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Oriental Bank of Commerce provide their customers with NEFT and RTGS facilities which allow them to transfer funds to other bank accounts easily and safely. The process of transferring funds using these platforms involves mentioning the IFSC code of the receiver’s bank. The IFSC code or Indian Financial System Code is an alphanumeric code with 11 characters that is unique for each branch of each bank. The first four characters of the 11 characters are alphabets which denote the bank’s name. For Oriental Bank of Commerce, this would be “ORBC”. The fifth character of the IFSC will be a zero which is reserved for future use. The last six characters denotes the branch and are usually numeric.
Finding the IFSC code for Oriental Bank of Commerce (OBC) can be easily done online. The Oriental Bank of Commerce website and third party financial websites like BankBazaar provide this information for free. You can also find the IFSC code printed on your cheque book.
If you decide to visit BankBazaar to find the IFSC code and MICR code for Oriental Bank of Commerce, these are simple steps you should follow to do so:
As a customer of Oriental Bank of Commerce, one can make fund transfers easily and safely using NEFT or RTGS. Money can be transferred from one branch of ‘Oriental Bank of Commerce’ to another or to any other bank branch.
National Electronic Funds Transfer (NEFT):
The NEFT facility can be used by all the Oriental Bank of Commerce customers by simply walking into any of the branches as they are all NEFT enabled. Customers can make cash payment up to Rs.50, 000/- with the NEFT facility. NEFT settlements are done in batches, and at Oriental Bank of Commerce, they are done in twelve hourly settlements by RBI. This begins at 8 am and ends at 7 pm from Monday to Saturday (except the second and fourth Saturday) The process of availing the NEFT facility includes customers submitting a request by filling up a form which is available in all Oriental Bank of Commerce Branches. They will have to give the cheques/Debit instruction to the branch as well. The customer needs to provide beneficiaries name, account number, the amount to be transferred and IFSC code of the Bank branch where the funds are to be remitted. An individual NEFT transaction can put through any amount of money that you want.
Following are the Service Charges on NEFT transactions at any of the Oriental Bank of Commerce branches:
| Amount to transfer | Charges |
| Upto 1 Lakh | Nil |
| Above 1 Lakh to 2 Lakh | Rs. 10/- (plus service charge per transaction) |
| Above 2 Lakh | Rs. 25/- (plus service charge per transaction) |
Inward transactions will not be charged.
Real Time Gross Settlement System (RTGS):
The RTGS service provided by Oriental Bank of Commerce is the fastest method to transfer funds from any of the Oriental Bank of Commerce branches to any other branch (even of other banks, as long as they are RTGS enabled). The processing of RTGS begins as soon as the request reaches the bank. You can only go for RTGS method if you are looking to transfer large amounts of money (minimum of Rs. 2 lacs). There is no upper limit to the amount that you can transfer. However, customers cannot use the RTGS facility against cash payment.
Customers can avail the RTGS facility from Monday to Saturday (Except second and fourth Saturday) between 8.00 A.M. and 4.15 P.M.
You will need the following information to use RTGS service at Oriental Bank of Commerce:
The following are the charges for availing the RTGS service (for outward transactions) at Oriental Bank of Commerce:
| Amount to transfer | Charges |
| Rs.1 lakh to Rs.2 lakhs | N/A |
| Rs.2 lakhs to Rs.5 lakhs. | Rs.25 (Plus Service Tax) per transaction. |
| Above Rs.5 lakhs | Rs. 50 (Plus service tax) per transaction. |
Inward transactions will not be charged.
In 1943, Oriental Bank of Commerce was established in Lahore, which at the bank’s inception was a city of British India, and is now in Pakistan. OBC had to close down many of its branches in the newly formed Pakistan and also had to move its registered office from Lahore to Amritsar. This India-based bank is a public sector bank and Sh. Animesh Chauhan is the current Chairperson.
The Oriental Bank of Commerce has plans to start ten more branches in Andhra Pradesh and Telangana in the coming fiscal as per a statement released by the Executive Director, Mr. Rajkiran Rai. On addressing a group after meting out Mudra loans to 15 businesspersons at the Asilametta branch of OBC, he said that the bank boasts of 95 regional branches in Hyderabad encompassing the two states to accommodate the requirements of the clients. The bank had announced lucrative schemes to every MSME client such as MSME Plus, Vishesh and MSME at better rates of interest along with quick approval. It will also be easier for them to take care of all kinds of money transactions including those done via NEFT and RTGS using IFSC Code. Rai informed that the place had a net business of INR 8158 crore as on 31st March 2015 which escalated to INR 8641 crore by the end of 2015.
6th March 2016
