Corporation Bank NRE FD Rates

Corporation Bank of India NRE Fixed Deposit provides the regular income at high-interest rates, i.e., 5.00% (p.a), which are paid every quarter. The NRE account holder can avail of the tax-saving benefits on the principal amount and interest earned. Moreover, the deposit term of the NRE account will range from one year to five years.

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What is the Corporation Bank of India NRE Account?

Corporation 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, he/she will receive the maturity amount, i.e., principal amount + accrued interest.

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

  • Minimum amount: The minimum amount is Rs. 10,000 for fixed deposit receipt in urban branches. For rural and semi-rural branches, the minimum amount is Rs. 5000.  For senior citizens, the minimum amount is Rs. 5000. 

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).

  • Payment of the interest: In Corporation Bank, the interest will be paid every quarter.
  • A nomination facility is available to the depositors. If the interest payment is due on holiday, then the next working day will be considered. 
  • Eligibility: Non- Resident Indians (NRIs)
  • 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.
  • 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. 
  • The fixed deposit tenure ranges between seven days 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.

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:

Corporation Bank Non- Residential External FD Interest Rate (w.e.f. 13th July 2021)

Maturity term 

Deposit Amount 

Rate of Interest (% Per Annum)

1 year 

Less than Rs. 1 crore 

5.40%

More than 1 year to 2 years  

Less than Rs. 1 crore

5.40%

More than 2 years to 3 years 

Less than Rs. 1 crore

5.40%

More than 3 years to 4 years 

Less than Rs. 1 crore

5.45%

More than 4 years to 5 years 

Less than Rs. 1 crore

5.45%

More than 5 years 

Less than Rs. 1 crore

5.45%

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. 

For the NRE senior citizens, no additional interest rates are paid in the Corporation Bank of India.

 

Corporation Bank Non- Residential External FD Interest Rate (w.e.f. 9th July 2021)

Maturity term 

Deposit amount 

Rate of interest (% Per Annum)

1 year 

Less than Rs. 2 crores

5.00%

More than 1 year to 2 years  

Less than Rs. 2 crores

5.20%

More than 2 years to 3 years 

Less than Rs. 2 crores

5.40%

More than 3 years to 5 years 

Less than Rs. 2 crores

5.50%

More than 5 years to 10 years 

Less than Rs. 2 crores

5.60%

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. 

For the NRE senior citizens, no additional interest rates are paid in the Corporation Bank of India.

Who Should Invest?

You can invest in the NRE fixed deposit scheme of the Corporation Bank 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 need 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 he/she does 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.

Written By: PolicyBazaar - Updated: 01 September 2021
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