Corporation Bank Fixed Deposit Plans

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Corporation Bank FD Rates

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. Corporation Bank fixed deposit scheme come with varied interests for varying durations, which can be monthly or quarterly or half yearly or yearly.

Any individual can open the account in his or her name. Those who want to open Corporation Bank fixed deposit account, they can do so in joint names. Minors can open accounts as well but under the ownership of 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 a 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 deposit.

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%.

Corporation Bank Fixed Deposit Rates

It is advisable to reconfirm the FD Rates from the bank before making any decision on basis of data provided below.

For Domestic Deposits – Less than Rs. 1 cr (As on Jul 11, 2017)

Tax Saver FD (Max Deposit – 1 LPA)

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.

For NRO Fixed Deposit – Less than Rs. 1 cr (As on Jul 11, 2017)

For NRE Fixed Deposit – Above Rs. 5 cr (As on Jun 24, 2017)

For NRE Fixed Deposit – Less than Rs. 1 cr (As on Jun 24, 2017)

For NRE Fixed Deposit – Rs. 1 cr to Rs. 5 cr (As on Jun 24, 2017)

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