Overview Oriental Bank Basic Savings Bank Deposit Account
OBC Basic Savings Bank Deposit Account is a simple zero balance savings bank account that allows the financially disadvantaged to avail basic banking facilities such as free ATM card, cheque book and monthly statements, among others. The account can be opened in a hassle free manner and requires minimal formalities.
This account is available for all Indian citizens who cannot usually afford the financials of operating a bank account. The account is also made available for various beneficiaries of the different social security schemes of the government and other BPL beneficiaries. The accounts are assumed to be opened for customers with no previous banking exposure.
The documentation requirements are simple and include 2 photographs, address proof and identity proof. OBC Savings Account holders cannot hold any other savings bank account in OBC.
|Bank||Oriental Bank of Commerce|
|Category||OBC Basic Savings Deposit Account|
|Initial Deposit Requirements||Rs.10 minimum|
|Minimum Average Balance Requirements (MAB)||Zero|
|Debit Card Offered||Yes, free.|
|Interest Rate||4% per annum|
Services Offered with Basic Savings Bank Deposit Account
The following services are provided with OBC Basic Savings Bank Deposit Account:
|Passbook||Passbook is offered free of cost.|
|Cheque Book||1 free cheque book per year. 25 leaves in every book.|
|Cash Withdrawal||Up to 6 free transactions allowed from ATMs and transfers in a month. Post this, customer will be charged Rs.5 per transaction.|
|Internet Banking||Net Banking facilities are not available for these account holders.|
Features of OBC Basic Savings Bank Deposit Account
These are some of the features and benefits of OBC Basic Savings Bank Deposit Account:
|Minimum Account Balance (MAB)||There are no penalties or fines for account holders unable to maintain a minimum balance.|
|Minimum initial deposit||Rs.10|
|Maximum deposit amount||No limit|
|SMS Alerts||Free SMS alerts.|
|Value Added Services||
|Easy Fund Transfer Facility||ECS, NEFT and DD can be used for transferring, among others.|
Fees and Charges for OBC Basic Savings Account
|Service / Product||Fees & Charges|
|Incidental charges||Rs.5 per debit when exceeding 6 debits per month|
|Demand Draft Charges||Up to Rs.5,000 – Rs.15 for individuals. From Rs.5,000 to Rs.10,000 – Rs.35 for individuals. Above Rs.10,000 – Rs.3 per thousand for individuals (minimum Rs.40 and max Rs.12,000).|
|Any branch cheque deposits||Free|
|Annual Fee for Debit cum ATM Card||Free|
|NEFT through Branch Channel||Free till Rs.1 lakh, Rs.10 per transaction between Rs.1 lakh to Rs.2 lakhs and Rs.25 per transaction over Rs.2 lakhs.|
|Duplicate Passbook||Rs.50 for latest balance, Rs.50 plus Rs.2 per entry for previous entries.|
|Account Closure Charges||Within 14 days - Nil Over 14 days to up to 1 year - Rs.50 Beyond 1 year - Nil|
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