Corp Bank festival bonanza offer

The four products were launched by Minister for Large & Medium Industries Murugesh R Nirani.

Briefing reporters, Chairman & Managing Director Ramnath Pradeep said, the offer is on both loan and deposits products of the bank.

The schemes are: Corp Home Smart for home loan and Corp Vehicle Smart for vehicle loan.  The home and vehicle loan plans are for a limited period upto December 31, 2010. Under the home loan scheme, loans upto Rs 30 lakh under floating tenor thecoupon rate is 7.75 per cent for the first year. For the next two years it will be 8.25 per cent. The processing charges are fully waived. Under vehicle scheme, the coupon rate is 8 per cent for the first year and 50 per cent of the applicable procesing charges are waived.

The bank also announced Corp Diamond — a new short-term deposit scheme to be accepted for a fixed period of 275 days at interest rate of 7 per cent. The fourth scheme — Corp Classic Savings Bank account provides for high liqudity of a savings account and flexibility of a term deposit, Pradeep explained.  The bank has reduced the specified quarterly average balance from Rs 25,000 to Rs 15,000 for Corp Classic account. The surplus over the above minimum balance will be converted into term deposits in units of Rs 1,000 each. These are chosen and borken like a portfolio manager to maximise returns, he observed.

In his address, Nirani said the government has approved the bank’s Rs 13.8 crore staff college training proposal on a five acre plot at Devanahalli. Likewise, he said a global financial district led by IFCI on a 200 acre plot in Devanahalli has also been cleared.

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