Oriental Bank of Commerce FD Fixed Deposit

⋆ Interest Rate 9.99% ⋆

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      Oriental Bank of Commerce FD

      A fixed deposit is a form of investment that is used by many individuals in which, one can deposit a lump sum for a specific period and earn interest on the same. Fixed deposits are offered to individuals by many banks and Non-Banking Financial Companies (NBFCs). The deposit duration on fixed deposits generally ranges from 7 days to 10 years or more in some cases. The money deposit for this duration earns interest and is given back to the customer after the deposit duration has ended.

      You can deposit the amount wanted at Oriental Bank of Commerce’s fixed deposit account for a period that typically ranges from 7 days to 10 years. The minimum amount that can be deposited in the Oriental Bank of Commerce’s account is Rs.10. The bank offers a competitive interest rate on fixed deposits. The interest earned on the fixed deposit will attract the TDS as applicable.

      Apart from the ordinary fixed deposit scheme, Oriental Bank of Commerce provides four different fixed deposit schemes catering to the needs of the customers. One can choose a fixed deposit scheme that is convenient based on personal needs. The four schemes at Oriental Bank of Commerce is Flexi fixed deposit, Tax saving term deposit, Progressive deposit general and Varishtha Samman deposit scheme.

      Flexi fixed deposit

      Oriental Bank of Commerce’s Flexi fixed deposit offers liquidity as savings or current deposit funds as well as interest on fixed deposit funds. This gives the customer a lot of flexibility to meet financial requirements without losing interest. The customer will have to open an account (savings or current) under the Flexi Fixed deposit scheme if he/she does not have one already. There is an auto sweep done from the savings/current account.

      Tax Saving Term deposit

      Deposits made under this scheme qualify for tax benefits as per Section 80C of the income tax act. Interest can be paid at monthly or quarterly intervals. The maximum amount that can be deposited is Rs.1,50,000 and the minimum amount that can be deposited is Rs.100 and multiples thereof. The deposit is locked in for a duration of 5 years. Premature encashment is not possible. A nomination facility is available.

      Oriental bank of commerce FD

      Varishtha Samman deposit scheme

      This scheme was launched for senior citizens in the age group of 50 years to 60 years. On completion of 60 years, the deposit will automatically earn an additional interest of 0.50% over the contracted ROI. The minimum deposit period is for 3 years.

      Slab Period For the general public For staff & ex-staff
      Less than 1 crore 3 to 5 years At the time of deposit 6.50% 7.50%
      After attaining 60 years of age 7% 8%
      Less than 1 crore 5 to 10 years At the time of deposit 6.75% 7.75%
      After attaining 60 years of age 7.25% 8.25%

      Flexi Fixed Deposit Scheme

      As is discussed earlier that the PSU bank offers two types of fixed deposit schemes- Flexi Fixed Deposit Scheme and Tax-Saving Term Deposit Scheme, let’s discuss these in detail.

      With the Flexi fixed deposit scheme, you are likely to get the liquidity of savings/current account, in addition to the higher returns of fixed deposit. The scheme allows depositors to meet the fund requirement without having to compromise on the interest factor as funds can be seamlessly transferred to savings or current account, whatever you may have with the bank.

      Tax-Saving Term Deposit Scheme

      The scheme, which is up for grabs by individuals and Hindu Undivided Family (HUF), enables depositors to enjoy tax benefits as per Section 80C of the Income Tax Act, 1961. Within the scheme,  the bank accepts two types of deposits-

      Single Holder Type Deposit

      This type of fixed deposit account can be opened by individuals for himself/themselves or Karta of the HUF.

      Joint Holder Type Deposit

      This type of deposit is offered to two adults or an adult and minor together. The proceeds are payable to either of the survivor. However, the tax benefit is available only to the first holder.

      Eligibility Criteria

      • Salaried Professionals
      • Self-employed Individuals
      • Sole Proprietory Concerns
      • Partnership Firms
      • Companies
      • Trusts
      • Associations

      Documents Required

      • A Duly Signed Application Form
      • Cheque or Demand Draft
      • Identity Proof- Passport, PAN Card, Driving License, Voter ID, Aadhaar Card, Photo Ration Card, Senior Citizen ID Card
      • Address Proof- Passport, Electricity Bill, Telephone Bill, Bank Statement, Certificate or ID Card Issued by Post Office

      Oriental Bank of Commerce Fixed Deposit Calculator

      Wanna know how much will you get on your fixed deposit at the time of maturity? Use the fixed deposit calculator, which is easy and simple to operate. Just input the deposit amount, along with interest rate and compounding frequency in the calculator and get the expected earning amount, inclusive of interest, before you. So before you book a fixed deposit, do calculate your earning by using the fixed deposit calculator to get assured of the returns.

