Overview of Oriental Bank Fixed Deposit
Oriental Bank of Commerce has merged with Punjab National Bank with effect from 1 April 2020. For more details about the features, interest rates, eligibility criteria, etc., of the FD schemes, please refer to Punjab National Bank.
It is now the second-largest public sector bank in the country. The bank offered a range of term deposit products with attractive rates of interest and beneficial features for customers.
Types of Fixed Deposits from Oriental Bank of Commerce
The fixed deposit schemes offered by Oriental Bank of Commerce are:
- Flexi Fixed Deposit
- Progressive Deposit General
- Tax Saving Fixed Deposit
Features of Oriental Bank of Commerce Flexi Fixed Deposit
The features of the Flexi Fixed Deposit scheme are:
- Easy liquidity of funds whenever required
- Higher returns
- Can be opened singly or jointly
Other Banks FD
- SBI Bank FD
- HDFC Bank FD
- Axis Bank FD
- Post Office FD
- Senior Citizen FD
- Canara Bank FD Rates
- Kotak Bank FD
- Yes Bank FD
- Standard Chartered Bank FD
- Bank of Baroda FD
- PNB FD
- IDFC Bank FD
- IDBI Bank FD
- Indian Bank FD
- Union Bank FD
- Bank of India FD
- Central Bank of India FD
- IOB Bank FD
- Shriram City FD
- LIC Housing FD
- Mahindra Finance FD
- Bandhan Bank FD
- KTDFC FD
- J & K Bank FD
- Federal Bank FD
- Bank of Maharashtra FD
Features of Oriental Bank of Commerce Progressive Deposit General
The features of the Oriental Bank of Commerce Progressive Deposit General scheme are as follows:
- Tenure ranges from 6 months to 10 years
- Additional interest rate of 0.50% to senior citizens
- Loan facility of up to 95% of the accumulated value of the deposit
Features of Oriental Bank of Commerce Tax Saving Term Deposit Scheme
The features of the Tax Saving Term Deposit scheme are as follows:
- Available as a cumulative deposit or fixed deposit
- Fixed deposit has quarterly or monthly interest payouts
- Cumulative deposit has payout on maturity
- Lock-in period of 5 years
- Additional 0.50% interest for senior citizens
- Tax exemption for principal amount under Section 80C of the Income Tax Act up to Rs.1.5 lakh
Eligibility Criteria to Open Oriental Bank of Commerce Fixed Deposit
The following are eligible to open a fixed deposit with OBC:
- Resident Indians
- Karta of Hindu Undivided Family (HUF)
Documents Required to Apply for Oriental Bank of Commerce FD
The documents required are the following:
- Proof of residence
- Business address, if required
- Proof of identity
- PAN card or Form 60, whichever is relevant
- Two photographs of account holder
FAQs on Oriental Bank of Commerce Fixed Deposit
- What is the minimum amount required to open an Oriental Bank of Commerce Progressive?
The minimum deposit required is Rs.10 or multiples thereof.
- What is the maximum amount I can deposit in Oriental Bank of Commerce's Tax Saving Scheme?
The maximum amount that you can deposit in Oriental Bank of Commerce's Tax Saving scheme in one financial year is Rs.1.5 lakh with a minimum amount of Rs.100 and multiples thereafter.
- Does Oriental Bank of Commerce offer fixed deposits for NRIs?
Yes, Oriental Bank of Commerce offers fixed deposit accounts for Non-Resident Indians.
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