Recurring Deposit Corporation Bank

Hello sir my name is Om Prakash want to know about Recurring Deposit of Corporation Bank for that can you please help me?

[Shaleen]

As per your concern I will help you here to get the information about Recurring Deposit facility of Corporation Bank so that you can have idea about it.

Here I’m telling you the information about the Recurring Deposit


Scheme
An ideal way to plan for the future needs.

Best way to save a fixed sum every month for a fixed period and get a lump sum amount on maturity, along with interest rate payable for term deposit.

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
12 months to 120 months.

Amount of Deposit
Minimum Rs.50/- per month in Rural & Semi Urban Branches & Rs.100/- per month at all other branches.

Deposit to be made in multiples of Rs.25/-, subject to the minimum amount.

No Maximum Limit on deposit.

Rate of Interest
The rate of interest depends on the period of deposit

Payable at the rate as decided by the Bank from time to time.

Interest Payment Frequency
Interest is compounded on quarterly basis, credited to the account at the end of every financial year and paid on maturity.

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

TDS on Interest Amount
TDS is applicable as per norms.

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

Address:-
Corporation Bank
Mangaladevi Temple Road
Pandeshwar
MANGALORE - 575 001
Karnataka, India

Phone:-
91-824-2861888