Corporation Bank and Andhra Bank have been merged under Union Bank of India. Visit the Union Bank of India RD Interest Rates page for more details.
Build up your savings systematically with monthly fixed deposits over a period of time.Avail Corporation bank’s recurring deposit options to save money and earn interest on your payments. Continue reading to see what the Bank of India recurring deposit options has to offer!
|Investment period||RD rates for regular deposit||RD rates for Senior Citizens|
|1 year to 2 years||6.5%||7.0%|
|3 years to 10 years||6.8%||7.3%|
Saving a specific amount of money every month can lead to a substantial amount for the emergency fund in the long term.Recurring deposit options can be availed to do so. However, they are not the best saving option if wealth creation is the objective. Let’s see you plan on saving for your retirement. A Recurring Deposit with 7% interest rate may not give you the returns needed to create a decent retirement fund. However, depositing the same amount in a Mutual Fund as SIP (Systematic Investment Plan) can help you create the kind of wealth you are aiming for.
The following individuals/entities are eligible to open a recurring deposit account with Corporation bank
All recurring deposits, including Corporation bank recurring deposit, are taxable under the Income Tax Act 1961. The money that is invested in RD will be included in your yearly income and a TDS ( Tax Deducted at Source) of 10% is applicable on the interest earned ( If it is more than (if it is more than RS. 10,000 per year).To save TDS on your RD gains, you can fill either Form 15G or Form 15H. Conditions for submitting Form 15G:
Proof of identity
|SBI Bank||HDFC Bank||Union Bank of India4||IDFC Bank|
|AXIS Bank||KOTAK Bank||Bank of India||Canara Bank|
|Bank of Baroda||IDBI Bank||PNB||Andhra Bank|
|Central Bank of India||Allahabad Bank||RBL Bank|
|Syndicate Bank||ICICI Bank||Indian bank|