Corporation Bank Savings Account | Types and How To Open

The Corporation Bank is a public sector Indian bank which was founded in the year 1906. The bank has its headquarters in Mangalore, Karnataka, India. Currently, the bank has a wide network of 2440 branches, 3040 ATMs and 4724 branchless banking units.

The bank provides a wide variety of products and services to its customers. Out of which, one of the most important product is the Savings Account. The Corporation Bank savings account helps the customer to track down their account as well as manage their finances. Not only this, with the help of the savings account you can also earn interest on your savings.

The savings account of the Corporation Bank has different types of savings account with various customized plans. The customers can choose as per their requirement.

Some Relevant Links
Corporation Bank Credit Card Customer Care Number	Click Here
Link Aadhaar Card With Corporation Bank Account	Click Here
Corporation Bank IFSC Code	Click Here

Corporation Bank Account Interest Rate

The bank offers an interest rate of 4% per annum on minimum daily balance for the entire savings account scheme.

How to Open a Corporation Bank Savings Account

The Corporation Bank only allows the offline mode of application for opening the savings account. You can open a savings account by visiting the nearest bank branch and filling the account opening application form and submitting it along with the required KYC Documents. Once the account is activated, the customers can start performing transactions.

Types of Corporation Bank Savings Account

The Corporation Bank savings account offers a wide variety of savings account to meet the needs of the people. The types of savings account are as follows:

Regular Savings Account

This is a basic savings account that is offered by the Corporation Bank. This savings account has the following features: accepts NEFT and RTGS Funds transfer facilities, the account holder are provided with an international debit card along with a personalized cheque book facility. Also card to card transfer facility. Above all, this savings account meets all the requirements that a basic savings account must have.

Corp Classic Savings Account

This savings accounts offers term deposit facility. The tenure of the term deposits ranges anywhere between 15 days to 5 years.

Corp New Gen Savings Account

This type of savings account is specially designed for the students. This savings account offers features like minimum quarterly average balance requirements. This account also offers a lot of add-on facilities. Other features include debit cards, SMS Banking and Internet Banking Facilities.

Corp Pragati Account

This is a basic savings account offered by the Corporation Bank; this savings account can be opened with an initial deposit of Rs 10. This account offers many banking facilities. Any individual resident over the age of 10 years are eligible to open this account.

Corp Saral Savings Account

This savings account offers many features like free personal accident cover worth Rs 1 Lakh and free internet banking services. The account holder of this account also gets other benefits like personalized cheque books, free DD issuance and free online FD/RD Opening.

Corp Signature Savings Account

This is a premier savings account facility offered by the Corporation Bank. In this account the customer will receive a free personal accident cover worth Rs 10 Lakh and 50% concession on the locker rental for the first year. It also includes the features like high ATM withdrawals and free signature debit card with exclusive features.

Corp Super Savings Account

This savings account comes with enhanced benefits and the account holders of this account gets 2 free RTGS transactions in a month and 25% concession in the locker rental, 50% concession on the charges on the DD issuance and issue of the certificates.

Corp Mahila Power Savings Account

This type of savings account is specially designed for the women. This savings account tries to meet the requirements of the women’s basics. This account can be singly or jointly opened by the women between the age group of 21-60 years. The customers can also avail the benefits like MPower Takeoff Loan with Quantum up to 10 times the QAB of the last two quarters depending upon the customer’s income.

Corp Arambh Savings Account

This is a zero balance savings account offered by the Corporation Bank. This savings account fulfills all the basic requirements of the banking that a customer needs.

Corp Saral Plus Saving Account

This type of savings account can be opened by all the resident individuals and account holders. This savings account offers an array of benefits like mobile banking; free DD via net banking and complimentary personal accident insurance cover worth Rs 5 Lakhs.

