Fixed Deposit Application Form
The high returns deposit - it is the high return term deposit scheme and interest can be paid at regular intervals viz. monthly, quarterly, half yearly or yearly. The deposit can be made for periods ranging from 15 days to 10 years. The rate of interest depends on the period of deposit. It is an ideal deposit scheme for those who can plan for regular income.
CorpTax Saver - Tax Saving Term Deposit
Corporation Bank introduces CorpTax Saver, a new tax saving term deposit scheme.
Amount invested up to Rs. 1 lakh for a fixed period of 5 years is eligible for deduction from income under Section 80 (C) of Income Tax Act.
Tax Saver Fixed Deposit (TSFD) - The depositors can opt for monthly, quarterly, half yearly or yearly interest in case of TSFD.
Tax Saver Kshemanidhi Cash Certificate (TSKCC) - In case of TSKCC, the interest will be quarterly compounded and the receipt shall bear the yearly rate of interest.
Eligibility: Individuals, either singly or jointly with other individuals including minors represented by guardians & HUF assessee are eligible to open Tax Savings Term Deposit account. [Quoting of PAN is mandatory]
Joint holder type of deposits may be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or to the survivor.
In the case of joint deposits, the deduction from income under section 80C shall be available only to the first holder of the deposit.
Period of the deposit: Fixed at 5 years.
Amount: The minimum amount is Rs. 100 and the maximum amount is Rs.1 lakh in a financial year. The deposit is accepted in multiples of Rs.100 only.
Rate of interest: As applicable to five year term deposit from time to time. Additional interest is payable to senior citizens.
Nomination: Nomination facility is available to the depositor under the scheme as per the rules applicable from time to time. No nomination shall be made in respect of a term deposit applied for and held by or on behalf of a minor.
Mode of interest payment: Compound interest will be paid in TSKCC and simple interest will be paid in case of TSFD. The depositors can opt for monthly or quarterly or half yearly or yearly interest in case of TSFD. In case of TSKCC, the receipt shall bear the yearly rate of interest on the term deposit receipt.
Premature Closure: No premature closure is permitted before the expiry of five years from the date of its receipt.
Loans against deposits: No loans shall be granted against the deposits and deposit shall not be accepted as collateral security for any other facilities also.
Tax deduction at source: Tax shall be deducted at source on the amount of interest paid/credited in the account as per the guidelines issued under the Income Tax Act from time to time.
The cluster deposit - Here you choose between simple interest and compound interest while keeping your deposits in a cluster form. Continue to deposit, any amount, any number of times. All deposits will be recorded in one account in a pass book making it easy for you to keep track of your deposits. No hassles of having numerous deposit receipts.
Ready Cash Deposit
The high returns, high liquidity deposit - It is a fixed deposit scheme with a cheque facility to withdraw whenever you want. Under the scheme, you can deposit a minimum of Rs. 5,000 for a period ranging from 12 months to 36 months. The rate of interest depends on the period of deposit. While your deposit earns at the agreed rate of interest, you can withdraw your money through cheques. You need to pay interest in the amount withdrawn as per the rates fixed by the Bank.