Oriental Bank of Commerce FD Rates
About Oriental Bank of Commerce
The Oriental Bank of Commerce was merged with Punjab National Bank on 1 April 2020. The bank is famous for its highly competitive Oriental Bank of Commerce FD rates. The headquarters of the organization is in Gurgaon, Haryana.
According to official reports, Oriental Bank of Commerce has over 2390 branches and 2625 ATMs located all across India. It should also be noted that on 1 April 2020, the United Bank of India was also merged with Punjab National Bank. This effectively made the bank the second-largest public sector bank in India.
Features of Oriental Bank of Commerce FD Rates
The Oriental Bank of Commerce is not just popular for its Oriental Bank of Commerce FD rates but the bank is also known for providing its customers with some very unique features. Do you want to know what these features are?
If yes, then go through the list of amazing Oriental Bank of Commerce FD rates features given below.
- Flexible FD tenures and competitive interest rates are offered that suit all your investment plans
- The FD account can be opened online or by visiting the nearest Oriental Bank of Commerce branch
- There is no limit on the maximum amount that can be used for opening an FD account
- The FD tenure ranges from a minimum of 7 days to a maximum of 10 years
- Different interest payouts, including monthly and quarterly options, are available
- Customers can get easy and fast liquidity options
- A nomination facility is available for all customers
- One can avail of tax benefits of up to INR 1,50,000 through tax saving term deposit schemes
- The part withdrawal facility is available
- Auto-renewal facility is available for all customers
- A higher interest rate is provided to senior citizens
- NRE, FCNR, and NRO facilities are also provided by the bank
Oriental Bank of Commerce FD Interest Rates
Now that you are familiar with the FD features, it is time to go over the Oriental Bank of Commerce FD interest rates. And we’ll cover those interest rates in this section. First, let’s look at the Oriental Bank of Commerce FD interest rates for term deposits below INR 2 crore.
|Tenure||Regular Citizen Oriental Bank of Commerce FD Interest Rates||Senior Citizen Oriental Bank of Commerce FD Interest Rates|
|7 days to 14 days||3.00%||3.50%|
|15 days to 29 days||3.00%||3.50%|
|30 days to 45 days||3.00%||3.75%|
|46 days to 90 days||3.25%||3.75%|
|91 days to 179 days||4.00%||4.50%|
|180 days to 270 days||4.40%||4.90%|
|271 days to less than a year||4.50%||5.00%|
|Above 1 year and up to 2 years||5.20%||5.70%|
|Above 2 years and up to 3 years||5.20%||5.70%|
|Above 3 years and up to 5 years||5.30%||5.80%|
|Above 5 years and up to 10 years||5.30%||5.80%|
Now, let’s go over Bank of Commerce FD interest rates for OBC fixed deposits over INR 2 crore.
|Tenure||Regular FD Interest Rates||Senior Citizen FD Interest Rates|
|7 days to 14 days||3.00%||NA|
|15 days to 29 days||3.00%||NA|
|30 days to 45 days||3.00%||NA|
|46 days to 90 days||3.00%||NA|
|91 days to 179 days||3.00%||NA|
|180 days to 270 days||3.10%||NA|
|271 days to less than a year||3.10%||NA|
|Above 1 year and up to 2 years||3.25%||NA|
|Above 2 years and up to 3 years||3.00%||NA|
|Above 3 years and up to 5 years||3.00%||NA|
|Above 5 years and up to 10 years||3.00%||NA|
Benefits of Oriental Bank of Commerce FD Rates
There are many benefits of learning about Oriental Bank of Commerce FD interest rates and opening up an FD account. And these benefits are:
- Get easy liquidity of funds whenever required
- Get higher returns
- Access to flexible FD tenures ranging from 7 days to 10 years
- An additional interest rate of 0.50% for senior citizens
- Option of cumulative deposit or fixed deposit
- Get monthly or quarterly interest payouts
- Avail of tax exemption for the principal amount under the Section 80C of the Income Tax Act for up to INR 1.5 lakh
Types of Oriental Bank of Commerce FD Rates and Schemes
The different types of Oriental Bank of Commerce FD rates and schemes are:
- Flexi Fixed Deposit
- Progressive Deposit General
- Tax Saving Fixed Deposit
Eligibility of Oriental Bank of Commerce FD
If you fall in the categories mentioned below, then you are eligible to open an Oriental Bank of Commerce FD.
- Resident of India
- Karta of Hindu Undivided Family (HUF)
How to Calculate Oriental Bank of Commerce FD Rates
Oriental Bank of Commerce provides earnings to its customers who have opened FD accounts through simple interest and compound interest. In the case of simple interest, the interest is only earned on the principal amount. However, in the case of compound interest, the interest is earned on the principal amount and the interest amount.
Calculating both of these interests can be a taxing process. But we still recommend individuals to do this as it gives them the best idea of what they should do to get the highest amount of interest on their principal amount.
To make this task easier, you can choose to calculate the interest amount by using an Oriental Bank of Commerce calculator. The calculator will make sure that you get the accurate interest value without any hassle.
Factors Affecting Oriental Bank of Commerce FD Rates
There are many factors that can decrease or increase the fixed deposit interest rates. Are you interested in learning what these factors are? If yes, then today is your lucky day as we are going to look at these factors now.
- Rate of inflation
- Current liquidity scenario in India
- Overall demand and supply condition in the country
- Anticipated lending rate cuts
- Falling call rates in the country
- Plummeting of bank fund’s cost
- Times of muted credit demand
Does Oriental Bank of Commerce provide fixed deposits for NRIs?
Yes, Oriental Bank of Commerce does provide fixed deposit accounts for NRIs. You can go on the official website to look at the current interest rate and how you can open an FD online.
Is there a minimum amount that is required to open an Oriental Bank of Commerce Progressive Deposit General account?
Yes, the minimum deposit required for opening an Oriental Bank of Commerce Progressive Deposit General account is INR 10 or multiples of it.
What is the highest amount that I can deposit in an Oriental Bank of Commerce Tax Saving scheme?
The highest amount that one can deposit in the Oriental Bank of Commerce Tax Saving scheme in a financial year is INR 1.5 lakh. This can be done with a minimum amount of INR 100 and its multiples.