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Corporation Bank FD Rates

Term Deposits [% per annum w.e.f. February 4th, 2019] - (Applicable for all bank deposits - domestic, NRO and Capital Gains deposits, with the exception of NRE Deposit)

Maturity BandLess than Rs.1 crore
7 to 14 days4.50
15 to 45 days4.50
46 to 60 days5.50
61 to 90 days5.50
91 to 120 days6.00
121 to 180 days6.00
181 to 270 days6.35
271 days to less than 1 year6.35
1 year only6.80
>1 year to 554 days6.80
555 days only6.90
556 days to 665 days6.85
666 days7.00
667 days to less than 3 years6.50
3 years & above6.50

NRE Term Deposits

The interest rates on NRE Term Deposits are revised w.e.f. 04th February, 2019 hereunder:

Maturity PeriodLess than Rs.1 crRs. 1 crore less than Rs.10 crRs. 10 crore less than Rs.50 crRs. 50 cr less than Rs. 100 crRs. 100 cr & above
1 year only6.806.505.255.405.30
>1 Year to 554 days6.806.505.255.405.30
555 days only6.906.505.255.405.30
556 days to 665 days6.856.505.255.405.30
666 days7.006.505.255.405.30
667 days to less than 3 years6.506.505.255.405.30
3 years and above6.506.

Interest Rates on FCNR (B) Deposits

w.e.f. from 01st April, 2019

Period of DepositInterest Rates USDInterest Rates GBPInterest Rates EURInterest Rates AUDInterest Rates CAD
1 year to less than 2 years3.281.370.282.122.72
2 years to less than 3 years1.478.03(15M)
3 years to less than 4 years3.031.510.382.022.35
4 years to less than 5 years3.001.550.442.192.35
5 years3.011.590.542.252.38

Notional Rate

w.e.f. 1st May, 2017: Revision of Notional Rates

CurrencyExistingRevised from 01.05.2017
JPY (per 100 units)65.0059.00
SEK8.00 8.00

Features of the Corporation Bank FD Account

  • Loan facility upto 90% is available on the deposit while 75% to the third party deposit.
  • Nomination facility is applicable on Corporation Bank deposits.
  • Flexibility to choose interest payment frequency as per your convenience.
  • The amount invested in Fixed Deposit with a tenure of 5 years with Corporation Bank is eligible for tax deduction under Section 80C of the Income Tax Act, 1961, whereas the interest earned on the investment is taxable.
  • The applicable tax is deducted at source when the annual interest earned exceeds Rs. 10,000.
  • One month prior notice is required for premature closure of bulk deposits of Rs. 50 crore and above.
  • The revised rates are applicable for fresh deposits and renewal of old deposits.
  • Premature withdrawal penalty will be charged at the rate of 1% p.a. on all deposits.
  • No interest shall be paid on any Term Deposit that is prematurely closed in less than 7 days.
  • In case of premature renewal of deposits, including Staff deposits for deposits accepted on or after 25th November, 2010, penalty of 1% is applicable. This clause is not applicable to Deposits opened prior to 25th November, 2010.
  • Additional interest benefit for senior citizens will continue to be 0.5% for deposits of less than Rs.1 crore for all maturities of 91 days and above.
  • Deposits of senior citizens opened under NRO, NRE, HUF, Capital Gains (B) and Special Deposit Scheme, if any, are not eligible for this benefit.
  • Acceptance of deposits for senior citizens amounting to over Rs. 1 crore and above is at the discretion of the bank.

Eligibility Criteria for Corporation Bank FDs

  • Indian citizens
  • Private limited companies
  • Public limited companies
  • Hindu Undivided Family (HUFs)
  • Trust, and
  • Partnership firm

FAQs on Corporation Bank FD Rates

What is the interest rate that Corporation Bank Fixed Deposit offers on senior citizens FDs?

Senior citizens receive an additional interest rate of 0.50% on Fixed Deposits of less than Rs.1 crore for all maturities of 91 days and above. For all other Fixed Deposits across tenures, the interest rate is the same as is applicable for all Indian citizens below the age of 60 years.

Can I make alterations to the tenure of my ongoing Corporation Bank Fixed Deposit?

No, you cannot alter the tenure of your ongoing Corporation Bank Fixed Deposit.

How to open a Corporation Bank Fixed Deposit account without a PAN card?

Individuals can submit Form 16, instead of PAN card, to be eligible for opening a Fixed Deposit account at Corporation Bank.

What is the highest interest rate that is offered by the Corporation Bank Fixed Deposit?

An interest of 7% onFixed Deposits for a tenure of 666 days is the highest interest rate.

What are the tenure options with Corporation Bank Fixed Deposit?

The below are the tenure options with Corporation Bank Fixed Deposit:

  • 7 to 14 days
  • 15 to 45 days
  • 46 to 60 days
  • 61 to 90 days
  • 91 to 120 days
  • 121 to 180 days
  • 181 to 270 days
  • 271 days to less than 1 year
  • 1 year only
  • 1 year to 554 days
  • 555 days only
  • 556 days to 665 days
  • 666 days
  • 667 days to less than 3 years
  • 3 years & above

What is the minimum amount required to start a Corporation Bank Fixed Deposit account?

The minimum deposit amount required for opening a Fixed Deposit with Corporation Bank is Rs. 500 for rural and semi urban areas, and Rs. 1,000 for urban and metro areas.