externals) ranges between 1 year to 10 years. 

Benefits of the Corporation Bank of India NRE accounts

The following are the benefits of the Corporation Bank of India NRE accounts:

• Corporation Bank will allow the NRIs to open the NRE FD accounts with an impressive interest rate.

• The premature closure option is available to the Corporation Bank NRE account holders that they can access before the maturity term in case of an emergency.

• Corporation Bank also provides the option of a loan facility to the NRIs.

• A nomination facility is also available to the customer of Corporation Bank.

• The customer can avail of the tax benefit on the NRE account.

• The Corporation Bank NRE account holders can receive the repatriation of funds both on the deposited amount as well as on the interest earned.

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

Who Should Invest?

You can invest in the NRE fixed deposit scheme of the Corporation Bank (now Union Bank of India) if you meet one of the following criteria:

• The account holder has to be Non- Resident Indian (NRI) or a Person of Indian origin (POI).

• An individual needs to open the NRE Fixed Deposit account in the Corporation Bank of India.

• One who wants to transfer the money to India from overseas in an effortless manner. 

• NRI wants to get good returns on the deposited money.

• NRI wants to receive the Indian income in the NRI FD account, as the NRE FD account will only allow the credits in Indian currency.

• NRI should deposit in the account if they do not want to face the currency risk as the currency will be converted into Indian currency at the time of deposit. 

The Final Words

Corporation Bank NRE fixed deposit rates can provide a reasonable rate of return if you are not planning to invest in high-risk instruments. We recommend checking the interest rates directly with the bank before proceeding with any fixed deposits with them.