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Oriental Bank of Commerce Savings Account

Oriental Bank of Commerce offers different varieties of savings accounts. Customers interested in opening a savings account can choose from any of the available varieties depending on their specific requirements. Oriental Bank of Commerce is known to offer very lucrative interest rates on the savings account. As part of the savings account, there are also several other benefits attached. The flexible and easy accounts management is one of them.

Types of Oriental Bank of Commerce Savings Accounts

Oriental Bank Of Commerce Savings Account

The types of savings accounts in Oriental Bank of Commerce –

Basic Savings Bank Deposit Account

The different benefits offered under Basic Savings Bank Account are –

  • Zero Balance Requirement
  • Interest rate at 4% per annum
  • Free ATM debit card
  • Any individual who is an Indian resident can apply for opening this bank account

Oriental Yuva Account

Any Indian residents between the ages of 10-18 years can apply to open this account.

  • It offers zero minimum balance requirement
  • Interest rate at 4% per annum can be earned on this savings account
  • Account owner can get Free Classic Rupay ATM debit card with this account

Oriental Pranam Account for Pensioners

Features and benefits

  • A minimum balance of Rs.20 can be maintained for account facility without cheque book and Rs. 250 can be maintained for the account that comes with a cheque book
  • Interest rate of 4% per annum can be earned in this account
  • This account comes with a free ATM debit card
  • Any Indian resident who is eligible for Pension can apply for this account

Oriental Salute Salary Account

Oriental Bank of Commerce offers a salary account with many benefits for the banking needs of Indian Armed Forces and Paramilitary Forces.

Features and benefits -

  • Zero Balance Savings Account
  • Interest rate offered is 4% per annum
  • Free Rupay Platinum or Visa Gold ATM debit card.
  • An individual who is a permanent employee of Indian Armed Forces & Paramilitary Forces can apply for this account.

Stree Shakti Saving Account

This is a Savings account that is specifically designed for modern women to help them in enhancing their lifestyle by catering to savings need.

Features and benefits

  • Monthly average balance of Rs. 25,000 can be maintained in this account
  • This account earns an interest rate of 4% per annum
  • There are two different ATM cards available with this savings account, RuPay Platinum and Visa Gold.
  • Account owner with RuPay Platinum card can withdraw Rs. 1 Lakh per day. For Visa Gold Card, the limit is Rs. 50,000
  • Any female who is an Indian resident and more than 18 years of age, can request for this account opening
  • Account-holders can also avail for free Demat account facility for 1st year of account opening. No annual maintenance charges will be applied for the 1st year
  • Locker facility is available at a 25% discount on locker rent, provided 2 years of advance deposit is paid
  • Recurring deposit facility can be availed and the RD account can be linked to Savings account
  • This account also comes with a concession on loans whereby the account holder can get 50% rebate on processing fees of an auto loan, personal loan, home loan, etc

Pratham Account

Some of the features of a Pratham Savings account in Oriental Bank of Commerce include

  • Average quarterly balance should be Rs. 1 Lakh, this is the minimum required balance
  • Interest rate of 4% per annum is applicable
  • Daily ATM withdrawal can be made up to Rs. 1 Lakh
  • RuPay Platinum or Visa Gold ATM debit card can be availed as part of this account
  • Any resident Indian above the age of 18 years can apply for this account
  • Privilege locker facility is offered along with this account and customers can avail of 25% discount on locker rent
  • RuPay Platinum cardholders can enjoy two free lounge access at the domestic airport every quarter

Oriental Saparivar Account

  • This is a zero-balance savings account hence no minimum balance needs to be maintained
  • Interest rate of 4% per annum can be earned on balance
  • This account comes with free net-banking and mobile banking facility
  • Free ATM debit card can be availed
  • Any permanent employees of Central, state, PSU, select organizations and their dependents can own this account

Oriental Platinum Deposit Scheme Savings Account

  • Average quarterly balance of Rs. 5 Lakh has to be maintained under this account
  • This account does not require any initial deposit
  • Interest rate is paid out quarterly
  • Free ATM/Debit card is offered and no renewal charges are applicable
  • Personal Accident Insurance cover of Rs. 10 Lakh can be availed by the account holder. This applies only to those accounts which meet the minimum quarterly balance requirement
  • This account comes with a locker facility
  • For OBC Platinum Deposit scheme, no charges are applied on stop payment request or other standing instructions
  • Free personalized multi-city cheque book is offered with this account

Eligibility for Savings Account

As per KYC guidelines, below-mentioned entities can request for opening an Oriental Bank of Commerce Savings Account.

  • Individuals (singly or jointly)
  • Members of Hindu Undivided Families (HUFs)
  • Trusts
  • Associations
  • Societies and Clubs

Documentation Requirement

Following documents are required to be submitted to open a savings account with Oriental Bank of Commerce.

  • Proof of date of birth
  • Photo ID proof which can be any of - voter id, driving license, PAN card, passport, etc.
  • Residential address proof which can be either of ration card, electricity bill, passport, etc.

Additional Deposit Schemes

Some of the other deposit schemes offered by Oriental Bank of Commerce are:

Oriental Double Deposit Scheme

The interest rate offered by Oriental Double Deposit Scheme is in the range of 8.75% and 10.25% per annum. Interest rates are applied differently to customers, depending on a certain set of criteria. Different types of deposit tenures are offered to different customers, details of which are:

  • 93 months for senior citizens
  • 99 months for general public
  • 87 months for staff
  • 84 months for ex-staff and senior citizens

Benefits of Savings Account

There are many advantages of owning a savings account with Oriental Bank of Commerce.

  • Savings accounts are easy to open, operate and also require minimal documentation procedure
  • Owners can easily access the savings bank account balance at any time without any restrictions or charges
  • Savings accounts are also very liquid because an individual can withdraw from such accounts at any time and any frequency
  • These types of accounts are best for putting aside money for future use. Savings account can also act as contingency fund accounts in case of an emergency
  • Deposits and withdrawals can easily be tracked in a savings account, thereby allowing for an easy budgeting process
  • With facilities like SMS banking, mobile banking, internet banking, etc, account owners can carry out banking activities with utmost ease
  • Transfer of funds is also easy because of NEFT and RTGS facilities

Oriental Bank of Commerce Savings Account: FAQs

1. How to open Oriental Bank of Commerce savings account?

Opening of savings account with Oriental Bank of Commerce is an easy process. An individual has to visit the nearest bank branch and request any of the bank representatives to assist with the process. Representatives can also offer specific guidance on individual savings needs and goals. Once there is clarity around the process, relevant forms can be filled and submitted along with the necessary documents at the bank branch. Account opening forms can also be downloaded from the official bank website and submitted along with KYC documents at the branch. After verification of these documents, the bank account is activated with the stipulated timeline.

2. What are the interest rates on savings account deposits offered by Oriental Bank of Commerce?

The prevailing interest rate offered by Oriental Bank of Commerce for most savings accounts is 4% per annum. Some of the interest earnings are paid out every quarter, while few of the savings accounts can earn interest every month.

3. How to check the balance in Oriental Bank of Commerce savings account?

Customers can check the balance of savings account by giving a missed call to the official toll-free number available on the bank's website. After giving a missed call, the account holder will receive an SMS with the account balance as of that date. Since this is a toll-free number, customers do not get charged for this service.

4. Are there any alternative ways of checking account balance?

Yes. Customers can check the balance of savings account by registering for net banking facility or mobile banking. Another alternative for checking balance is SMS banking which can be selected while filling the savings account application form. Some of the savings accounts offer these facilities for free and for few accounts these options come at a small cost.

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