Oriental Bank of Commerce is an Indian public sector bank which offers a large range of banking solutions and products through which individuals can avail of different tax benefits under the Income Tax Act 1961. The bank was nationalised in 1980 and currently has over one thousand branches all over India.
Save Tax With Oriental Bank of Commerce:
The Oriental Bank of Commerce offers many tax saving benefits to its customers via different banking products such as housing and educational loans, fixed deposit schemes, mutual funds and many more.
Oriental Bank of Commerce Tax-Saving Instruments under Section 80C, 80D, 80E:
Oriental Bank of Commerce provides the following products that can help individuals who are looking to avail of the bank’s services, save on tax.
Under Section 80C:
Oriental Bank Tax Saving - Term Deposit Scheme:
Any individual or Hindu Undivided Family can avail of this scheme. Deposits can be made towards this scheme provided they have a valid Permanent Account Number (PAN)
This deposit can be held in either of two forms:
Fixed Deposit: Where interest can be paid either monthly or quarterly
Cumulative Deposit: Where the interest is compounded on a quarterly basis and is paid out at the time of maturity along with the principal
Customers looking to invest in these term deposits can avail of tax benefits under Section 80C of the Income Tax Act.
Oriental Bank of Commerce Mutual Fund:
The Oriental Bank of Commerce also offers its customers tax saving solutions through mutual funds by collaborating with various asset management organisations. Customers can invest in up to 7 funds through which they can avail of tax deductions under Section 80C of the Income Tax Act.
Oriental Bank of Commerce Home Loan Scheme:
The Oriental Bank of Commerce also offers customers housing loan schemes through which tax benefits can be availed under Section 80C. These loans are of two types:
Housing Loan: With no limit on the loan amount availed
Home Furnishing Loan: With a maximum limit of Rs 15 lakhs
These loans can be used to purchase or construct a house and provide interest rates ranging from 10% to 25% depending on the loan amount applied for.
Oriental Bank of Commerce Public Provident Fund:
By subscribing or investing in the Oriental Bank of Commerce Public Provident Fund, customers can earn an interest rate of 8.7% on a maximum deposit of Rs 1.5 lakhs per financial year. The amount subscribed in the PPF is eligible for tax deductions under Section 80C of the Income Tax Act.
Under Section 80E:
Education Loan Scheme:
Oriental Bank of Commerce offers educational loans to deserving students to pursue higher education both within India as well as abroad. Students can acquire loans of up to Rs 10 lakhs for education in India and up to Rs 20 lakhs for education abroad. Both schemes offer tax benefits under Section 80E of the Income Tax Act.
Under Section 80CCD:
Oriental Bank of Commerce New Pension System:
Any individual looking to invest in the Oriental Bank of Commerce New Pension System can also avail tax benefits as per Section 80CCD of the Income Tax Act.
Under Section 80TTA:
Savings Account Deposits:
Any interest earned through Oriental Bank of Commerce savings accounts is eligible for tax benefits up to Rs 10,000 under Section 80TTA of the Income Tax Act. This applies to any basic savings account held by an individual or an HUF with the Oriental Bank of Commerce.