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OBC FD Calculator

OBC Fixed Deposit Calculator 2022

Last Updated 03rd Aug 2021

OBC FDs have tenures ranging from 3 years 1 day to 10 years with maximum rate of interest of 5.30%. Interest rates for senior citizens are higher than the normal rates and ranges upto 5.80%.

Tenure Interest Rate for General Public Interest Rate for Senior Citizens Max Maturity Amount per Lakh
7 days to 14 days 3.00% 3.50% ₹ 1,00,058 - ₹ 1,00,134
15 days to 29 days 3.00% 3.50% ₹ 1,00,123 - ₹ 1,00,278
30 days to 45 days 3.00% 3.50% ₹ 1,00,247 - ₹ 1,00,432
46 days to 90 days 3.25% 3.75% ₹ 1,00,410 - ₹ 1,00,925

OBC has merged into Punjab National Bank on April 1, 2020. The interest rates of Punjab National Bank will now be applicable on OBC.

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OBC Fixed Deposit Calculator

OBC fixed deposit calculator helps you calculate maturity value of your deposited amount at the interest rate which is compounded quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in OBC. Banks may allow a higher interest rate on larger deposits. OBC offers a deposit amount in the range of Rs. 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. OBC offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by OBC is 5.30% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 3 years 1 day to 10 years.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 3.00% for a 3 years 1 day FD and a rate of 5.30% for a 10 years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate - A TDS of 10% of interest amount is applicable if you earn more than Rs 40,000 in a year from FD, which is called FD income. If you do not submit the PAN Card to the bank then TDS rate will be 20% of interest amount.
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 3.00%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      OBC calculates quarterly interest on its fixed deposits. You can also opt for a tax saving scheme to save tax on fixed deposit.

How to Use MyLoanCare FD Calculator

Here is a simple procedure to use MyLoanCare FD calculator:-

  • Go to the FD Calculator.
  • Fill the fields like Deposit Amount, Rate of Interest, Period of Deposit (In years or months), Interest compound frequency.
  • Click Calculate.
  • Result will be shown, which will consist of total maturity amount and total interest earned

OBC Fixed Deposit Interest Rate Calculator – Interest Payment Options

  • Non Cumulative- In a periodic interest payout option, OBC would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • Cumulative- In case you opt for a OBC cumulative deposit on maturity you would get a credit for the principal and interest earned net of TDS.

How is OBC FD Rate Calculated?

OBC calculates fd interest in two ways, one is cumulative and non-cumulative as discussed above. It is a decision made by you whether you want interest payout at the end of the tenure or monthly, quarterly, half-yearly or yearly. To earn more money you can go for a cumulative method because interest earned throughout the tenure is added to the principal amount and is compounded then. However, if you are looking for monthly income or so then you can go for non-cumulative.

OBC FD Maturity Calculation for 5 Year

The interest earned on a fixed deposit in OBC depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on OBC FD can be calculated monthly, quarterly, half-yearly and annually.

Let’s understand how much interest you will earn if you invest ₹ 1,00,000 in OBC FD for a 5-year tenure at an interest rate of 5.30% for depositors below 60 years and 5.80% for senior citizens.The maturity schedule of OBC FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.30% for Citizens below 60 years and at 5.80% for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2022 ₹ 5,406 ₹ 1,05,406 ₹ 5,927 ₹ 1,05,927
2023 ₹ 5,699 ₹ 1,11,105 ₹ 6,279 ₹ 1,12,206
2024 ₹ 6,007 ₹ 1,17,112 ₹ 6,651 ₹ 1,18,857
2025 ₹ 6,331 ₹ 1,23,443 ₹ 7,045 ₹ 1,25,902
2026 ₹ 6,674 ₹ 1,30,117 ₹ 7,463 ₹ 1,33,365

OBC FD Calculator Formula

Along with an online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on OBC FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P - Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

Other Investment Calculators

FAQs

What is the highest interest earned on OBC fixed deposit?

You can earn a maximum interest of 5.30% on OBC fixed deposits.

How many years FD will double in OBC?

The growth of OBC FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in OBC FD.You can also use OBC fd calculator to calculate the maturity amount. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.05%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.05 = 10.21. So it will take a little more than 14 years for one’s investment to get doubled in OBC.

What are the minimum and maximum amounts that I can invest in an OBC FD?

The minimum investment limit in OBC Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.

Can I withdraw my premature FD from OBC?

Yes, you can withdraw your premature FD amount if you want money before the tenure ends. However, you might have to pay a penalty fee ranging from 1% for deposits above Rs. 5 lakh of FD amount for premature withdrawal.

How can I calculate OBC premature FD amount?

To calculate premature FD amount you can use OBC bank fd calculator. All you have to put is the value of the invested amount, tenure, interest rate and premature penalty rate (if any).


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OBC News - Jan 2022
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    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
  • 2020-03-30 : New FD rates for OBC bank
    OBC bank revised its FD rates with effect from 30 March 2020. The fixed deposit rate for 7 to 45 days is 4.50%, it is 5% for 46 to 179 days and stands at 5.75% for 180 days to one year. FD rates for long tenors of 1 year to upto one year is 6.05%. Further, the FD rate for the special tenor of 333 days is 5.85%.
  • 2019-09-19 : Revised FD rates for Oriental Bank of Commerce
    With effect from September 16, 2019, the Oriental Bank of Commerce has revised its FD rates. The revised rate on FD for a tenure of 7-30 days 5.40%; for 31-45 days the rate is 5.50%; for 46-90 days the rate is 5.60%; for 91-179 days it is 5.75%, and for 180 days to 1 year it is 6.00%. For longer tenure of 1 year to 679 days the rate is 6.60%; for 680 days it is 6.80%; the rate for 681 days to 2 years is 6.60%, and for 2-10 years the rate is 6.70%.
  • 2019-07-23 : Oriental Bank of Commerce’s Q1 net profit at Rs. 112 crores on better asset quality
    Public sector lender, Oriental Bank of Commerce has posted a net profit of Rs. 112 crore on the back of better asset quality and fewer provisions. The lender also has plans to achieve significant growth across its retail loan segment, including home loans and fixed deposits.
  • 2019-01-31 : Oriental Bank of Commerce revises interest rate on fixed deposits by 25 basis points
    Oriental Bank of Commerce has revised the interest rate of fixed deposits on January 14, 2019. The interest rates have been hiked for fixed deposits less than Rs. 1 crore only. Interest rate of fixed deposit with 91 days to 179 days has been hiked to 6.50% earlier it was 6.25%. While the rate for 1 year has been hiked to 7.00% from 6.75% respectively.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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