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OBC FD Interest Rates

OBC FD Rates 2020

Last Updated 01st Sep 2020

OBC is one of most reliable FD providers amongst a number of FD providers in the market. OBC FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. 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.

OBC Fixed Deposit (FD)

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

  • Deposit Amount: OBC FD can be opened with an amount as a low 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% 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 Best FD Plan

We need to compare tenure wise latest FD rate of OBC to choose the tenure at which it provides the highest interest rate. OBC FD rates are best for the deposits with a tenure of 3 years 1 day to 10 years, wherein the current FD rate of interest is 5.30% p.a

If one is looking to invest in short term deposits with OBC, FD interest rates range from 3.00% p.a. to 4.50% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term OBC FD rates for senior citizens range from 3.50% to 5.00% p.a.

If one is looking to invest in long term deposits, OBC FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 5.30%. Senior citizens are offered special rates from bank with highest deposit rates of 5.80% p.a. on long term FDs.

Fixed Deposits of OBC have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in OBC are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% 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

FD in OBC – Premature Withdrawal

Premature closure of Term Deposit with OBC is along with the lower interest rate of 1% for deposits above Rs. 5 lakh than the contracted rate. 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 loan 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 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 availed 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 a Fixed Deposit account in OBC, you can visit the official website and login to your account. Choose 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 offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a OBC fixed deposit. 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 FD 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, the rate of senior citizens FD are in the range of 3.50% to 5.80%.

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.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in OBC?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

What documents are required to open an FD account in OBC?

The documents required to open an FD account in OBC includes Basic KYC documents such as PAN Card, Aadhar card., 2 Photographs.

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

  • 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

What is the current interest rate on FD in OBC?

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

Can a customer open a FD account online in OBC?

Yes, you can submit your application for opening a FD account on the website of OBC. After submitting the application, you will be contacted by the bank’s representative for 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 with the 5.30%. For OBC FD the number of years in which your FD will get doubled is; 72/5.30 = 14


OBC News - Sep 2020
  • 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.
  • 2019-01-10 : Oriental Bank of Commerce revises interest rate on fixed deposits
    Oriental Bank of Commerce (OBC) has revised the interest rate of fixed deposits on January 1, 2019. The interest rates have been hiked for fixed deposits less than Rs. 1 crore only. Interest rate of fixed deposit with 7 to 14 days period has been hiked to 5.75%. While the rates for 46 to 90 days have been hiked to 6.25 %.
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