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OBC FD Interest Rates 2021

OBC FD Interest Rates

Last Updated 15th Jul 2021

When it comes to the FD interest rate, the highest rate offered on OBC FD is 5.30%. Latest OBC FD interest rate for senior citizens, on the other hand ranges between 3.50% to 5.80%.

Tenure FD interest rates Senior Citizen 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% 3.50%
46 days to 90 days 3.25% 3.75%
91 days to 179 days 4.00% 4.50%

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

Earn upto 6.95% on FD APPLY NOW

OBC Fixed Deposit Features

OBC FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of OBC Fixed Deposit are:

  • Deposit Amount : OBC FD can be opened with an amount as a low ₹ 1,000 to up to No Limit.
  • FD Tenure : Ranges between 7 days to 10 years.
  • Interest Rate Range : 3.00% p.a. to 5.30% p.a.
  • Senior Citizens FD Rate : 3.50% p.a to 5.80% p.a.
  • Highest Interest Rate : As per today’s rate, OBC’s highest interest rate on FD is 5.30% offered for a tenure of 10 years.
  • Safety of OBC Deposits : OBC deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD : OBC provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto- Renewal Facility : Available
  • Nomination Facility : Available
  • Popular FD Schemes : Flexi Fixed Deposit Scheme, Regular Fixed Deposit

OBC FD Interest Rates Today

Interest rates on OBC deposits are updated regularly by the Government of India. The following are updated OBC FD interest rates 2021:

Tenure Interest Rate
7 days to 14 days 3.00%
15 days to 29 days 3.00%
30 days to 45 days 3.00%
46 days to 90 days 3.25%
91 days to 179 days 4.00%
180 days to 270 days 4.40%
271 days to 364 days 4.50%
1 year 5.20%
1 year 1 day to 2 years 5.20%
2 years 1 day to 3 years 5.20%
3 years 1 day to 5 years 5.30%
5 years 1 day to 10 years 5.30%

OBC FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, OBC offers a higher interest rate to senior citizens than the general public. Listed below are the OBC fixed deposits interest rates for senior citizens 2021:

Tenure Interest Rate for senior citizens
7 days to 14 days 3.50%
15 days to 29 days 3.50%
30 days to 45 days 3.50%
46 days to 90 days 3.75%
91 days to 179 days 4.50%
180 days to 270 days 4.90%
271 days to 364 days 5.00%
1 year 5.70%
1 year 1 day to 2 years 5.70%
2 years 1 day to 3 years 5.70%
3 years 1 day to 5 years 5.80%
5 years 1 day to 10 years 5.80%

Best FD Plan as per OBC FD Rates

To invest in OBC fixed deposit, you must compare OBC Fixed Deposit Rates for varying tenures. OBC FD Interest Rates 2021 are best for the deposits with a tenure of 3 years 1 day to 10 years, wherein the current OBC Fixed Deposit Interest Rates is 5.30 p.a.

If you are looking to invest in short term deposits with OBC, the interest rate of OBC for FD ranges from 3.00% p.a. to 4.50% p.a. These deposits are known as short term deposits and are offered with a tenure of 7 days to less than 365 days. Short term OBC Fixed Deposit Rates for senior citizens range from 3.50% to 5.00% p.a.

If you want to invest in long term deposits, OBC Fixed Deposit Rates with tenure ranging from 5 years to 10 years are a good choice with interest rates on deposits at 5.30%.OBC Senior citizens FD Rates are offered at special rates with the highest deposit rates of5.80% p.a. on long term FDs.

Below-mentioned is some of the benefits of opening an FD account in OBC:

  • Interest on deposit is paid only at the time of the maturity
  • OBC also offers a nomination facility on its fixed deposits.
  • Extra interest of 0.25% to 0.50% is payable to the senior citizens.
  • Availability of auto-renewal facility on the deposit.
  • Earn higher returns on the money deposited.

Documents required to open Fixed Deposit Account in OBC

  • Basic KYC documents such as PAN Card, Aadhar card.
  • 2 Photographs
  • Age proof (Birth certificate, matriculation certificate, etc,)
  • Passport size photographs
  • Bank A/c details

OBC Fixed Deposit Rates – Premature Withdrawal

You can close your OBC FD account prematurely, however OBC charges a penalty of 1% for deposits above Rs. 5 lakh for premature withdrawal. Also, The penal provisions for premature closure on OBC FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit OBC

OBC offers loans up to 90% against its own deposit. Note that OBC will not give you loan against FD of any other bank. OBC offers Loan against FD at the rate of 4% to 6.3%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in OBC. The borrower later decided to take a loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 available for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at OBC

To open an OBC Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of OBC and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the OBC FD after reading the terms and conditions.

To open a Fixed Deposit account in OBC, you can visit the official website and login to your account. Choose the Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the OBC FD after reading the terms and conditions.

Nomination Facility on OBC FD

OBC also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an OBC FD account. The nominee has to submit his/her identification proof at the time of claim.

OBC Fixed Deposit Scheme

Flexi Fixed Deposit Scheme

Description:

  • Flexi fixed deposit products offer liquidity in the form of savings or current deposit funds as well as higher returns as are available on fixed deposit funds.
  • Facility to withdraw funds whenever required
  • An operative savings or current account must be opened to enjoy the benefits under this scheme
  • Availability of auto renewal facility

Who is eligible?

  • Individual with operative account savings or current account
Regular Fixed Deposit

Description:

  • Under this scheme, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with a flexibility and security.
  • Easy investment with attractive returns
  • Nomination facility is available
  • Individual with operative account savings or current account

Who is eligible?

  • Resident Indians, non resident Indians, senior citizens and hindu undivided family

FAQs

What is the highest fixed deposit interest rate for OBC?

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

Are there any special rates for senior citizens FD of OBC?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 3.00% to 5.30%. Compared to this, OBC senior citizens FD are in the range of 3.50% to 5.80%.

What are the current OBC FD interest rates 2021?

Current interest for FD in OBC ranges between 3.00% - 5.30%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with OBC?

The minimum deposit amount required to book an FD with OBC is ₹ 1,000.

Is it possible to change the tenure of my existing fixed deposit account with OBC?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with OBC without their PAN card

  • Your TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

Can a customer open an FD account online in OBC?

Yes, you can submit your application for opening an FD account on the website of OBC. After submitting the application, you will be contacted by the bank’s representative for the further process, which includes filling an application process and submitting KYC documents.

In how many years FD will double in OBC?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 the 5.30%. For OBC FD the number of years in which your FD will get doubled is; 72/5.30 = 14

What is the interest of 1 lakh in the OBC?

The interest on OBC fixed deposit depends on the tenure of the FD for which it is deposited. Below mentioned is the OBC FD interest rate 2021 across different tenures.

TenureInterest Rate
7 days to 14 days 3.00%
15 days to 29 days 3.00%
30 days to 45 days 3.00%
46 days to 90 days 3.25%
91 days to 179 days 4.00%
180 days to 270 days 4.40%
271 days to 364 days 4.50%
1 year 5.20%
1 year 1 day to 2 years 5.20%
2 years 1 day to 3 years 5.20%
3 years 1 day to 5 years 5.30%
5 years 1 day to 10 years 5.30%


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OBC News - Jul 2021
  • 2021-07-15 : OBC & UBI merged with PNB
    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.
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