Corporation Bank 2024 – Corporation Bank, which is now part of Union Bank of India, provides a selection of fixed deposit options with distinctive advantages and appealing interest rates. Flexible repayment terms are available, ranging from seven days to ten years. Currently, the rates offered range from 3% per annum. and 5.60% p.a. for the general public. Senior citizens can take advantage of an additional interest rate of 0.50% per annum for a variety of maturities in addition to special tax benefit FD schemes. The duration of the deposit determines the Corporation Bank FD rates.
In terms of tax application, it is only deducted from the applicable interest amount when it exceeds Rs. 10,000 per fiscal year. A loan facility against deposits up to 90%, a nomination facility, and a facility for premature closing are all included in the account’s add-ons. Note that this APR applies only to deposits with the Corporation Bank. Different banks may have different APRs for different types of deposits. For example, some may have higher APRs for deposits made in terms of bonds or other securities, while others may have lower APRs for deposits made in terms of dollars or other currencies. The APR also depends on factors such as the Bank’s credit rating and its financial health, which can change over time. So, it’s important to do your research before deciding which bank to open an account with.
Corporation Bank 2024
The fixed deposit plan offered by Corporation Bank provides regular income in the form of interest payments that can be made monthly, quarterly, half-yearly, or yearly. Individuals, couples, minors under guardianship, clubs, societies, associations, HUFs, trusts, businesses, partnerships, and others may open this. The amount that can be deposited can last anywhere from seven days to ten years. In rural and semi-urban branches, the minimum amount that can be deposited is Rs. 500, while in urban and metro branches, it is Rs. 1000. There is no upper bound. Once the total interest amount reaches Rs.10,000 during the fiscal year, TDS is deducted at the applicable rate. There is a facility for nomination.
The interest rate for deposits held in the Corporation Bank is 4% (2024). This interest rate is determined by the corporation’s board of directors and is subject to change at any time. It is a fixed interest rate that does not change with the market or inflation. In addition, the interest rate applies only to deposits held in the corporation bank and is not applicable to other financial institutions. This allows corporations to maintain their financial stability without paying higher interest rates on their deposits. Because of this, many corporations choose to keep their funds in the corporation bank rather than having them held at another financial institution.
Corporation Bank 2024 Interest Rate For FD Details
| Bank Name | Corporation Bank |
| Article Name | Corporation Bank Interest Rate For FD |
| Category | Trending |
| Official Website | Click Here |
About Corporation Bank Interest Rate
The 2024 interest rate for a Corporation Bank account is 2.5 percent, which is fairly standard for a high-yield savings account. This is because the bank offers a higher interest rate in exchange for higher risk.
In other words, the bank wants to take on more risk by offering higher rates of return to compensate for the possibility of losses.
A corporate bank account offers higher interest rates because it’s meant for companies or businesses, which are typically more stable and have a greater likelihood of paying back loans and depositing funds into the bank. This higher stability provides a compensation for taking on more risk with their investments.
In general, the Corporation Bank 2024 interest rate is fairly standard given the bank’s high-yield savings account. In other words, if you’re looking for a high-interest rate in a corporate bank account, this one might be worth looking into.
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Features & Benefits of Corporation Bank Fixed Deposits
A corporation bank fixed deposits are a great way to set aside money for short-term goals. These accounts typically have higher interest rates and more stable returns than regular savings accounts, making them a good option for depositors looking for a reliable return on their investments. Depending on the bank, corporation bank fixed deposits may also offer additional features and benefits, such as access to financial advice or insurance protection.
- Any person, organization, society, trust, partnership, etc., can apply for a bank account with a fixed deposit.
- The Corporation Bank FD’s term begins at seven days.
- For semi-urban branches, the minimum deposit required to open a fixed deposit account is Rs.500; for metro branches and port towns, the minimum deposit is Rs.1,000.
- Depending on the requirements of the account holder, interest can be compounded monthly, quarterly, semiannually, or annually.
- The tax on interest up to Rs. 10,000 per year will be reduced.
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Eligibility criteria and Documents Required
- Any Resident Individual – Single Accounts, two or more individuals in Joint Accounts
- Illiterate Persons
- Blind persons
- Purdanasheen Ladies
- Minors
- Associations
- Clubs
- Societies
- Trusts, Institutions/Agencies specifically permitted by the RBI
Domestic Term Deposits less than Rs.2 Cr
| Tenure | General Public FD interest rate (per annum) |
| 7 days to 14 days | 3.00% |
| 15 days to 30 days | 3.00% |
| 31 days to 45 days | 3.00% |
| 46 days to 90 days | 4.05% |
| 91 days to 120 days | 4.30% |
| 121 days to 180 days | 4.40% |
| 181 days to less than 1 year | 5.25% |
| 1 year | 6.30% |
| 1 Year to 598 Days | 6.30% |
| 599 Days | 7.00% |
| 600 Days to 699 days | 6.30% |
| 700 days | 7.25% |
| 700 days to 2 year | 6.30% |
| 2 year to 799 days | 6.30% |
| 800 days | 7.30% |
| 801 days to less than 3 Year | 6.30% |
| 3 years | 7.30% |
| More than 3 years to 5 years | 6.70% |
| More than 5 years to 10 years | 6.70% |
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Corporation Bank NRE Fixed Deposit Rates
| Tenure | Rate of Interest |
| 1 year | 6.30% |
| 1 Year to 598 Days | 6.30% |
| 599 Days | 7.00% |
| 600 Days to 699 days | 6.30% |
| 700 days | 7.25% |
| 700 days to 2 year | 6.30% |
| 2 year to 799 days | 6.30% |
| 800 days | 7.30% |
| 801 days to less than 3 Year | 6.30% |
| 3 years | 7.30% |
| More than 3 years to 5 years | 6.70% |
| More than 5 years to 10 years | 6.70% |
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Interest Rate on Corporation’s Fixed Deposit
The amount deposited, the time period, and the issuing bank all affect the interest rate on a fixed deposit. The annual interest rates charged by Corporation Bank typically range from 4.50% to 6.80%. A fixed deposit’s defining characteristic is that the money cannot be withdrawn prior to maturity unless a penalty is paid. The bank credits the deposit’s initial amount and any interest earned to the account specified when the FD was opened.
Corporation bank fixed deposits are an excellent way to save money and grow your wealth. These deposits are FDIC-insured, meaning that the bank guarantees to pay you your deposit if the bank fails. In addition, these deposits can be withdrawn at any time without incurring any fees or penalties. Because of these benefits, corporation bank fixed deposits are popular among investors and savers.
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Corporation Bank FD Rates Calculator
The Corporation Bank Fixed Deposit calculator is a straightforward, user-friendly tool for quickly determining the maturity amount and interest earned receivable at policy termination. You can determine the appropriate FD amount by entering some fundamental information. An investor can use the FD Calculator to determine the rates for fixed deposits by following these steps.
One of the most important resources for estimating the best return on a fixed deposit investment is an FD Calculator. Similarly, the free FD calculator at can be used to determine how much one can earn from the term deposit plans offered by Corporation Bank based on the current FD interest rates. The tool requires straightforward inputs, such as the amount of the deposit and the current Corporation Bank FD rates for the selected tenure. To determine the maturity amount, click the button below.
Conclusion
In this blog conclusion, The 2024 interest rate for FD, RD and forex calculator can be used to evaluate whether it makes sense for you to hold your assets in a corporation bank. In general, corporation banks typically offer higher interest rates than other financial institutions due to their higher levels of financial stability and trustworthiness. However, this does not mean that holding assets in a corporation bank will always result in higher returns. It all depends on how well the bank manages its assets and business operations.
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