The Oriental Bank of Commerce (OBC) Recurring Deposit (RD) is a fixed-term investment scheme that allows individuals to deposit a fixed amount monthly for a predetermined period, earning interest at competitive rates. This scheme is now part of Punjab National Bank (PNB) following the merger between the two banks.
One of the leading Public Sector Banks in India, OBC was established in Lahore (now in Pakistan) pre-independence. Currently, it is a very popular bank catering to the varied financial needs of its wide customer base.
The bank has a strong network of ATMs and branches spread across the nation. It also provides various products and services in the field of Retail Banking and Personal Banking.
OBC offers Recurring Deposit to its customers with a host of benefits and useful features. RD is an extremely smart saving option for small time investors and those with a steady monthly income.
It allows the depositor to invest a fixed sum every month for a fixed period. Once the deposit tenure is over, the account holder gets back a lump sum amount including the principal and interest. The RD scheme offered by OBC is known as Progressive Deposit General.
Progressive Deposit Scheme
Oriental Bank of Commerce offers lucrative and competitive rates of interest for its Recurring Deposit scheme. The rate of interest depends on the period of deposit. The rate of interest ranges from 8% to 8.25% and is compounded on quarterly basis.
It is credited to the account of the depositor once the RD matures, unless in case of death of one of the account holders (applicable to joint accounts) and other exceptional cases.
Senior citizens enjoy an additional interest rate of 0.50% on the regular rates of interest. To get more clarity on the interest rates offered, customers can visit the nearest OBC branch or refer to the bank’s website.
To open an RD account with OBC, you can download the form from the bank’s official website, and submit it to the nearest branch, along with all the relevant documents, after filling it up duly.
The minimum and maximum tenure of RD with the Oriental Bank of Commerce is six month and ten year, respectively.
The minimum amount needed to open a Recurring Deposit (RD) account with Oriental Bank of Commerce is Rs.10.
No, you cannot deposit various monthly installments in a normal RD account. But many banks provide Flexi RD that help the customers in depositing different amount at anytime during the tenure.
No, there is no upper limit on RD amount which you are willing to deposit every month. Not only this but you can select any amount as per your financial objectives and goals and the availability of money.
Your tax burden is totally determined by the tax bracket you fall under. Individual differences apply. Individuals whose combined income, including RD interest income, is non-taxable are exempt from paying income tax on RD interest.
The RD interest rate of recurring deposit for the tenure of five years and ten years range is 6.25%.
The eligibility criteria of opening RD account with Oriental Bank of Commerce are salaried professionals, self-employed individuals, partnership firms, trusts, sole proprietary concerns, etc.
The documents which are needed to open an RD account with Oriental Bank of Commerce are duly signed application form, Permanent Account Number (PAN) card, Aadhar card, passport, voter ID, driving license, electricity bill, cheque, or demand draft.
No, you need to download the online RD application form of Oriental Bank of Commerce and take print out of it. Then, you need to submit the duly filled application form to the branch official along with the required documents.
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2025 BankBazaar.com.