Owning a savings account is a must if you want to save money regularly and safely. Opening a new savings account in India is not complicated since there are many banks which you can choose to apply for one.
Overview of Corporation Bank
Corporation Bank was established in 1906 at Udupi, Karnataka state, India. It is one of the Indian banks in Public Sector Undertaking. The bank begun its operation with an initial capital of USD 100, and first day’s canvassed resources of less than one USD.
The bank holds the distinction as the first Indian bank to publish its financial results during 1998-99 conforming to US GAAP. Today, the bank’s headquarters can be found at Corporation Bank, Corporate Office , Mangaladevi Temple Road, Pandeshwar, Mangalore 575 001 India.
Some of the services and products offered by CorpBank are loans, savings, checking account, credit cards, investment vehicles and more. It has been a recipient of many awards in the past like:
1. India’s Strongest and Asia’s Second Strongest given by The Asian Banker, Singapore dated 15 December 2003
2. India’s Best Public Sector Bank awarded by Outlook Money on 15 March 2004
Features and Benefits of Corporation Bank Savings Account
There are many benefits of owning a savings account. In the list below, you can see some of the most typical features of Corpbank savings account.
i. Any Branch Banking
Your banking transaction is not limited to your branch alone. Corpbank has any branch banking feature that allows its customers to access and transact from other interconnected branches.
ii. Internet Banking facility
Through Internet banking, you can access your account from anywhere in the world at anytime. Simply enroll your account to it and you can get the convenience of online banking.
iii. International Debit Card
With a debit card, you can shop at merchant establishments and withdraw cash at all Visa ATMs worldwide. You can also access CorpBank’s system of online interconnected ATMs and also avail the National Electronic Funds Transfer (NEFT) facility through CorpBank ATMs around India.
iv. SMS Banking facility
Are you far away from your branch and you don’t have Internet connection? You can still access your Bank Account and carry out variety of banking transactions if you have your mobile phone enrolled to SMS banking feature of CorpBank.
v. Other Benefits
If you apply for a Corpbank savings account, you can get a passbook and account statements. You may also have Check books, Tax Payments, Insurance & Mutual Funds, Standing Instructions and all other facilities.
Who can Open a Corporation Bank Account?
a) An applicant in his or her own name
b) Individuals in their joint names
c) Minors represented by the parent or legal guardian
d) Minor students above 10 years old
e) Clubs, societies, associations, trusts, executors, educational Institutions, administrators and other organizations approved by the bank
If you are thinking to open a savings account at Corporation Bank, you may consider the tips and notes mentioned above. Basically, applying a savings account in India is not hard, you simply need complete documents and enough money for initial deposit.