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Oriental Bank Of Commerce offers attractive fixed deposit rates. Fixed deposits can be opened online or by visiting the nearest branch. Oriental Bank Of Commerce Fixed deposit rates vary with the amount invested and the tenure. The rates are also different for non-withdrawable deposits and recurring fixed deposits.
What is a fixed deposit?
A fixed deposit is a form of investment that is used by many individuals in which, one can deposit a lump sum for a specific period and earn an interest on the same. Fixed deposits are offered to individuals by many banks and Non-Banking Financial Companies (NBFCs). The deposit durations on fixed deposits generally range from 7 days to 10 years or more in some cases. The money deposit for this duration earns an interest and is given back to the customer after the deposit duration has ended.
You can deposit the amount wanted at Oriental Bank of Commerce’s fixed deposit account for a period that typically ranges from 7 days to 10 years. The minimum amount that can be deposited in the Oriental Bank of Commerce’s account is Rs.10. The bank offers competitive interest rate on fixed deposits. The interest earned on the fixed deposit will attract the TDS as applicable.
Apart from the ordinary fixed deposit scheme, Oriental Bank of Commerce provides four different fixed deposit schemes catering to the needs of the customers. One can choose a fixed deposit scheme that is convenient based on personal needs. The four schemes at Oriental Bank of Commerce is Flexi fixed deposit, Tax saving term deposit, Progressive deposit general and Varishtha Samman deposit scheme.
About Oriental Bank of Commerce Fixed Deposit Rate
Oriental Bank of Commerce’s flexi fixed deposit offers liquidity as a savings or current deposit funds as well as interest on fixed deposit funds. This gives the customer a lot of flexibility to meet financial requirements without losing the interest. The customer will have to open an account (savings or current) under the Flexi Fixed deposit scheme, if he/she does not have one already. There is an auto sweep done from the savings/current account.
Tax Saving term deposit
Deposits made under this scheme qualify for tax benefits as per Section 80C of the income tax act. Interest can be paid at monthly or quarterly intervals. The maximum amount that can be deposited is Rs.1,50,000 and the minimum amount that can be deposited is Rs.100 and multiples thereof. The deposit is locked in for a duration of 5 years. Premature encashment is not possible. Nomination facility is available.
Varishtha Samman deposit scheme
This scheme was launched for senior citizens in the age group of 50 years to 60 years. On completion of 60 years, the deposit will automatically earn an additional interest of 0.50% over the contracted ROI. Minimum deposit period is for 3 years.
In this scheme, one can deposit a minimum amount of Rs.10 and multiples thereafter. The deposit period ranges from 6 months to 10 years. Interest is compounded quarterly. TDS is applicable on the interest earned. Loan can be availed against this deposit up to 95% of its accrued value.
The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. Oriental Bank of Commerce’s Interest Rates typically ranges from 5.50% to 7.45% per annum.
The defining criteria for a fixed deposit is that the money cannot be withdrawn before maturity, unless on payment of a penalty. Once the deposit matures, the bank credits the original amount plus the interest earned to the bank account specified when the FD is opened.
Following is an overview of Oriental Bank of Commerce’s Fixed Deposit Rates as of 27.12.2018
(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.)
Senior citizens get 0.50% additional interest over the contracted ROI if deposit is below 1 crore. No additional interest rate is payable to a senior citizen for deposit of 1 crore and above. No additional interest rate is applicable for senior citizens in the case of an NRO deposit as well.
You can use online resources to calculate the interest accrued on your Oriental Bank of Commerce’s FD. There are several online sites that allow you to instantly calculate the interest earned. All you have to do is enter the FD amount, tenure and rate of interest and the calculator will do the hard number crunching and present you with a breakup of the interest earned and the maturity amount
You can enter as many combinations as you want, and the calculator will give you instant and accurate results.
You can also calculate the interest earned and the maturity value on the principal amount using the following formula.
The following is the formula to calculate the interest earned in a Fixed Deposit account:
Calculate Oriental Bank of Commerce’s 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
1. What are the schemes offered by Oriental Bank of Commerce?
The four schemes at Oriental Bank of Commerce is Flexi fixed deposit, Tax saving term deposit, Progressive deposit general and Varishtha Samman deposit scheme.
2. 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. Upon maturity of your deposit, you are paid your original deposit amount plus the interest accumulated.
3. Can I deposit additional amount in my Oriental Bank of Commerce FD account?
No. It is possible to deposit the amount only once, that is at the time of opening the account. If you want to invest any additional amounts, then you will need a new FD account.
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