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Savings Account

The Corporation Bank is a public sector bank with its headquarters in Mangalore, India. The bank was established on 12th March 1906 in the small Temple town of Udipi by Khan Bahadur Haji Abdulla Haji Kasim Saheb Bahadur. This bank was started to cater basic banking services in Udupi. The financial market at that time was completely under the hands of the money lenders and to free the poor villagers from their clutches a proper system was required. 

The primary object of the bank was to form a “Corporation” and encourage savings and also the feeling of cooperation amongst the villagers irrespective of caste or creed. The Canara Banking Corporation (Udipi) Limited as an institution came into existence with its first branch in Kundapur in 1923 and the second branch in Mangalore in 1926. Later the name of the bank changed into Canara Banking Corporation Limited. The second change in name took place in 1972 when it finally changed to Corporation Bank Limited. 

It started as a common man’s bank which improving and changing with time but has never left its values behind. The biggest achievement of the bank is it is continuously paying dividends from last 98 years to its customers. The bank has the second largest ATM network in the public sector. The Bank has marked its presence with 8000 working units which comprise of 2200 branches and 1800+ ATM’s and 3000 Branchless banking.

The bank offers its customers a wide array of banking products and services from various loans products to savings accounts. 

Types of Corporation Bank Savings Accounts:

Regular Corporation Bank savings account:

  • Any individual with a sound mind can open a savings account with Corporation Bank in his / her name.
  • The savings account from Corporation Banks can also be opened in the joint names with suitable repayment instructions.
  • The savings accounts for minors can also be opened but should be represented by the parent or a guardian.
  • Any minor above 10 years of age can open this account but they are not eligible for the cheque books but they can hold the debit cards and ATM cards.
  • Any association, trust, societies, clubs, executors or educational institutions, HUF’s etc can also open a savings account.

Minimum Balance: The Corporation Bank minimum balance requirement required to be maintained in the account is Rs. 500 as QAB. However, it is Rs.250 in all the rural branches.

Rate of Interest: The Corporation Bank savings account interest rate is 4% p.a. paid on the daily minimum balance.

Charges: The Corporation Bank savings account charges are provided below:

  • The interest payment frequency is half-yearly
  • The non-maintenance of the minimum balance in the account is chargeable at Rs. 100 per quarter + S.T.
  • The Cheque returning charges are also charged by the bank.

Other Facilities Available:

  • Instant Debit cum ATM cards.
  • Internet banking.
  • Mobile banking.

Corp Signature Savings Account:

The features of this Corporation Bank savings account:

  • The quarter annual balance to be maintained by the customer is Rs. 1,00,000.
  • The 4% p.a. is to be paid on the minimum annual balance.
  • The interest payment frequency is on the half-yearly basis.
  • The non-maintenance of the quarterly annual balance will be charged at Rs. 500 per quarter.
  • Personalized cheque book of 100 leaves is given free of charge for every extra leaf Rs. 4 is charged.
  • Corporation Bank offers ATM signature card with a withdrawal limit of Rs. 1 lakh.

Corporation Payroll Accounts – Elite and Delite

  • The eligibility requirement for Corporation Bank savings account for opening an Elite account is that the applicant should have the gross monthly salary of Rs. 15,000-74,999.
  • The eligibility for opening a Delite Corporation Bank saving account is Rs.75,000 and above.
  • The annual deposit required to open an account is zero.
  • The quarterly balance required to be maintained is nil.
  • Corporation Bank offers ATM cum debit card offered against the account is VISA Platinum.
  • No annual charges are taken for the card.
  • The withdrawal limits allowed at ATM in both the types of account is Rs.1lacs.
  • The unlimited usage at Corp bank ATM’s is allowed.
  • ADD on cards are given free of cost.
  • Classic credit cards are offered against the Elite account and Gold credit card is offered against the Delite account.
  • All kinds of internet banking, mobile banking and SMS banking is free of cost in both kinds of Corporation Bank savings accounts.
  • Savings accounts statements can be received free of cost through e-mail.
  • Processing fees for any kind of loans taken by the Elite account holders is 25% and the processing fees for the loans taken by the Delite account holders is 50%.

