Oriental Bank of Commerce is an India-based bank established in Lahore then the city of United India, and currently in Pakistan, is one of the public sector banks in India. The bank has progressed on several fronts, crossing the Business Mix mark of ₹2 lakh crores as on 31 March 2010 making it the seventh largest Public Sector Bank in India. Oriental Bank of Commerce was a leading private sector bank in India that was associated with various financial discrepancies leading to a moratorium being imposed by RBI shortly before it merged into Oriental Bank of Commerce. The acquisition brought with it 103 branches, which increased Oriental Bank of Commerce ‘s branch total to 1092.
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Oriental Bank of Commerce Saving Account Interest Rate
Oriental Bank of Commerce Saving Account offers lucrative rates of interest for different types of Savings Accounts. These attractive interest rates ensure that customers get the maximum benefit out of their savings. The interest rates for different types of Savings accounts are as follows:
- The interest rate is payable at quarterly rests for OBC Diamond Saving Deposit Account.
- The interest rate is payable at quarterly rests for OBC Platinum Saving Deposit Account.
- The interest rates for Oriental Double Deposit Scheme ranges from 8.75% p.a to 10.25% p.a, which varies according to the category of the account holder.
How to open a Oriental Bank of Commerce Saving Account ?
To open a Savings Account with Oriental Bank of Commerce Saving Account, you can either download the account opening form from the bank’s official portal or go to the nearest Oriental Bank of Commerce Saving Account branch to procure the application form. After filling up the form duly, submit it to any branch of your choice. Please remember that you have to furnish the form with all the necessary documents like passport size photographs, ID proof, etc.
Types of Oriental Bank of Commerce Saving Account
Basic Savings Bank Deposit Account
This account caters to those citizens of India who fulfil every eligibility criteria of opening a bank account, but cannot comply with the financial burden of maintaining a minimum balance in the account.
This account provides nomination facility to the account holders and they also get an ATM card for free. The holders of basic Oriental Bank of Commerce Saving Account cannot avail the internet banking facility.
Oriental Bank of Commerce Diamond Saving Deposit Account
Oriental Bank of Commerce Saving Account Diamond Saving Deposit Account is quite popular among OBC customers. The ATM card issued with this type of account doesn’t have any charges for renewal or issuance. Customers also get personalised multi-city cheque books free of cost, and get a 25% discount on locker rental charges.
Oriental Bank of Commerce Platinum Saving Deposit Account
Account holders enjoy a 50% concession on locker rental charges, and personalised multi-city cheque books free of cost. The ATM card issued with this type of account doesn’t have any charges for renewal or issuance. If the account holder can maintain AQB, he/she gets a personal accident insurance cover of Rs.10 lakhs, free of cost.
Oriental Bank of Commerce Double Deposit Scheme
Oriental Double Deposit Scheme has different deposit tenure for different category of customers. It is as follows:
- The deposit tenure for general public is 99 months.
- The deposit tenure for senior citizens is 93 months.
- The deposit tenure for staff is 87 months.
- The deposit tenure for ex-staff and senior citizens is 84 months.
Oriental Bank of Commerce Saving Account Minimum Balance Requirements
Depending on factors like type of the savings account, deposit tenure, etc. the minimum balance to be maintained in each account differs from the other. The comprehensive table below explains the minimum balance that needs to be maintained in each type of savings account.
|Type of Savings Account||Minimum Balance|
|OBC Diamond Saving Deposit Account.||Average quarterly Balance – Rs. 1 lakh.|
|OBC Platinum Saving Deposit Account.||Average quarterly Balance – Rs. 5 lakhs.|
|Oriental Double Deposit Scheme.||Rs. 1000.|
|Basic SB Deposit Account.||No minimum balance required.|
Oriental Bank of Commerce Saving Account Eligibility
Oriental Bank of Commerce Saving Account allows the following entities to open Savings Accounts – Individuals – either singly or jointly
Associations, Trusts, Hindu Undivided Families (HUFs),Clubs and societies.Please note that the above entities must fulfil the eligibility criteria as laid down according to KYC guidelines.
Oriental Bank of Commerce Saving Account Documentation
The following documents are required to open a Savings Account with Oriental Bank of Commerce:
- Government issued photo identity proof – passport, voter ID card, PAN card, ration card, driving license, etc.
- Proof of age.
- Proof of residence – electricity bill, telephone bill, passport, ration card, etc.
- 2 passport size photographs of prospective account holders.
- For 60 or 61 of the prospective account holder.
Other Products of Oriental Bank of Commerce
- Oriental Bank of Commerce IFSC Code