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Corporation Bank Savings Account

Updated on February 28, 2024 , 11511 views

Established to cater to fundamental and essential banking services to customers around the country, the corporation Bank could be a significant help in disguise. Its Savings Account has taken the initiative to help customers in tracking and managing finances along with earning an adequate interest amount.

Basically, on all the savings account schemes, you can earn an interest of 4% per year by maintaining the minimum daily balance. Moreover, the bank also has a wide array of customized plans; thus, customers can choose anyone as per the requirement.

If you are looking forward to opening a corporation bank savings account, find out all the essential details below.

Corporation Bank Savings Account

Types Corporation of Savings Account

To meet the diversifying needs of customers, the banks provide a variety of savings accounts. Here are the most advantageous ones:

Regular Savings Account

This one is the basic account that you can open. It supports varied features, such as RTGS & NEFT fund transfer, personalized cheque book and card transfer, international Debit Card, and any branch banking.

Corp New Gen Savings Account

This one is primarily for students and provides features like minimum quarterly average balance needs along with a gamut of add-on facilities. You can also get debit cards, internet banking, and SMS banking facilities.

Corp Classic Savings Account

This account offers several benefits of savings accounts and term deposits combined. The tenure of the deposits can go anywhere from 15 days to 5 years.

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Corp Pragati Account

You can open this basic account with an initial Rs. 10 deposit and can avail several amazing facilities. To open this account, the person should be above 10 years of age.

Corp Signature Account

This one is a premier account that provides a free personal accident cover of Rs. 10 lakhs along with 50% concession on the rent of locker for the first year. Apart from that, you also get a high withdrawal limit from ATM as well as a free signature debit card.

Corp Saral Savings Account

With this account, you get to relish the benefits of free personal accident cover of Rs. 1 lakh, internet banking services, personalized cheque book, online RD/FD opening and free DD issuance.

Corp Super Saving Account

This account type serves premium features, such as 50% concession on DD issuance charges, issue of certificates, 25% concession on rent of locker, 2 free RTGS transactions in a month, and more.

Corp Arambh Savings Account

This one is a corporation bank zero balance account that fulfils all of the requirements of the customers.

Corp Mahila Power Account:

As the name suggests, this account is for women and can be opened singly or jointly by women in the age group of 21 to 60 years. This type offers MPower take off the loan based upon the Income of the customer.

Corp Saral Plus Savings Account

This can be opened by all the residents to gain benefits like free DD through net banking, mobile banking, and personal accident insurance cover up to Rs. 5 lakhs.

How to Open a Corporation Bank Savings Account?

By visiting any of the nearest branches, you can open up a savings account in this bank. To begin the process, you would have to fill the application form and submit the same along with essential KYC documents.

If you are a new account holder in the bank, you will be rewarded with a debit card and a welcome kit. Once the account has been activated, you can begin transacting to and from corporation bank app, internet banking and other mediums.

Additional Information

Each and every corporation bank savings account comes with a minimum balance requirement, additional fees and charges. Having a look at this information mentioned below to gain clarity:

Account Type Minimum Balance Non-Maintenance Charges Other Charges
Regular Savings Account The quarterly average balance of Rs. 500 and for rural areas Rs. 250 Rs. 100 per quarter Rs. 200 per cheque if 3 or more cheques bounce
Corp New Gen Savings Account The quarterly average balance of Rs. 100 Nil NA
Corp Classic Savings Account Rs. 15000 Nil Rs. 200 per cheque if 3 or more cheques bounce
Corp Pragati Account Nil Nil NA
Corp Signature Account The quarterly average balance of Rs. 100000 Rs. 500 per quarter + service tax Rs. 4 for every extra personalized cheque leaf
Corp Saral Savings Account The quarterly average balance of Rs. 1000 Nil NA
Corp Super Saving Account The quarterly average balance of Rs. 15000 Rs. 150 per quarter + service tax Rs. 4 for every extra personalized cheque leaf after the free 60 leaves in a financial year
Corp Arambh Savings Account Nil Nil NA
Corp Mahila Power Account The quarterly average balance of Rs. 25000 Rs. 100 per quarter NA
Corp Saral Plus Savings Account Nil Nil Rs. 4 for every extra personalized cheque leaf after the free 20 leaves in a financial year

Conclusion

Opening up a corporation bank savings account is as easy as a cakewalk. Now that you are aware of the ins and outs, choose a savings scheme and open your account today. After all, money saved today will be useful during the times of emergencies in the future.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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Mohd hasim, posted on 29 Dec 20 6:04 PM

Open account d

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