Complete information regarding OBC FD interest rates 2022: Oriental Bank of Commerce (OBC) was able to become one of the most efficient and best-performing banks of India within a decade since it was nationalised in 1980.
Right now people consider OBC as one of the leading providers of fixed deposit schemes in the country.
This is possible because OBC FD interest rates and tenures have been kept flexible ranging between 7 days and 10 years.
The OBC Fixed Deposit interest rates in 2022 stand somewhere between 3% to 5.30%.
The rates of returns are different for senior citizens as they get 3.50% to 5.80%.
Besides that, OBC offers a lot of customised plans for different kinds of fixed deposit schemes.
Types of OBC Fixed Deposit Schemes
Investors get different types of fixed deposit schemes to choose from.
We are explaining 3 types of fixed deposit schemes.
1. Flexi fixed deposit scheme
Flexi fixed deposit scheme allows you to liquidate the money in form of current or savings deposit funds.
You can withdraw the fund anytime you want without losing interest, to meet any urgent financial requirements.
In order to enjoy the benefits of the Flexi fixed deposit, you will have to open an operative saving or current account with the back.
Any individual who has any such account is eligible for the scheme.
Oriental Bank of Commerce fixed deposit rates higher in this scheme. You can avail auto-renewal facility.
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2. Tax-Saving Term Deposit
This scheme is curated for individuals and Hindu Undivided Family (HUF).
If any depositor opts for this fixed deposit, it gives them the leverage to enjoy tax benefits under Section 80C of the Income Tax Act, 1961.
There are two types of deposits under this scheme, Single-holder type deposit and Joint-holder type deposit.
The Single holder deposit is meant for individuals or Karta of the HUF, who can open accounts for himself/themselves.
The joint holder account can be opened by two adults or one adult and a minor.
In this case, the interests are paid to any one of the survivors.
But only the first holder will be able to enjoy the tax benefits.
3. Regular Fixed Deposit
This is a scheme that allows the depositors to earn very high attractive returns on their investments in a flexible and secure manner.
People prefer this because the process of investment is very easy and they can nominate any member to receive the returns.
The only requirement is to have an operative savings account or current account.
The people eligible to apply for this deposit are Indian residents, non-resident Indians, senior citizens and Hindu undivided families.
Benefits of OBC Fixed Deposits
OBC FD is quickly becoming a popular investment option because of the merits the bank provides.
Deposit Amount: The amount for FD can be as low as Rs. 1000 and has no limit.
The tenure of a fixed deposit can range anywhere between 7 days and 10 years.
The OBC fixed deposit interest rates 2022 is from 3% p.a. to 5.30% p.a.
The highest interest rate offered by the bank is 5.30% on a tenure of 10 years.
Senior citizens get slightly higher rates ranging from 3.50% p.a. to 5.80% p.a.
Guaranteed returns: Oriental Bank of Commerce is a safe choice to store your money as they guarantee you assured returns.
OBC FD interest rates are quite exciting and you receive them on a monthly or quarterly basis as the bank decides.
The OBC fixed deposit interest rates for 2022 are set up to 5.30%.
Besides getting assured returns, you are also getting offered an interest rate higher than any savings account.
Government Insurance: Your deposit is safe with OBC as the Deposit Insurance and Credit Guarantee Corporation assures you insurance of Rs. 5 lakh on your deposit across all banks.
The ICRA and CRISIL have given OBC their highest rating of AAA, making it a reliable place to invest.
Whatever the current situation of the bank would be, it will not affect your term deposit as the government backs the funds.
Loan against FD: Besides being a reliable investment, FD also works as an asset to draw out loans.
Not only OBC FD interest rates are high, you can also borrow a secured loan from the bank in times of urgent requirements.
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Features of loan against FD in OBC are:
- You can draw a loan up to 90-95% of the total amount of your fixed deposit.
- The loans against FD generally charge a low-interest rate. It is only 2-3% higher than the OBC FD interest rates.
- You can enjoy flexible repayment options with loans against FD.
- OBC doesn’t charge any processing fee to sanction your loan against FD.
- This is a great option as you do not have to break your FD for emergencies and you can easily get a hassle-free loan.
Who is Eligible for OBC Fixed Deposits
- Anyone who has a salaried job
- Individuals who are self-employed
- Partnership Firms
- Companies and Associations
- Sole Proprietor Concerns
- Local governing bodies
- Members of Hindu Undivided Family (HUFs)
Documents Required for OBC FD
- Identification proofs for KYC such as Aadhar card, PAN card, voter card, and driving licence
- Passport size photographs
- Any kind of address proofs like ration card, passport, and utility bills such as gas, water or electricity bill.
- Any document that proves your age. It could be birth certificate, Voter ID card or matriculation passing certificate.
- Add active bank account details that include account number, passbook and IFSC code.
Oriental Bank of Commerce FD Application Process
It is very easy to create your fixed deposit account.
You can download the form online without having to wait in a long queue outside the bank.
After downloading the form from the official website of OBC, fill in your details and submit it online.
It will take a few days to process your application and verify the details.
Once they are satisfied, you will have a fixed deposit account. You can even transfer money to this account online.
Anyone looking to secure their future gets attracted to the OBC FD interest rates.
You get higher interest rates than any other savings account and your money is insured by the government, what more can you ask for?
Oriental Bank of Commerce truly knows how to satisfy its customers.