Corporation Bank launches Grand Festival Offer on loan and deposit products

Corporation Bank has launched Grand Festival Offer on loan and deposit products. Mr. Murugesh R Nirani, Honble Minister for Large and Medium Scale Industries, Government of Karnataka launched the Festival Bonanza offer in Bangalore.

On the occasion Mr. Ramnath Pradeep Chairman & Managing Director of the Bank, Mr. Asit Pal and Mr. Narendra Singh, Executive Directors, Mr. U B Bhat, Chief General Manager, Mr. C G Pinto & Mr. S M Swathi, General Managers, Other General Managers and Executives of the Bank were also present.

Under this festive offer bank is offering special interest rate on Home and Vehicle loans - Corp Home Smart and Corp Vehicle Smart. This special scheme will be for a limited period from 21st September 2010 to 31st December 2010.

Under Corp Home Smart Scheme, for loans up to Rs30 lakhs for the floating tenor, the bank is offering 7.75% interest for the first year and for the next two years the rate of interest will be 8.25% p.a. Processing charges have been fully waived.

Under Corp Vehicle Smart Scheme, for the first year the interest rate is 8% p.a. and 50% of the processing charges have been waived.

In the deposits segment bank is offering a new short-term deposit scheme called "Corp Diamond” for a period of 275 days. The interest rate of 7% (simple interest) per annum is being offered.

This interest rate will be applicable for a minimum deposit of Rs 500/- in case of Rural & Semi Urban Branches, in case of Urban, Port Town & Metro Branches the minimum amount is Rs 1000/- and has been restricted to less than Rs 5crore. This new offer will be effective from 21-09-2010 and will be applicable for a limited period of 3 months. The senior citizens will get an additional interest rate of 0.50%.

The bank is also offering a unique hi-tech, hassle-free Savings Bank account – Corp Classic under the festive bonanza. This unique scheme combines the high liquidity of a savings account and the flexibility of a term deposit.

In this account bank has reduced the minimum balance from Rs. 25,000/- to Rs. 15,000/-. The surplus over and above the minimum balance of Rs15,000/- will be converted into Term Deposits in units of Rs 1,000/- each.