Minimum Balance Requirements of Different Savings Account offered by the Corporation Bank

• Regular Savings Account: This savings account offers a quarterly average minimum balance of Rs 500 for the accounts held in all the branches except for the rural areas. Whereas, in the rural areas, a quarterly average balance of Rs 250 is maintained.
• Corp Classic Savings Account: The Minimum balance requirement of this account is Rs 15, 000.
• Corp New Gen Savings Account: This savings account offers a Quarterly Average Minimum Balance of Rs 100.
• Corp Pragati Savings Account: This type of savings account has no minimum balance requirements.
• Corp Saral Savings Account: The minimum balance requirement of this savings account is Rs 1000.
• Corp Signature Savings Account: The minimum balance requirement of this savings account is Rs 1, 00, 000.
• Corp Super Savings Account: This savings account requires a minimum balance of Rs 15, 000.
• Corp Mahila Power Account: This type of Savings account allows maintaining a quarterly average minimum balance of Rs 25, 000.
• Corp Arambh Savings Account: There is no minimum balance requirements for this account.
• Corp Saral Plus Savings Account: No Minimum Balance Requirements offered by the bank.

Corporation Bank Savings Account Fees and Charges

	Non-Maintenance Charges	Add-Ons	Cheque Return Charges/other Charges
Regular Savings Account	Rs.100 per quarter	Any branch banking Mobile Recharge via ATMs and SMS E-Payment facility for tac card to card transfer	If 3 or more cheques are returned due to insufficient funds, Rs.200 per cheque. Rs.100 for inward clearing and 50% of collection charges subject to a minimum of Rs.60 for return of outward clearing
Corp Classic Savings Account	No Charges	Personalized cheque book Internet banking facility Insurance and Mutual fund facilities Advance tax payment facilities	Rs.100 for inward clearing Rs.200 per cheque, If 3 or more cheques are returned due to insufficient funds. 50% of collection charges subject to a minimum of Rs.60 for return of outward clearing
Corp New Gen	NA	SMS Banking Debit cards Cheque collection	–
Corp Pragati Account	NA	Remittance Facilities Outstation cheque collection Passbook Facilities for nomination	NA
Corp Saral Savings Account	NA	Complimentary personal Accident cover NEFT and internet banking facilities Online facilities for FD and RD	–
Corp Signature Account	Rs.500 per quarter plus service taxes as applicable	Unlimited cash withdrawal from ATMs 5 Free RTGS transactions a month High POS and ATM transaction limit	Charges for personalized cheque book – 100 cheque leaves free per financial year and Rs.4 for every additional leaf.
Corp Super Saving Account	Rs.150 per quarter and service	Free insurance cover for personal accident High POS and ATM withdrawal limit 2 free RTGS transactions a month Free platinum debit card	Charges for personalized cheque book – 60 free cheque leaves in a financial year and Rs.4 for additional leaf
Corp Mahila Power Account	Rs.100 per quarter	SMS Banking Internet banking services Debit/ATM card personalized cheque book	–
Corp Arambh Savings Account	No charges	NEFT/ABB facility Passbook and nomination facilities Outstation cheque collection Facility for Inland remittance	–
Corp Saral Plus Savings Account	NA	Personal accident cover Free NEFT facility Free DD through Net Banking e-passbook	20 free cheque leaves per year and Rs.4 will be charged for every additional leaf.

Eligibility Criteria for the Corporation Bank Savings Account

For opening a savings account, the Corporation Bank follows a certain list of rules and guidelines. It has a certain eligibility criteria:

• An individual with a sound mind are eligible to open this account.
• The minors, who want to open this account, must be represented by their parents or guardians.
• The individuals can open accounts with joint names, with proper repayment instructions.
• The minor students over the age of 10 years are eligible to open this account. But they will not be issued with an ATM Debit card and third party transfers and overdraws are also not allowed. Only self-cash withdrawals are allowed.
• The societies, clubs, associations, trusts, institutions, executors, administrators, HUFs and Educational Institutions can also open the savings account.
• The account that is specially designed for the women can be opened either singly or jointly. The applicants must have an independent source of income in semi-urban/urban/metro cities and must fall under the age group of 21 years to 60 years.

These eligibility criteria’s may vary from account to account. So it’s better to enquire with the Corporation Bank before applying for any savings account.

List of Documents Required for Opening a Savings Account

The applicants must provide the following documents during the application:

• Passport size photographs along with the duly filled application form.
• KYC Documents like the ID Proof and Address Proof.
• Proof of Age Documents such as the PAN Card, Voter ID, Passport, Aadhaar Card, Driving License etc.
• The salaried applicants will be asked to provide their salary slips and employment ID.