Oriental Bank of Commerce Fixed Deposit Rate
Oriental Bank of Commerce Fixed Deposit Rate - FD Rate in India
A Fixed Deposit (FD) is an investment account as well as a kind of savings account. It is one of the easiest ways of earning interest on idle money. Fixed deposits (FD) are a low-risk instrument of saving that yield a higher interest amount than a regular savings account. The money deposited attracts interest according to the maturity period and amount deposited.
Money can be deposited in an FD account for a time period that usually ranges from 7 days to 10 years. Banks are free to set their own FD interest rate which in India can generally range from 3.5% - 8%. Once the deposit matures, the bank credits the principal amount along with the interest earned to the bank account specified on the application form when the FD is opened.
Fixed Deposits are considered to be safe investments and free from fluctuations and volatility when compared to other forms of investment instruments like the stock market. Though the returns are relatively low, you can be assured of a fixed return when you invest in an FD, unlike many other investment avenues.
Investing in an FD also encourages a habit of saving as the money you deposit cannot be prematurely. In times of emergency, you can choose to break it, but you would need to pay a penalty and you might lose on the interest benefits depending on the time left for maturity, and the policies of the bank.
If you have idle money that you wish to invest, opening a fixed deposit account is the simplest way to go, as it is both quick and easy and all you need to do is to deposit money into the account for a given period of time and it earns interest for you.
withdrawn Apart from banks, NBFCs and corporates too offer fixed deposits.
Oriental Bank of Commerce Deposit Rates
The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. The general rule of thumb is, the longer the term of deposit, the higher the rate of interest. But a bank may also offer a lower rate of interest for a longer tenure if the rates are expected to fall in the future. Oriental Bank of Commerce Interest Rates typically ranges from 4%-7% per annum.
Oriental Bank of Commerce FD rates
Following is an overview of Oriental Bank of Commerce Term Deposit Ratesand Oriental Bank of Commerce Short-Term Fixed Deposit Interest Rates.
Oriental Bank of Commerce Bank Interest Rates on Fixed Deposits 2015 – 2016:
(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with Oriental Bank of Commerce directly.)
Rates of Interest on Domestic Term Deposits (including NRO Deposits)
|Maturity Period||Revised Interest Rate for amount less than Rs. 1 Crore|
|7 days to 14 days||4.00%|
|15 days to 30 days||4.50%|
|31 days to 45 days||5.50%|
|46 days to 90 days||6.00%|
|91days to 179 days||6.25%|
|180 days to 269 days||7.00%|
|270 Days to less than 1 year||7.00%|
|1 year to less than 2 years||7.15%|
|2 Years to less than 3 years||7.00%|
|3 Years to less than 5 Years||7.00%|
|5 Years to 10 years||7.00%|
Rate of Interest On Term Deposits Including NRO Deposits of Rs. 1.00 Crore & Above
|Maturity period||Interest Rates on Deposit of Rs. 1 Crore & above||Interest Rates on Deposit of above Rs. 10 Crores|
|270 Days to less than 1 year||6.51%||6.51%|
|1 year to less than 2 years||6.71%||6.71%|
|2 Years to less than 3 Years||6.50%||6.50%|
|3 Years to less than 5 Years||6.50%||6.50%|
|5 Years to 10 Years||6.50%||6.50%|
Oriental Bank of Commerce FD Interest Rates for Senior Citizens
Oriental Bank of Commerce Bank offers special Senior Citizen FD Rates which are generally marginally higher than the rates as applicable for normal FDs. As of now, Oriental Bank of Commerce Senior Citizen FD rate of interest is 0.50% higher for all maturity periods for an amount up to Rs. 1 crore. No additional interest rate is payable to senior citizens for deposits of Rs. 1 Crore and above. No additional interest rate is applicable for senior citizens in case of NRO deposits as well.
How to Calculate Oriental Bank of Commerce Fixed Deposit Interest
You can easily use the Oriental Bank of Commerce FD Calculator to help you identify how much interest you will earn on your principal amount. All you need to do is enter the amount deposited, number of years, rate of interest per annum and compounding period – and the calculator will do the rest and present you with a breakup of the interest earned and the maturity amount.
You can also use other online resources to help you calculate the interest accrued on your Oriental Bank of Commerce FD. There are several online websites that allow you to instantly and accurately calculate the interest earned on a principal amount.
Using an online calculator rules out errors and lets you determine the maturity amount. It helps in determining how much you want to invest and how to fit it into your budget and act accordingly.
You can also calculate the interest earned and the maturity value on the principal amount using the following formula.
Calculate IDBI FD Rate
A = P x (1 + r/n)nt
I = A - P
A = Maturity Value
P = Principal Amount
r = Rate of Interest
t = Number of Years
n = Compounded Interest Frequency
I = Interest Earned
Oriental Bank of Commerce FD Premature Withdrawal Penalty
Breaking a fixed deposit comes in handy in times of crisis and might be required if you are facing an emergency like a medical crisis. The bank typically charges a penalty which is communicated to you at the time of application for the FD. Keep in mind that you may will earn interest only on the remaining amount and the interest rate might change depending on the slab.
Oriental Bank of Commerce FD – FAQS
Who is eligible to deposit under the Tax Saving Fixed Deposit Scheme?
An individual or a Hindu Undivided Family (HUF) having a Permanent Account Number (PAN) can make deposit under the Tax Saver Scheme.
What is the interest payout in a simple fixed deposit account?
A fixed deposit can be issued with monthly or quarterly interest payment option.
What the maximum I can invest in a Tax Saving fixed deposit account?
You can invest any amount not exceeding Rs. 1.50 lakhs in a financial year, the minimum deposit amount being Rs. 100 and in multiples of Rs. 100.
For how long can I keep my deposit?
You can open a fixed deposit account for any period ranging from 7 days to 10 years.