Corporation Bank offers various kinds of Fixed Deposits to choose from...
KCC is a money multiplier deposit - it is a reinvestment Term Deposit scheme that can be opened for a period ranging from 6 months to 10 years. It is a money multiplier deposit where the deposit amount grows rapidly as interest is compounded quarterly. The rate of interest depends on the period of deposit.
The flexible Term Deposit - it is a friendly, flexible fixed deposit scheme that won't block your money for the full term of the deposit.
The scheme allows you to withdraw your money whenever you please. The deposit can be made for a period ranging from 6 to 120 months. The minimum deposit is Rs. 5,000. Additional deposits can be made in multiples of Rs.1,000. The rate of interest depends on the period of deposit.
You can earn interest on your fixed deposit as per applicable rates. You can withdraw a part of the deposit without having to permanently close the entire deposit. The amount deposited is held in units of Rs. 1000 each to facilitate part withdrawal. In sum, it is an ideal scheme for people who would like to have easy access to their fixed deposits without any hassles.
The high returns deposit - it is the high return term deposit scheme and interest can be paid at regular intervals viz. monthly, quarterly, half yearly or yearly. The deposit can be made for periods ranging from 15 days to 10 years. The rate of interest depends on the period of deposit. It is an ideal deposit scheme for those who can plan for regular income.
Corporation Bank introduces CorpTax Saver, a new tax saving term deposit scheme.
Amount invested up to Rs. 1 lakh for a fixed period of 5 years is eligible for deduction from income under Section 80 (C) of Income Tax Act.
Tax Saver Fixed Deposit (TSFD) - The depositors can opt for monthly, quarterly, half yearly or yearly interest in case of TSFD.
Eligibility: Individuals, either singly or jointly with other individuals including minors represented by guardians & HUF assessee are eligible to open Tax Savings Term Deposit account. [Quoting of PAN is mandatory]
Joint holder type of deposits may be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or to the survivor.
In the case of joint deposits, the deduction from income under section 80C shall be available only to the first holder of the deposit.
Period of the deposit: Fixed at 5 years.
Amount: The minimum amount is Rs. 100 and the maximum amount is Rs.1 lakh in a financial year. The deposit is accepted in multiples of Rs.100 only.
Rate of interest: As applicable to five year term deposit from time to time. Additional interest is payable to senior citizens.
Nomination: Nomination facility is available to the depositor under the scheme as per the rules applicable from time to time. No nomination shall be made in respect of a term deposit applied for and held by or on behalf of a minor.
Mode of interest payment: Compound interest will be paid in TSKCC and simple interest will be paid in case of TSFD. The depositors can opt for monthly or quarterly or half yearly or yearly interest in case of TSFD. In case of TSKCC, the receipt shall bear the yearly rate of interest on the term deposit receipt.
Premature Closure: No premature closure is permitted before the expiry of five years from the date of its receipt.
Loans against deposits: No loans shall be granted against the deposits and deposit shall not be accepted as collateral security for any other facilities also.
Tax deduction at source: Tax shall be deducted at source on the amount of interest paid/credited in the account as per the guidelines issued under the Income Tax Act from time to time.
The cluster deposit - Here you choose between simple interest and compound interest while keeping your deposits in a cluster form. Continue to deposit, any amount, any number of times. All deposits will be recorded in one account in a pass book making it easy for you to keep track of your deposits. No hassles of having numerous deposit receipts.
The high returns, high liquidity deposit - It is a fixed deposit scheme with a cheque facility to withdraw whenever you want. Under the scheme, you can deposit a minimum of Rs. 5,000 for a period ranging from 12 months to 36 months. The rate of interest depends on the period of deposit. While your deposit earns at the agreed rate of interest, you can withdraw your money through cheques. You need to pay interest in the amount withdrawn as per the rates fixed by the Bank.
Every drop counts - An ideal way to plan for future needs. Best suited to the salaried class, you can save a fixed sum every month for a period ranging from 12 months to 120 months. You get a lumpsum amount on maturity. Minimum amount of deposit is Rs 50/- p.m. in Rural and Semi - Urban places and Rs 100/- p.m. in all other places and thereafter in mulltiples of Rs 25/-. There is no maximum limit.
The rate of interest depends on the period of deposit and it is compounded quarterly. Interest is paid annually and is ploughed back into principal every year.
The account can be opened by an individual in his / her own name, individuals in their joint names with suitable repayment instructions,minors represented by guardian and by clubs,societies, associations etc.
TDS is not applicable to this deposit scheme .
The depositor pays the Bank a minimum stipulated amount of money every month for 3 years, at the end of which the accumulated deposit together with interest is repaid to him/her. The Depositor has the option to remit 10 times of stipulated monthly instalment in a month and withdraw part of the Deposit at the end of 1st and 2nd year of deposit. Minimum amount of deposit is Rs 500/- p.m. and thereafter in mulltiples of Rs 100/-. There is no maximum limit.
The rate of interest will be payable at the rate decided by the Bank from time to time. Interest is paid annually and is ploughed back into principal every year. However the interest will be compounded on quarterly basis so as to fetch higher yield on the investment.
The account can be opened by an individual in his / her own name, individuals in their joint names with suitable repayment instructions,minors represented by guardian and by clubs,societies, associations etc. TDS is not applicable to this deposit scheme .
The deposit for a secure tomorrow - Start saving a minimum of Rs.100 per month for a period from 1 year to 10 years. On completion of that period, the deposit with interest is reinvested in minimum blocks to give maximum interest, at the rate prevailing then, and converted into a corpus of your choice.
The bank at your door step. This deposit is for a period from 1 to 5 years. Our collection agent will call at your place to collect your savings at regular intervals even daily. Your small saving thus accumulate into a substantial amount over the deposit period.