Fixed Deposit or FD is a good interest rate investment option. Corporation Bank offers a Fixed Deposit Account with a high-interest rate. Fixed Deposit can open for the duration of a minimum of 7 days and a maximum of ten years. Fixed Deposit gives you a high-interest rate on your deposit amount. The Deposit minimum amount is depending upon the bank. you can also check the fixed deposit interest rate on the Corporation Bank website.
Benefits of Corporation Bank Fixed Deposit
- You get a higher interest rate on your fixed Deposit while comparing with saving accounts.
- Multiple fixed deposits can open.
- Corporation Bank also gives a loan on your fixed Deposit so that, you don’t need to break your Deposit for your need.
- You can get an Rs.1.5 lakh exemption under Section 80 C of the Income Tax Act, 1961.
- If you are a senior citizen, then you will get a high-interest rate on your Fixed Deposit account.
Fixed Deposit Eligibility
- Fixed Deposits can open the name of Individual, Joint, Society, Company, Partnership, etc.
- The applicant must have a savings account in the bank.
Income Tax Facts on Corporation Bank Fixed Deposit Interest
If you are looking for income tax fact on Fixed Deposit interest, then you can check below:
- If Fixed Deposit interest is less then Rs. 40, 000/-, then the Corporation Bank will deduct TDS on interest.
- Interest earned on Fixed Deposit is taxable. It will treat as Income from Other Sources.
- If you don’t want to pay any TDS on Fixed Deposit, then you have to submit Form 15G and Form 15H in Corporation Bank.
Corporation Bank of India Tax Benefit Fixed Deposit
- Interest Rate is 6.5% for 5 years term deposits.
- The amount can not withdraw before five years.
- The deposit account can not transfer to another bank.
Corporation Bank Fixed Deposit Interest Rate
NRE Term Deposits
Period of deposit
Interest Rates (per annum)
1 year to less than 2 years
2 years to less than 3 years
3 years to less than 4 years
4 years to less than 5 years
Other Bank Services: