About Oriental Bank of Commerce Fixed Deposit
When it comes to the fixed deposit, you can’t take your eyes off from Oriental Bank of Commerce (OBC) that spans across the country with a wide network of over 2000 branches and 2414 ATMs. Depending on the period of deposit, you can earn an interest of 4.50% to 6.25% per annum with the bank’s fixed deposit schemes, which include Flexi Deposit Scheme and Tax Saving Term Deposit Scheme. You are set to earn interest of the former on the savings or current account with the bank. While the Tax Saving scheme will enable you to gain the tax benefits. All these sound well for a long and happy fixed deposit run with OBC. But before you choose the fixed deposit scheme of the bank, let’s find out the FD interest rates in different periods.
Min Amount & Other Criteria
- Minimum Amount of Deposit – ₹100 and in multiple of the same afterward
- Maximum Amount of Deposit – ₹1,50,000 in a financial year
- Minimum Period of Deposit – 5 Years in Case of Tax-Saving Term Deposit
- Maximum Period of Deposit – 10 Years
Oriental Bank of Commerce Fixed Deposit Interest Rates August 2022
Domestic Deposit Rates
|Period of Deposit||Interest Rate on Amount Below INR 2 Cr|
|7 days to 14 Days||4.50%|
|15 to 30 Days||4.50%|
|31 days to 45 Days||4.50%|
|46 days to 90 Days||5.25%|
|91 days to 179 Days||5.50%|
|180 days to 269 Days||5.75%|
|270 Days to less than 1 year||5.80%|
|1 year to less than 2 years||6.25%|
|2 years to less than 3 years||6.25%|
|3 years to less than 5 years||6.25%|
|5 years to 10 Years||6.25%|
Oriental Bank of Commerce Fixed Deposit Schemes
As it is discussed earlier that the PSU bank offers two types of fixed deposit schemes- Flexi Fixed Deposit Scheme and Tax-Saving Term Deposit Scheme, let’s discuss these in detail.
Flexi Fixed Deposit Scheme
With flexi fixed deposit scheme, you are likely to get the liquidity of savings/current account, in addition to the higher returns of fixed deposit. The scheme allows depositors to meet the fund requirement without having to compromise on the interest factor as funds can be seamlessly transferred to savings or current account, whatever you may have with the bank.
Tax-Saving Term Deposit Scheme
The scheme, which is up for grabs by individuals and Hindu Undivided Family (HUF), enables depositors to enjoy tax benefits as per Section 80C of the Income Tax Act, 1961. Within the scheme, the bank accepts two types of deposits-
Single Holder Type Deposit
This type of fixed deposit account can be opened by individuals for himself/herself or Karta of the HUF.
Joint Holder Type Deposit
This type of deposit is offered to two adults or an adult and minor together. The proceeds are payable to either of the survivor. However, the tax benefit is available only to the first holder.
- Salaried Professionals
- Self-employed Individuals
- Sole Proprietory Concerns
- Partnership Firms
- A Duly Signed Application Form
- Cheque or Demand Draft
- Identity Proof- Passport, PAN Card, Driving License, Voter ID, Aadhaar Card, Photo Ration Card, Senior Citizen ID Card
- Address Proof- Passport, Electricity Bill, Telephone Bill, Bank Statement, Certificate or ID Card Issued by Post Office
Oriental Bank of Commerce Fixed Deposit Calculator
Wanna know how much will you get on your fixed deposit at the time of maturity? Use the fixed deposit calculator, which is easy and simple to operate. Just input the deposit amount, along with interest rate and compounding frequency in the calculator and get the expected earning amount, inclusive of interest, before you. So before you book a fixed deposit, do calculate your earning by using the fixed deposit calculator to get assured of the returns.
Oriental Bank of Commerce Fixed Deposit Form
Accessing to Oriental Bank of Commerce Fixed Deposit is easy as you can download the form online without having to stay in a long queue at the branch to get the same. Download the form from the website, fill in the details and send it to the bank officials to process your application. The officials will verify your details and open your fixed deposit account upon satisfactory investigation.