Oriental Bank of Commerce has a strong network of ATMs across the country, which enable customers to have access to their money at their convenience. To suit the different financial needs of different customers, Oriental Bank of Commerce offers a range of savings accounts. Customers can choose the type of account that suits their needs the best.
Effective 1 April 2020, Oriental Bank of Commerce has merged with Punjab National Bank. For now there are no changes in Account Number and IFSC Code. For more information checkout Punjab National Bank Savings Account.
Oriental Bank of Commerce Interest Rates
OBC offers lucrative rates of interest for different types of Savings Accounts. These attractive interest rates ensure that customers get the maximum benefit out of their savings. The interest rates for different types of Savings accounts are as follows -
- The interest rate is payable at quarterly rests for OBC Diamond Saving Deposit Account.
- The interest rate is payable at quarterly rests for OBC Platinum Saving Deposit Account.
- The interest rates for Oriental Double Deposit Scheme ranges from 8.75% p.a to 10.25% p.a, which varies according to the category of the account holder.
How do I open a Savings Account with OBC?
To open a Savings Account with OBC, you can either download the account opening form from the bank’s official portal or go to the nearest OBC branch to procure the application form. After filling up the form duly, submit it to any branch of your choice. Please remember that you have to furnish the form with all the necessary documents like passport size photographs, ID proof, etc.
Types of OBC Savings Accounts
Basic Savings Bank Deposit Account
This account caters to those citizens of India who fulfil every eligibility criteria of opening a bank account, but cannot comply with the financial burden of maintaining a minimum balance in the account. This account provides nomination facility to the account holders and they also get an ATM card for free. The holders of basic SB Account cannot avail the internet banking facility.
OBC Diamond Saving Deposit Account
OBC Diamond Saving Deposit Account is quite popular among OBC customers. The ATM card issued with this type of account doesn’t have any charges for renewal or issuance. Customers also get personalised multi-city cheque books free of cost, and get a 25% discount on locker rental charges.
OBC Platinum Saving Deposit Account
Account holders enjoy a 50% concession on locker rental charges, and personalised multi-city cheque books free of cost. The ATM card issued with this type of account doesn’t have any charges for renewal or issuance. If the account holder can maintain AQB, he/she gets a personal accident insurance cover of Rs.10 lakhs, free of cost.
Oriental Double Deposit Scheme
Oriental Double Deposit Scheme has different deposit tenure for different category of customers. It is as follows –
- The deposit tenure for general public is 99 months
- The deposit tenure for senior citizens is 93 months
- The deposit tenure for staff is 87 months
- The deposit tenure for ex-staff and senior citizens is 84 months
OBC Savings Accounts Minimum Balance Requirements
Depending on factors like type of the savings account, deposit tenure, etc. the minimum balance to be maintained in each account differs from the other. The comprehensive table below explains the minimum balance that needs to be maintained in each type of savings account.
|Type of Savings Account||Minimum Balance|
|OBC Diamond Saving Deposit Account||Average quarterly Balance - Rs. 1 lakh|
|OBC Platinum Saving Deposit Account||Average quarterly Balance - Rs. 5 lakhs|
|Oriental Double Deposit Scheme||Rs. 1000|
|Basic SB Deposit Account||No minimum balance required|
OBC Savings Accounts Eligibility
Oriental Bank of Commerce allows the following entities to open Savings Accounts – Individuals – either singly or jointly
Associations, Trusts, Hindu Undivided Families (HUFs),
Clubs and societies
Please note that the above entities must fulfil the eligibility criteria as laid down according to KYC guidelines.
The following documents are required to open a Savings Account with Oriental Bank of Commerce –
- Government issued photo identity proof – passport, voter ID card, PAN card, ration card, driving license, etc.
- Proof of age
- Proof of residence – electricity bill, telephone bill, passport, ration card, etc.
- 2 passport size photographs of prospective account holders.
- For 60 or 61 of the prospective account holder.
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