4,80,000 people visited this section in last 30 daysApply Online

MyLoanCare - Baat Aapke Interest Ki

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

OBC FD - Scheme, Eligibility, Documents

OBC Fixed Deposit Highlights

Last Updated 15th Jul 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 deposits 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 mentioned below:

    • Guaranteed returns: The best thing about OBC FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits 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 fixed deposits 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 an 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. Benefits of Loan Against FD of OBC are as follow:
      • Loan against FD of OBC offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the OBCs flexible repayment options.
      • The processing fee of Loan Against FD in the OBC is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • 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 7 days 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.

    Credit Card Against OBC FD

    Credit Cards againstOBC FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against OBC FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in OBC?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. 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 Fixed Deposit is one of the safest investment avenues and it 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 in OBC?

    Bank charges penalty on premature withdrawal of fixed deposits. 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 . The tenure of the OBC fixed deposits ranges from 7 days to 10 years.

    Can I deposit additional amount in my OBC 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 KYC documents and Passport size photos.

    In how many years FD doubled in the OBC?

    The time OBC fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the OBC FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a OBC fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in OBC schemes. It means that they are not eligible to invest in fixed deposits.

    Is the OBC safe for FD?

    Yes, the OBC is one of the safest avenues for any investments. OBC is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the OBC?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from OBC are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


    Notification ×
    • Home Loan

      Home Loan at all-time low rates starting at 7.35%. Cashback of up to ₹ 1,000.

      Apply Now
    • Personal Loan

      Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

      Check Offers
    • Gold Loan

      Instant Gold Loan starting at 9.50% with Cashback of up to ₹ 500

      Apply Now
    • Loan Against Property

      Best Loan Against Property Offers starting @ 10.95%. Cashback of up to ₹ 1,000*.

      Apply Now
    • Business Loan

      Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

      Apply Now
    • Fixed Deposit

      AAA rated FDs with returns as high as 6.95%.

      Invest Now
    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.
    *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
    Loader
    Please wait while your information is being processed...