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Save money while enjoying a higher interest rate with Oriental Bank Of Commerce Recurring Deposits. Oriental Bank Of Commerce Recurring Deposit Interest Rates differ for resident and NRI customers. Oriental Bank Of Commerce Senior Citizen RD Interest Rates are higher.
A Recurring Deposit (RD) is one variation of a term deposit that is provided by many banks. It allows the customer to deposit a desired amount of money at regular intervals with the bank and it earns a certain amount of interest on the same. These regular monthly deposits can be done over a tenure that is chosen by the customer.
The big difference between a Fixed Deposit and a Recurring Deposit is that an RD allows one to make regular investments in the deposit that goes on for the complete duration, whereas a fixed deposit, permits one to deposit a large sum of money at the time they open the Fixed Deposit account.
About Oriental Bank Of Commerce Recurring Deposit Rate
A Recurring Deposit in Oriental Bank of Commerce inculcates the habit of saving to its customers. There is one Recurring Deposit scheme that is offered to the customers Oriental Bank of Commerce. It is known as Progressive Deposit General.
Oriental Bank of Commerce Recurring Deposit interest rates are like the rates offered for the Fixed Deposit accounts.
Following is an overview of Oriental Bank of Commerce Recurring 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 rate of interest 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 make use of the Oriental Bank of Commerce Recurring Deposit Calculator to compute the interest and the maturity that is received on your invested amount. Using an RD calculator is easy as you just need to enter the amount you want to invest monthly, mention the date of opening of RD, the tenure and due date of RD. The calculator will then provide the maturity amount that you get at the time of maturity of the Recurring Deposit.
Using an RD calculator gives you the maturity amount and you can accordingly decide how much you want to invest. You can try various investment amount options and opt for the one that is most suited to your budget and helps achieve your financial goals.
1. What is the minimum amount required to open an RD with Oriental Bank of Commerce?
The minimum opening balance for a regular recurring deposit with Oriental Bank of Commerce is Rs. 10.
2. What is the minimum and maximum deposit period?
The minimum deposit tenure is 6 months and can extend up to a maximum of 10 years.
3. Are the interest rates of a Recurring Deposit similar to that of a Fixed Deposit?
Yes, they are similar.
4. Do senior citizens have a higher interest rate with Oriental Bank of Commerce for a Recurring Deposit?
Yes, senior citizens get 0.50% additional interest over the contracted rate of interest if deposit is below 1 crore.
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