Corporation Bank Term Deposit Interest Rate

Corporation Bank Term Deposit Interest Rate

Every institution has its start in modest initiatives but what makes it great is the passion of the people behind it. Carrying the legacy forward with an undaunted commitment to its vision, the journey of Corporation Bank truly epitomizes this.

Started about 108 years ago in 1906, with an initial capital of just Rs.5000/-, Corporation Bank has recorded Rs. 2,84,722 Crore mark in business and even far more, with over 6677 service outlets across the nation, served by committed and dedicated 13,000 plus Corp Bankers. Proof of which is seen in its enviable track record in financial performance. We have many reasons to cheer, predominant of them is, being able to participate in nation building by empowering the rural and urban population alike. Today, we are proud that we are significant contributors to the growth of the country’s economy.

Nationalised in 1980, Corporation Bank was the forerunner when it came to evolving and adapting to the financial sector reforms. In 1997, it became the Second Public Sector Bank in the country to enter capital market, the IPO of which was over- subscribed by 13 times. the Bank has many ” firsts ” to its credit – Cash Management Services, Gold Banking, m-Commerce, ” Online ” approvals for Educational loans, 100% CBS Compliance and more recently, its poineering efforts to take the technology to the rural masses in remotest villages through low-cost branchless banking – Business Corresponent model. All of which symbolise Bank’s unswerved commitment to its customers to provide convenience banking.

At Corporation Bank, what motivates us is the passion to excel in banking by maintaining highest standards of service to our customers, backed by innovative products and services which makes us one of the leading Public Sector Banks in the country, catering to a wide range of customers – from individuals to corporate clients.

Domestic Term Deposits 
[% per annum with effect from 1st October, 2013]

1. For General Public :

Maturity Band

Less than Rs.1 Crore

Rs.1 Crore to less than Rs. 5 Crore

7 days to 14 days

5.50

7.50

15 days to 45 days

6.50

8.00

46 days to 90 days

8.00

8.00

91 days to 180 days

8.00

8.50

181 days to less than 364 days

8.50

9.00

364 days only

9.00

9.25

1 year only

9.00

9.25

Above 1 year to less than 3 years & 3 months

9.00

9.00

3 years & 3 months to less than 5 years

9.00

8.75

5 Years & above

8.75

8.75

No interest will be paid on any Term Deposit prematurely closed in less than 7 days. 
2. For Senior Citizens: 

Duration 

Less than Rs.1 Crore

91 Days to 180 days

8.50

181 days to less than 364 days

9.00

364 days only

9.50

1 year only

9.50

Above 1 year to less than 3 years & 3 months

9.50

3 years & 3 months to less than 5 years

9.50

5 years and above

9.25

Penalty for pre-mature withdrawal at the rate of 1% p.a. will be charged on all fresh & renewed deposits on all maturities. However, Penalty on premature withdrawal is waived for all deposits of Rs.1 Crore and above, accepted/renewed for a period up to & inclusive of 180 days w.e.f.12-12-2011.

vThe revised rates will apply to fresh deposits accepted and on renewal of deposits maturing on or after the effective date. However, in case of premature renewal of deposits, including staff deposits, penalty of 1% will be applied, for the deposits accepted on or after 25.11.2010.

vAdditional Interest benefit for Senior Citizens will be 0.50% for deposits of less than Rs.1 Crore effective from 22.05.2012 for all maturities of 91 days and above.

vAdditional rate of interest for Senior Citizens is not available for deposits of Rs.1 Crore & above and for deposits held under NRO/NRE/Capital Gains Account Scheme-1988.

vNo interest shall be paid on any Term Deposit prematurely closed in less than 7 days.

 NRE TERM DEPOSITS 

[ % per annum with effect from 11th October, 2013 ]

Maturity Period

Less than Rs.1 crore

Rs.1 Crore to less than Rs.5 Crore

Rs.5 Crore & above

12 months only

8.75

9.00

9.00

above 12 months to less than 2 years

8.75

9.00

9.00

2 years to less than 3 years

8.75

9.00

9.00

3 years to less than 5 years

9.25

9.25

9.25

5 years & above

9.25

9.25

9.25

vThe above revised interest rates will apply only to fresh deposits. However, for the renewal of deposits within 14 days from due date (both days inclusive), the rate of interest payable on the amount of the deposit so renewed shall be the appropriate rate of interest for the period of renewal, as prevailing on the date of maturity or on the date when the depositor seeks renewal, whichever is lower

vA penalty of 0.50% will be imposed for premature withdrawal of NRE Term deposits of above Rs.1 crore, accepted/renewed on or after 03.01.2012. . Applicable Rate of Interest for premature closure of deposits will be – applicable rate for the run period less 0.50%. In all other cases penalty for premature withdrawal is not stipulated. However, no interest shalll be paid, if any NRE Term deposit is closed prematurely within a period of 12 months from the date of deposit.

vPlease Note: NRNR and NRSR Schemes have been discontinued with effect from 1st April 2002.

vNo NRE Term Deposit will get any interest, if closed prematurely before completion of 12 months from the date of deposit

vInterest Rate applicable for NRE Savings Bank Deposits is 4.00% P.A. with effect from 03.05.201

Interest Rates on FCNR(B) Deposits

[% per annum with effect from 01.10.2013]

Period

USD

GBP

EUR

AUD

CAD

1 year to <2 years

2.63

2.87

2.47

4.52

3.49

2 years to <3 years

2.48

2.83

2.57

4.79

3.47

3 years to <4 years

4.77

5.12

4.77

7.08

5.73

4 years to <5 years

5.16

5.44

5.00

7.39

6.01

5 years

5.53

5.71

5.24

7.61

6.24

vThe above revised interest rates will apply only to fresh deposits and on renewal of deposits maturing on or after 1st October 2013

vWith regard to interest rates on RFC accounts denominated in USD, GBP and EUR, we advise that:

vInterest rate on RFC-SB accounts in USD, GBP & EUR is 0.50% p.a.

vOn RFC-Term deposits The rates are applicable to RFC deposits for respective tenures upto 3 years. In case of RFC deposits with maturities less than one year (1 month, 2 months, 3 months and 6 months) the interest rate shall be prevailing LIBID less 24 basis points for the respective maturities and the same shall be advised to DBs and Zonal Offices by IIBD, Mumbai.

vIn case of RFC deposits for periods beyond one year and up to a maximum of 3 years the rates as applicable to FCNR (B) deposits of respective tenures shall apply.

Good News for Savings Bank Account Holders:
Rate of Interest on Domestic Savings Bank Account: 4.00%

“Interest on Savings Bank Accounts will be calculated based on daily products [ on the day end balances] effective from 01.04.2010 and will be credited to the accounts on half-yearly basis as per the existing practice”.

 

 

 

 

 

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