Oriental Bank of Commerce offer two types of recurring deposit schemes. One is Progressive Deposit General and the other is OBC Aadhaar. The interest offered by the bank on both the RD schemes are attractive.
- Progressive Deposit General: Under this RD scheme, the minimum instalment is Rs.10. There is no cap on the maximum amount that can be deposited. Individuals are offered the facility of availing loan up to 95% of the amassed amount in the RD account. The tenures provided by the bank under this scheme range from 6 months to 10 years.
- OBC Aadhaar: An RD account under this scheme can be opened for a period that ranges between 1 year and 10 years. The minimum monthly instalment is Rs.10 and the maximum is Rs.50,000 per month. Under this scheme as well you can avail a loan up to 95% of the amount accumulated in the RD account.
Listed below are the tenures and interest offered by Oriental Bank of Commerce when it comes to recurring deposits as of 8 July 2019:
|Deposit Tenure||Interest rate for General Citizens (p.a.)||Interest rate for Senior Citizens (p.a.)|
|180 days to 269 days||6.50%||7%|
|270 days to less than 12 months||6.50%||7%|
|12 months to less than 24 months||6.85%||7.35%|
|24 months to less than 36 months||6.75%||7.25%|
|36 months to less than 60 months||6.70%||7.20%|
|60 months to 120 months||6.75%||7.25%|
*NOTE: The interest rates mentioned above are for deposits less than Rs.2 crore.
Oriental Bank of Commerce Short-Term RD Interest Rates
Short-term recurring deposits are those which have a deposit tenure that ranges between 180 days to less than 12 months. Oriental Bank of Commerce offer general citizens interest of 6.50% p.a. for investing in such RDs while senior citizens are offered 7% p.a.
Oriental Bank of Commerce Medium-Term RD Interest Rates
The interest paid by Oriental Bank of Commerce on medium-term recurring deposits is in the range of 6.70% to 6.85% p.a. Citizens who are above the age of 60 years are offered interest in the range of 7.20% to 7.35% p.a. for opening a medium-term recurring deposit. Medium term RDs are those which has a deposit tenure in the range of 12 months and 60 months.
Oriental Bank of Commerce Long Term RD Interest Rates
On long-term recurring deposits, the interest offered by Oriental Bank of Commerce to general citizens is 6.75% p.a. Senior citizens are offered additional interest of 0.50% by the bank for investing in such RDs. Deposit tenures that range from 5 years to 10 years fall under the bracket of long-term RDs.
More you need to know about Recurring Deposit
- Compare Recurring Deposit Rates of Oriental Bank of Commerce with Other Banks and Institutions
- Check Features and Schemes of Oriental Bank of Commerce Recurring Deposit