Corporation Bank Recurring Deposit
- Corporation Bank has RD interest rates as high as 6.80%.
- Corporation Bank’s RD interest is compounded quarterly.
- Corporation Bank gives senior citizens an RD rate of up to 7.30 percent.
- There is a nomination option open.
- The length of the deposit varies from 12 to 120 months.
- To use this service, go to any Corporation Bank branch.
- TDS deductions are subject to the income tax laws in force at the time the RD account is opened.
Corporation Bank Recurring Deposit Schemes Types
Corporation Bank Recurring Deposits are divided into three categories based on their tenure:
RD on a short-term basis
The term of your deposit with this form of Corporation Bank Recurring Deposit varies from 6 months to 3 years. This form of RD is perfect for those who want to develop a saving habit.
RD for the Medium-Term
When you don’t want to commit for a long period of time and aren’t sure how much value you’ll get from RD, a medium-term recurring deposit is a good option. It strikes the right balance of versatility and investment commitment, allowing you to weigh the pros and cons. The tenure usually lasts between three and seven years.
RD for the Long-Term
When you want to earn a return on your investment but don’t have the funds to invest in a fixed deposit, a long term RD is the best alternative. By investing in revolving deposits, you gain the versatility of making monthly contributions while earning a return comparable to a fixed-income fund. The tenure typically lasts between seven and ten years.
Corporation Bank RD Account
Customers of Corporation Bank may deposit their surplus savings on a periodic basis for a specified period of time in a recurring deposit. At the time of account opening, a customer must make a deposit into their RD account. During the duration of the deposit, the customer makes frequent deposits and withdraws some money in the account.
Corporation Bank Recurring Deposit Rates
Interest rates on Corporation Bank Recurring Deposits are influenced by a number of factors. The following are some of them:
The interest rate of all banking instruments, including recurring deposits, is affected by changes in the Cash Reserve Ratio (CRR) and repo rate as directed by the RBI.
Recession – During a recession, the RBI releases funds into the economy, thus injecting liquidity. Banks lower RD rates as a result of high liquidity and low credit demand.
Inflation – Inflation has a positive impact on the interest rate on a fixed deposit. As a result, in periods of increasing inflation, RD rates appear to be higher.
Current Economic Situation – When the economy is booming, people take out more credit to fulfil their personal and business needs. Banks offer higher interest rates during times of high credit demand in order to attract more funds via recurring deposits.
Corporation Bank RD Interest Calculator
The amount of RD maturity you will receive is determined by the following three factors.
- The initial amount deposited by a customer in Corporation Bank is known as the deposit amount. On larger deposits, a higher interest rate can be offered. The minimum deposit number at Corporation Bank is.
- Interest Rates- Corporation Bank pays a higher interest rate on longer-term revolving deposits and a lower interest rate on shorter-term deposits. Corporation Bank provides the highest deposit interest rate of 6.80 percent.
- Deposit period- The bank offers a low interest rate on short-term RDs and a higher interest rate on long-term RDs.
Duration of Recurring Deposits with Corporation Bank
With Corporate Bank, you can open a Revolving Deposit account for as little as 12 months and as much as 120 months.
What are the requirements to open an RD account?
Residents of India and HUFs (Hindu Undivided Families) are eligible to open an RD account. NRIs will open RD accounts using their NRO and NRE accounts.
Banks also provide an RD scheme for minors who are under the financial supervision of their parents.
What is the average length of time that Corporation Bank Recurring Deposits last?
A Corporation Bank RD can be opened for a span of 12 months to 120 months.