Oriental Bank of Commerce Savings Account

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Oriental Bank of Commerce Savings Account

What is a savings account?

A savings account is a basic type of bank account which earns offers a low interest rate but is a safe and convenient way of storing money. A savings account is often the first bank account for many as it is very easy to open and operate. There are different kinds of savings accounts for different needs.

Advantages of having a savings account

There are several advantages to having a savings account.

  • A savings bank account is easy to open and requires minimal documentation
  • Extremely simple to operate.
  • Get access to your safely stored cash at any point of time.
  • It is one of the most liquid forms of savings – i.e. you can withdraw from it any time, from any bank ATM.
  • You can use a savings account to save money for specific expenditure like higher education, a vacation or for day-to-day expenses. It can also be used to save for a rainy day and kept as an emergency fund.
  • Encourages savings
  • Helps you keep a track of all the transactions made, including deposits and withdrawals, and makes your personal budgeting much easier.
  • Conduct banking at ease with various facilities like Internet Banking, SMS banking, Mobile banking and much more
  • Allows internet banking like RTGS/NEFT facilities

Disadvantages:

  • There are various fees associated with a savings account.
  • You need to maintain a specific balance each month in order to avoid penalties. The minimum balance required, interest rate and fees and charges vary from bank to bank and the type of account opened.
  • There is also a limit on the number of withdrawals you can make in a month without paying a penalty. This depends on the type of savings account you opt for and the bank’s policies.
  • The interest is far lower when compared to that of, say, a Fixed Deposit account and offers low returns in comparison to other forms of savings.

Even with the downsides, a savings account is popular with the old and the young, as it provides easy access to money in times of need and inculcates a habit of saving. With the easy banking modes it has on offer, a savings account is a must to have.

Oriental Bank of Commerce Savings Account

An Oriental Bank of Commerce savings account provides a host of banking benefits like flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with a Oriental Bank of Commerce Savings Account.

Features and Benefit of Oriental Bank of Commerce Savings Account

There are various benefits to having a savings account with Oriental Bank of Commerce. Following is an overview.

  • Safety and security when you store your cash in a savings account
  • Different savings account for different needs.
  • Access your account with ease via Internet Banking / SMS Bank / Phone Banking

Types of Oriental Bank of Commerce Savings Accounts

Oriental Yuva Account

  • Savings account scheme for minors between the age of 10 years and 18 years.
  • Daily withdrawal limit of Rs. 5000
  • Daily Limit of Rs. 5000 at POS machines
  • Free ATM Card
  • Free Demand Drafts for Educational Institutions and entrance exams for account holder.

Oriental Pranam Account – For Pensioners

  • Savings account for pensioners
  • Account can be opened singly or jointly
  • Free ATM Card
  • Free NEFT up to Rs. 1.00 lac
  • Free Net Banking & Mobile Banking
  • Free ECS & Debit Charges

Basic Savings Bank deposit Account (Basic SB Deposit)

  • Account opening amount Rs. 10
  • No Standing Instruction Charges for Transfer of Funds within same Branch.
  • No Incidental Charges for non-operating/activating the inoperative account.
  • Nomination Facility.
  • One free cheque book of 25 leaves during a calendar year
  • Free ATM Card
  • No restriction on number of credits in the account or on the maximum balance in the account.
  • A maximum of 6 withdrawals (including ATM and Transfers) per month permitted free of cost.

Savings Deposit Scheme “OBC Unnati”:

  • No cheque book charges (Including multicity cheques)
  • Free ATM / Debit Card for 1st year
  • NEFT / RTGS at 50% concessional Charges
  • ECS Debit / Credit free
  • Free Internet Banking
  • Mobile Banking, SMS Alerts

Oriental Bank of Commerce Savings Account Minimum Balance

The minimum balance required in Oriental Bank of Commerce savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:

Type of Savings Account Minimum Balance Required
Oriental Yuva Account -
Oriental Pranam Account – For Pensioners Rs. 20/- (Without Cheque Book)
Rs. 250/- (With Cheque Book)
Basic Savings Bank deposit Account0 -
OBC Unnati Metro: Rs.1000, Urban, Semi-Urban & Rural: Rs. 500/-

Oriental Bank of Commerce Savings Account Interest Rate

Oriental Bank of Commerce savings account comes with interest rates of up to 4%, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank. It is advisable to check with the Bank for accurate rates.

Oriental Bank of Commerce Savings Account Charges

Different Oriental Bank of Commerce savings account have a different schedule of charges. It is best to contact Oriental Bank of Commerce directly for the most up to date charges.

How to open an Oriental Bank of Commerce Savings Account

Oriental Bank of Commerce savings account opening is easy and hassle-free. You can visit your nearest Oriental Bank of Commerce branch and have a customer care representative help you with the forms. You can talk to the representative about your saving needs and open an account accordingly.

Alternatively, you can also download the account opening form online on their website, fill it and visit your chosen branch with your KYC documents to have your account opened. Your documents will be verified by the bank officials and your account will be activated.

Oriental Bank of Commerce Savings Account FAQS

What is the best interest rate on an Oriental Bank of Commerce saving account?

The interest rates can go up to 4%. For the latest interest rates, it is best to contact the nearest Oriental Bank of Commerce branch.

Who is eligible to open a Basic Savings Account with Oriental Bank of Commerce?

All resident individuals, singly or jointly, minors along with parent or legal guardian, are eligible to open an account. The zero-balance account is suited for all those who cannot keep a minimum average balance in the account. The account has been specifically introduced keeping in mind the needs of those who cannot maintain a regular balance.

Is it possible to open an Oriental Bank of Commerce savings account online?

No. you would have to visit the branch directly. The forms are available for download though.

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