How to Get the Best Interest Rates for Corporation Bank Recurring Deposit
General Customers (%)
1 year to less than 3 years
3 years & Above
The Recurring deposit Schemes provide attractive interest rates and a range of maturity tenures in the Corporation Bank. To put money each month, an RD in Corporation Bank can help you in securing your future and helping you to grow. The rate of interest is calculated on a quarterly basis and the amount is credited to the specified bank account at the end of the financial year. The bank pays the interest amount on maturity. When the RD reaches maturity, you can receive a lump sum amount along with interest.
The three major recurring deposit schemes of the Corporation Bank include the regular RD, flexible RD and the Millionaire RD. Under the Millionaire RD, individuals, clubs, minors, companies, government etc can open an account. The RD account has a minimum tenure of 12 months and a maximum tenure of 120 months. The minimum monthly deposit is 100 rupees and for rural areas and other townships, the minimum deposit amount is 50 rupees. Under the Flexible RD scheme, the tenue is fixed for three years and the depositor has an option to withdraw a part of their deposit at the end of their first or second year. The minimum deposit applicable on this account is 500 rupees. If a depositor chooses the Millionaire RD scheme, then at the time of maturity, the depositor can receive one million.
Corporation Bank Short Term Recurring Deposit Interest Rates
The RD account can be opened for a minimum tenure of one year. For short-term deposits, the interest rate applicable is 7.4% annually. If you wish to close the account before seven days prematurely, then you won't receive any interest amount.
Corporation Bank Medium and Long Term Recurring Deposit Interest Rates
For Recurring Deposits made for 1-3 years, the interest rate applicable is 7.4% per annum and the interest rate is subject to a change in tenure. This interest rate applies to the sole discretion of the bank
Corporation Bank Senior Citizen Recurring Deposit Interest Rates
Senior Citizens with Corporation Bank can open the benefits of opening an RD account. An additional interest rate of 0.5% is applicable on the RD accounts of senior citizens for deposits amounting to less than a crore. Senior citizens who open their accounts under the NRE, NRO, HUF, Capital Gains or Special Deposit Schemes are not eligible for such benefit.
Corporation Bank NRE Recurring Deposit Interest Rates
The minimum tenure for an NRE RD account is one year and the interest rate applicable for deposits under one crore is 7.4% per annum
Corporation Bank Millionaire Recurring Deposit Interest Rates
You can open your Corporation Bank RD account and receive an amount of one million at the time of maturity. You can avail an interest rate of 8.75% per annum for deposits for the tenure of 1-10 years. An additional interest rate of 0.5% is applicable on RD accounts of senior citizens.