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Fixed Deposit

The Oriental Bank of Commerce is a public bank that was nationalized in 1980. It was founded in Lahore in the year 1943 by Rai Bahadur Lala Sohan Lal. After the Partition, the bank closed its branches in Pakistan and then shifted its registered office to Amritsar.

Oriental Bank of Commerce aims to be a premier customer friendly bank. It seeks to provide innovative and quality services to increase the wealth of its stakeholders, depositors and customers. Oriental Bank of Commerce also seeks to alleviate poverty and to bring about positive financial changes for the rural classes, minorities, women and backward classes.

The bank has started many schemes and projects at grassroots level. Some of these projects are currently in progress in the districts of Hanumangarh and Dehradun. Oriental Bank of Commerce acquired the Bari Doab bank as well as the Punjab Cooperative Bank in 1997.

In 2014, it also acquired the Global Trust Bank. The banks’ mission statement states that it aims to provide innovative, quality services along with state-of-the-art technology. It also seeks to increase their staff’s professional skills, and aims to create wealth for its customers and stakeholders.

Oriental Bank of Commerce has set up customer-centric services that make it easier for the customer to use the bank facilities. These are services such as mobile banking, internet banking, phone banking, etc.

OBC FD Rates 2018

FD Tenure Interest Rates (in %)
  Regular Citizens
7 days to 14 days 4
15 days to 30 days 4
31 days to 45 days 4.75
46 days to 90 days 5.25
91days to 179 days 5.75
180 days to 269 days 6.2
270 Days to less than 1 year 6.4
1 year to less than 2 year 6.6
2 Years to less than 3 year 6.4
3 Years to less than 5 Years 6.4

Note: Interest rates are applicable on deposits below Rs 1 Crore w.e.f. 11.08.2017 and are subject to change without prior information.

Types of OBC Fixed Deposit Accounts

  1. Oriental Bank of Commerce Flexi-Fixed Deposit Account
  2. Oriental Bank of Commerce Tax Saving Term Deposit
  3. Oriental Bank of Commerce Double Deposit Scheme
  4. Oriental Bank of Commerce Varishtha Samman Deposit Scheme

Oriental Bank of Commerce Flexi-Fixed Deposit Account

Oriental Bank of Commerce offers a Flexi-fixed deposit account where depositors earn higher returns on their deposits. There is flexibility as compared to other term deposit accounts as depositors may meet the stipulated fund requirements without losing any interest. This fixed deposit has the dual features of getting the returns of a fixed deposit account along with the liquidity of the savings account or current account.

  • New accounts will have to provide the initial deposit amount as per the respective category under which the account is being opened. The accountholder will have to maintain the minimum average quarterly balance of that account.
  • Flexi-savings accounts have a minimum period of 90 days and a maximum period of 5 years. Flexi –current accounts have a minimum period of 45 days and a maximum of 1 year.
  • The amount that the depositor invests in the flexi-fixed deposit scheme attracts interest rates that are stipulated by Oriental Bank of Commerce on Term Deposits from time to time.
  • Oriental Bank of India’s staff and ex-staff and senior citizens are given additional rates in Flexi-Fixed Deposits.
  • Deposit amounts of more than Rs15 lakhs are penalized at a rate of 1%
  • Auto sweep-in benefits, the excess money is transferred automatically to the Flexi Fixed Deposit account.
  • Reverse sweep or sweep out facility

OBC Tax Saving Term Deposit

Oriental Bank of Commerce has an Oriental Bank Tax Saving Term Deposit where accountholders are eligible for tax exemption as per the Income Tax Act (Section 80C).

  • Minimum amount that can be deposited is Rs. 100 and the maximum is Rs. 1.50 lakhs in a financial year
  • The interest for the deposit is compounded quarterly and is paid with the principal when the deposit reaches maturity
  • Deposits have a minimum period of five years
  • 5 years lock-in period
  • Customers are issued a deposit receipt that mentions their name, PAN number and address, along with more particulars such as the date, amount, period, interest rate, maturity date of the deposit, etc.
  • Nomination facility allowed for this term deposit
  • Options between Fixed Deposit or Cumulative Deposit
  • The single holder deposit type may be opened by an individual or as the Karta of a Hindu Undivided Family
  • Joint Holder deposit type jointly to two adult individuals or to one adult and one minor

OBC Double Deposit Scheme

In this savings account offered by Oriental Bank of Commerce, there are different deposit tenures for different category of customers.

  • Minimum amount that can be deposited in this account is Rs. 1000.
  • Maximum amount that accountholders may deposit in this account is Rs. 1 crore, which can be given in multiples of Rs. 1000.
  • The period of deposit for this account differs according to the category of the accountholder, i.e. Senior Citizen, General Public and OBC employees. 

OBC Varishtha Samman Deposit Scheme

This deposit scheme is aimed at future senior citizens who are over 50 years old and below 60 years.

  • On attaining 60 years of age, this fixed deposit will earn an additional interest rate of 0.50% over and above the interest rate.
  • The minimum period of time for this deposit is three years.
  • Interest rates for FDs of value less than Rs 1 crore and duration 3–10 years are as follows:
Slab Period   For General Public For Staff & Ex- staff
Less than Rs. 1 crore 03 Years to At the time of Deposit 6.50% p.a. 6.50%+1.00% =7.50% 
Less  than  5 years After attaining 60 Years of age  6.50% + 0.50%*= 7.00% p.a. 6.50%+0.50%*+ 1.00%= 8.00%
Less than Rs. 1 crore 05 Years to At the time of Deposit 6.50 %p.a. 6.50%+1.00%=7.50%
Less than 10 Years After attaining 60 Years of age  6.50% + 0.50% =7.00% p.a. 6.50%+0.50%*+1.00% = 8.00%

Documents Required for OBC Fixed Deposit Scheme

  • The applicants’ latest passport sized photographs
  • The applicant has to provide a form of Identity Proof that has been provided by the government, such as a Passport, Driving License, PAN Card, Photo Ration Card, Aadhar Card, etc.
  • The applicant has to provide a form of a proof of the applicants’ address, such as an Passport, electricity bill, Telephone bill, Ration Card, etc.
  • The applicant should provide the bank either with his or her PAN Card or a declaration of Form 60 or Form 61.