Corp Classic Savings Account

  • Any individual with a sound mind can open a Corporation Bank savings account in his/her name.
  • Individuals can open a joint savings account with suitable repayment instructions.
  • Clubs, societies, associations, institutions and HUF’s can open a classic account.
  • The NRI’s are not eligible for opening the classic Corporation Bank savings accounts.
  • The account is a 2-in one account it is a savings accounts with a term deposit account.
  • The minimum amount required to be maintained is Rs. 15,000.
  • The deposit term is minimum of 15 days and maximum of 5 years.
  • No charges for non-maintenance of quarterly balance are charged.

Corp Super Savings Account

  • The quarterly balance to be maintained is Rs. 15,000.
  • The rate of interest charged is 4% p.a.
  • The interest payment frequency is half yearly.
  • The non-maintenance charge is Rs.150/- per quarter plus the service taxes as applicable.
  • Cheque book with 60 leaves is given to the customers extra leaf is chargeable @Rs. 4 per leaf.
  • Free Platinum Debit card is given against this Corporation Bank savings account.
  • Cash withdrawal from ATM of Rs. 1 lakh is allowed to the account holders.
  • 25% of concession on locker rental is given for the first year along with the priority in the locker allotment.
  • Corporation Bank offers 25% of concession in bank charges for the purchase of gold.
  • 50% concession is also given in the charges for the issue of DD, account closure or for issue of any certificates.

Corp New Gen Account

  • Any students who have completed 10 years of age are pursuing their studies.
  • If any existing account of a student is already opened with the bank that can also be converted into this new savings account with Corporation Bank.
  • The minimum initial deposit of Rs. 100 to be given and the average quarterly balance to be maintained in the account is Rs. 100.
  • The rate of interest is @4% on the deposit as on the other savings accounts.
  • No annual maintenance is charged for debit cards, SMS banking, purchase of DD’s etc.
  • The identification proof required are copy of the student ID card issued by the school/college with the course period specified.
  • All the KYC norms have to be followed while opening the savings account with Corporation Bank.
  • Internet banking and personalised cheque book is given to the student at the age of 18 years.

Corp Mahila Power

  • This is a Corporation Bank women savings bank account which can be opened by any working woman or by any woman with independent source of income (salaried/professionals/self employed or receiving any fixed rentals) in urban or semi-urban areas.
  • The women should be in the age group of 21-60 years.
  • This type of savings account can be opened in a single or in joint names.
  • The account holder can avail the loan facility from the bank.
  • The quarterly average balance to be maintained in the account is Rs. 2,500.
  • The interest is paid in a half-yearly basis.
  • Free personalized cheque book and debit cum ATM card is provided against this savings bank account.
  • The internet banking and SMS banking facility is available with this account.
  • No annual service charge is taken for the internet banking and debit cards.
  • The quantum of loan allowed is up to 10 times of the QAB depending on the income.
  • The minimum loan amount is Rs. 25,000 and maximum up to Rs. 1 lakh.
  • Spouse/mother/father can become surety for the account holder.

Corp Pragati Account

  • The Corp Pragati account is an account with a zero balance facility.
  • The account can be opened with an initial deposit of Rs. 10.
  • Any individual including minors above the 10 years of age can open an account.
  • The account holder will be provided with a cheque book facility.
  • The eligible category of customers includes pensioners, agriculturist, plantation labourers and casual labourers, self employed persons running petty shops, etc.
  • All Corporation Bank branches provide this type of account facility.
  • The rate of interest is @4% as applicable to other accounts.
  • ATM card and internet banking facility is not available with this account.
  • Personalised cheque books are not given against this account.

Corp Arambh Savings Account

  • All those who are eligible to open any savings account can open this account.
  • The NRI’s are not eligible to open this account.
  • The minimum balance required to be maintained in this account is zero.
  • The rate of interest is @ 4% p.a.
  • The total of the withdrawal allowed in a month against this account is Rs.10,000.

Corp Saral Savings Account

  • Any individual can open a savings bank account in his/her name or in joint names.
  • Minor accounts can be opened and to be represented by the parents or guardians.
  • Clubs, societies, associations, trusts, executors or educational institutions and HUF’s can open this account.
  • The quarter average balance to be maintained is Rs. 1,000.
  • The personalized cheques and internet banking facility are the value added facilities are available with this savings bank account.
  • The rate of interest is @4% p.a.as applicable to other accounts.

