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OBC Fixed Deposit

OBC FD Scheme

Last Updated 01st Jan 2021

OBC fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 3.00% to 5.30%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount ?Rs. 1,000
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    OBC FD

    OBC is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years. Apart from that, OBC FD offers regular returns on fixed deposit ranging between 3.00% to 5.30%. For senior citizens, the interest rates on fixed deposits range between 3.50% to 5.80%. In addition to that, OBC fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of OBC Fixed Deposit Schemes

    Different type of OBC term deposit products offered to the investors are listed as follows:

    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

    Eligibility:

    • 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

    Eligibility:

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

    Benefits of OBC FD

    OBC fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are listed as follows:

    • Guaranteed returns: The best thing about OBC FD is that it offers guaranteed and assured returns to the investors. The return offered on fixed deposit is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, OBC offers FD rates up to 5.30%. The interest rates offered on OBC FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a FD with a FD provider with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, OBC term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in FD scheme is not only a reliable investment option but can also act as an asset. This is because OBC fixed deposit allows one to borrow a secured loan against OBC FD. The Bank allows a loan up to 90-95% of the FD amount. The best part about OBC loan against fixed deposit is that one does not need to break his or her FD to borrow the loan.
    • Flexible tenures: OBC FD offers the investors the flexibility to choose the investment tenure as per their convenience. OBC offers fixed deposit for a minimum tenure of up to a maximum tenure of 10 years. OBC offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, OBC fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of ?Rs. 1,000. Apart from that, one can invest in the OBC FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with OBC means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from OBC will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of OBC fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for OBC FD

    OBC FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for OBC FD

    OBC fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    FAQs

    What is the loan against FD repayment tenure?

    OBC offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under OBC?

    OBC FD can be availed with a minimum deposit of ?Rs. 1,000.

    What is the minimum amount for a fixed deposit in OBC?

    The minimum amount required for a fixed deposit investment in OBC fixed deposit is ?Rs. 1,000.

    What is the current interest rate on FD in OBC?

    Currently, OBC offers an interest rate ranging between 3.00% to 5.30% on its fixed deposits.

    What is the penalty for early withdrawal?

    The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in OBC?

    OBC fixed deposit can be opened with a minimum tenure of 7 days .


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    OBC News - Jan 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.
    • 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 %.
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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