Corporation Bank FRD

I want to apply for Flexible Recurring Deposit in Corporation Bank so can you please provide me the details of the scheme?

[Rajkumar Agarwal]

Flexible Recurring Deposit is a A flexible deposit in which the depositor can save a minimum stipulated amount of money every month for 3 years.

Flexible Recurring Deposit

Option to remit up to 10 times of the stipulated monthly installment in a month

Option to withdraw part of the Deposit at the end of 1st and 2nd year.

Eligibility-

An Individual in his/her own name.

Individuals in their joint names with suitable repayment instructions

Minor represented by parents / guardian.

Clubs, Societies, Associations, Educational Institutions, Trusts, Firms, Partnerships, Joint Stock Companies, Executors, Administrators, HUFs, Govt. Departments, etc.

Period of Investment-
Fixed period of Three years

Amount of Deposit-
Minimum: Rs.500/- p.m. and thereafter in multiples of Rs.100/-
No Maximum Limit.

Interest Payment Frequency-
Interest is compounded on quarterly basis and ploughed back into the principal at the end of every financial year and paid on maturity.

Additional Deposit-
Up to 10 times the initial Deposit Amount is permitted every month.

Penalty-
Penalty @ Rs. 1.50 per Rs. 100/- per month is applicable , if base amount installment is not paid for relevant month.

Withdrawals-

On completion of 1st year :-
50% of the accumulated principal

On completion of 2nd year :-
50% of the remaining principal

If no withdrawal is made on completion of first year, One withdrawal at the end of 2nd year up to 75% of the 1st year deposit amount + 50% of 2nd year deposit amount is allowed.
Add-ons

Nomination facility-
Premature closure facility as per the rules lay down by the Bank.
Loan facility up to 90% on the deposit

Customer service- 1800 425 3555