Corp Saral plus Account

  • Any individual can open a savings account with Corporation Bank either singly or in joint names.
  • Personal accident insurance of Rs.5 lakh with a minimum fee of Rs. 100 p.a.
  • Free 20 cheque leaves per year is provided with a Corporation Bank savings account.
  • Account can be opened with a minimum amount of Rs. 100.
  • The facilities available are e-passbook, instant debit card, and online banking facility is available with this savings accounts.

Corp Saral plus NRE Account

  • All NRI’s can open Corporation Bank savings accounts either in a single or in joint names.
  • The minor account cannot be opened under this account.
  • Personal Accident insurance of Rs. 5 lakh is available with this account for a minimum fee of Rs. 100 p.a.
  •  Corporation Bank offers free 20 cheque leaves are provided per year.
  • No minimum balance is required to be maintained.
  • Free DD making through net banking is allowed.
  • The facilities available with the Corporation Bank savings account are e-passbook; instant international debit card, mobile and tab banking, online opening of FD and RD account are provided.

Corporation Bank Savings Accounts Eligibility:

The eligibility criteria for Corporation Bank savings account is as follows:

  • An individual with a sound health and mind can open savings accounts in his/her name.
  • Minors represented by guardian or parent.
  • Individuals can open an account in joint names with proper repayment instructions.
  • Minor students over 10 years can open an account. However, they will not be issued an ATM card and will not be authorised to carry out third party payments and overdraw. Self-cash withdrawals are allowed.
  • Societies, clubs, trusts, associations, executors, administrators, HUFs and educational institutions can open a savings account.
  • For different type of savings account specific to women, the account can be opened either jointly or singly. The applicant must have an independent source of income in semi-urban / urban / metro centres and must be in the age group 21 to 60 years.

However, the eligibility criteria may vary depending on the type of savings accounts. Do enquire with Corporation Bank before applying for a savings account

Documents required for opening savings account with Corporation Bank:

Documentation for Corporation Bank savings account is a simple process. These savings accounts can be opened by submitting the KYC (Know your Customer) documents which include the Identity Proof, Address Proof and Age Proof of the applicant. Any one or more than one of the following documents can be submitted which comply with the KYC requirements:

  • Ration Card
  • Passport
  • Letter from recognised public authority or servant
  • Identity Card or Government ID card
  • Aadhar ID Card
  • Voter’s ID Card
  • Driving License
  • Letter from Employer
  • Pension Card
  • PAN Card
  • Certificate from Local Body, NGO or MFI for rural areas
  • Telephone Bill
  • Bank Account Statement
  • Electricity Bill
  • School Leaving Certificate
  • Insurance Policy
  • Birth Certificate

Valuable information:

Corporation Bank has also launched two new savings bank account variants that are called SB Super and SB Signature. The Chairman and Managing Director of the bank launched these two savings accounts in an NRI meet organized by Bank of Dubai. Various attractive features and benefits have been integrated to make these savings schemes different from the rest of the market and enticing to customers. Let us have a look at the features of both these newly launched savings bank accounts.

SB Super:

  • Customer should maintain minimum quarterly average balance of Rs 15,000
  • Free accidental cover of Rs. 5 lakh is given with this savings bank account
  • To encourage the saving habits of the customer, free Platinum Visa Card is provided to the account holders
  • Customers also preferential loan processing by affixing priority seal by the Corporation Bank branches while forwarding loan applications
  • Corporation Bank also offers bundled demat and trading with a waiver of annual maintenance charges for the first year
  • The bank offers free RTGS up to two transaction per month, 50% concession in the service charges for DD / PO

SB Signature:

  • The minimum quarterly average balance to be maintained in this account is Rs 1,00,000
  • Free personal accident cover of Rs. 10 lakh is provided with this savings bank account
  • Savings with Corporation bank is always preferred as the bank adopts ingenious measures to encourage the habit of savings among its customers
  • To increase the practise of using debit cards, the bank provides Visa Signature Debit Cards to its SB Signature customers
  • Free monthly email statement is send to its account holders
  • The customers are given specially designed pouch to hold the cheque-book, card and cash and a Relationship Manager will be provided to take care of the customer’s banking requirements