      Oriental Bank of Commerce Fixed Deposit Form

      Accessing Oriental Bank of Commerce Fixed Deposit is easy as you can download the form online without having to stay in a long queue at the branch to get the same. Download the form from the website, fill in the details and send it to the bank officials to process your application. The officials will verify your details and open your fixed deposit account upon satisfactory investigation.

      Progressive deposit general

      In this scheme, one can deposit a minimum amount of Rs.10 and multiples thereafter. The deposit period ranges from 6 months to 10 years. Interest is compounded quarterly. TDS applies to the interest earned. The loan can be availed against this deposit up to 95% of its accrued value.

      Interest Rate on Oriental Bank of Commerce’s FD

      The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. Oriental Bank of Commerce’s Interest Rates typically ranges from 5.50% to 7.45% per annum.

      The defining criteria for a fixed deposit are that the money cannot be withdrawn before maturity, unless on payment of a penalty. Once the deposit matures, the bank credits the original amount plus the interest earned to the bank account specified when the FD is opened.

      Oriental Bank of Commerce Fixed Deposit rates

      Following is an overview of Oriental Bank of Commerce’s Fixed Deposit Rates as of 27.12.2018

      (Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the bank. For the latest rates, it is advisable to check with Oriental Bank of Commerce directly.)

      Domestic Term Deposits less than 1 crore (Including NRO):

      Maturity period Revised w.e.f 05.11.2018
      7 days to 14 days 5.75%
      15 days to 30 days 5.75%
      31 days to 45 days 5.75%
      46 days to 90 days 6.25%
      91 days to 179 days 6.25%
      180 days to 269 days 6.35%
      270 days to less than 1 year 6.50%
      1 year to 499 days 6.75%
      500 days 7.00%
      501 days to less than 2 years 6.75%
      2 years to less than 3 years 6.75%
      3 years to less than 5 years 6.70%
      5 years to less than 10 years 6.75%

      Domestic Term Deposits more than 1 crore (Including NRO):

      Maturity period Deposit of 1 cr to 10 CRS Deposit above 10 CRS
      7 days to 14 days 5.50% 5.50%
      15 days to 30 days 6.00% 6.00%
      31 days to 45 days 6.50% 6.50%
      46 days to 90 days 6.75% 6.75%
      91 days to 179 days 7.05% 7.05%
      180 days to 269 days 7.05% 7.05%
      270 days to less than 1 year 7.05% 7.05%
      1 year to less than 2 years 7.45% 7.45%
      2 years to less than 3 years 7.45% 7.45%
      3 years to less than 5 years 6.75% 6.75%
      5 years to less than 10 years 6.50% 6.50%

      Senior Citizens Deposits

      Senior citizens get 0.50% additional interest over the contracted ROI if a deposit is below 1 crore. No additional interest rate is payable to a senior citizen for a deposit of 1 crore and above. No additional interest rate is applicable for senior citizens in the case of an NRO deposit as well.

      How to Calculate the Oriental Bank of Commerce’s Fixed Deposit Interest?

      You can use online resources to calculate the interest accrued on your Oriental Bank of Commerce’s FD. Several online sites allow you to instantly calculate the interest earned. All you have to do is enter the FD amount, tenure and rate of interest and the calculator will do the hard number crunching and present you with a breakup of the interest earned and the maturity amount

      You can enter as many combinations as you want, and the calculator will give you instant and accurate results.

      You can also calculate the interest earned and the maturity value on the principal amount using the following formula.

      The following is the formula to calculate the interest earned in a Fixed Deposit account:

      Calculate Oriental Bank of Commerce’s FD Rate

      A = P x (1 + r/n)nt

      I = A – P

      Where

      A = Maturity Value

      P = Principal Amount

      r = Rate of Interest

      t = Number of Years

      n = Compounded Interest Frequency

      I = Interest Earned

      FAQs

      ✅What are the schemes offered by the Oriental Bank of Commerce?

      The four schemes at Oriental Bank of Commerce is Flexi fixed deposit, Tax saving term deposit, Progressive deposit general and Varishtha Samman deposit scheme.

      ✅For how long can I keep my deposit?

      You can open a fixed deposit account for any period ranging from 7 days to 10 years. Upon maturity of your deposit, you are paid your original deposit amount plus the interest accumulated.

      ✅Can I deposit an additional amount in my Oriental Bank of Commerce FD account?

      No. It is possible to deposit the amount only once, that is at the time of opening the account. If you want to invest any additional amounts, then you will need a new FD account.

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