Corporation Bank Launches Festival Bonanza Offer

Corporation Bank launched "Grand Festival Offer" on various products today. The "Festival Bonanza Offer" was launched by Shri Murugesh R Nirani, Hon'ble Minister for Large and Medium Industries, Government of Karnataka at a Launch event held at Bangalore, today. Shri Ramnath Pradeep, Chairman & Managing Director of the Bank, Shri Asit Pal and Shri Narendra Singh, Executive Directors, Shri U B Bhat, Chief General Manager, Shri C G Pinto & Smt. S M Swathi, General Managers, Other General Managers and Executives of the Bank were present on the occaSIOn.
The "Festival Bonanza Offer" is offered on both Loan and Deposits Products of the Bank. The various offers given by the Bank are as follows:

Special interest rate offer on Home and Vehicle Loans. The schemes are - Corp Home Smart for the Home Loan and Corp Vehicle Smart for the Vehicle Loan. The schemes are for a limited period from 21 st September 2010 to 31 st December 2010.

Under Corp Home Smart Scheme, for loans upto Rupees Thirty Lakhs under floating tenor, the rate of interest is offered at 7.75% p.a. for the first year. For the next two years the rate of interest will be 8.25% p.a. The Processing Charges are fully waived.

Under Corp Vehicle Smart Scheme, the interest rate is offered at 8.00% p.a for the first year. 50% of the applicable Processing Charges are waived.

Corporation Bank is offering a new short-term deposit scheme - "Corp Diamond". The deposit will be accepted for a fixed period of 275 days.

The Rate of interest is kept at a higher level at 7.00% (simple interest) per annum. This interest rate is applicable starting from a Minimum deposit amount of Rs.500/- in case of Rural & Semi Urban Branches and Rs.l,OOO/- in case of Urban, Port Town & Metro Branches and is restricted to less than Rs.5.00 crore. The offer is for a limited period with effect from 21-09-2010 for a period of 3 months. The Senior Citizens will be offered an additional interest rate of 0.50%:

The Bank offers a unique hi-tech, hassle-free Savings Bank account "Corp Classic". It is an innovative scheme that combines the high liquidity of a savings account and the flexibility of a term deposit.

The Bank has reduced the specified quarterly average balance from Rs. 25,000/- to Rs. 15,000/- for the Corp Classic Account. Now, a depositor having surplus over and above the minimum balance of Rs. 15,000/- will be converted into Term Deposits in units ofRs. 1,000/- each. The units are chosen and broken in an intelligent manner like a portfolio manager to maximize returns.