Oriental Bank of Commerce Savings Account
|OBC Savings Account
|Minimum Balance Requirement
||Zero-balance accounts available
- For balance up to Rs. 100 crores: 3.00%
- For balance over Rs. 100 crores: 3.50%
|Types of SB Accounts
- Basic Savings Bank Deposit Account
- Stree Sakti
- Pratham Account
- Yuva Account
- Pranaam Account
- Saparivaar Account
- Premium Salary Account
- Basic Salary Account
- Salute Salary Account
Oriental Bank of Commerce (OBC) Savings Account is available for resident Indians, women, armed forces, youngsters, families, employees, pensioners, and others. It has savings bank (SB) accounts that have no requirement for minimum balance. The interest rate is between 3% and 3.50%. You can receive benefits such as internet banking, phone banking, SMS banking, ATM card, fixed deposit, recurring deposit, Demat account, Demand Draft, free insurance cover, concession on loan processing fees and locker rent, etc.
NOTE: From 1 April 2020, OBC Bank has been amalgamated with PNB (Punjab National Bank). The below information is for information purposes only. To stay updated with the latest news about SB accounts, visit the official site of PNB.
In this post, we will discuss different types of Oriental Bank of Commerce Savings Accounts, their features, facilities, charges, eligibility norms, documents for application, along FAQs.
1) OBC Basic Saving Bank Deposit Account
Here is more on the Oriental Bank of Commerce BSBD account:
- The initial deposit to open the account is only Rs. 10.
- A nomination facility is available.
- No requirement for minimum balance requirement.
- Get a free ATM Card.
- DD issuance, ECS NEFT is available at applicable service charges.
- No charges for fund transfer within the same branch and Standing Instruction.
- No charges for a non-operative account or to activate an inoperative account.
- You may deposit in Term Deposits such as Fixed Deposit, Progressive Deposit, and Cumulative Deposit.
- You cannot avail of internet banking.
- Up to 6 withdrawals are free for a month. This includes ATM transactions and other transfers.
- For any additional withdrawal in a month, Rs. 5 is applicable at each instance.
- There are no restrictions on the number of credits to the account.
- Also, there is no capping on the maximum balance.
- In a calendar year, you will receive a free cheque book of 25 leaves.
- Cheques drawn in the name of the account holder can be collected in this SB account.
B) Eligibility Criteria for OBC Savings Account
Here are the eligibility rules for the Oriental Bank of Commerce Savings Account:
- This SB account is available for all Indian Citizens who otherwise cannot afford to access the service due to financial troubles of maintaining the cost of a bank account.
- The account is also for the BPL beneficiaries on a large scale and beneficiaries of Social Security Schemes by the Government of India
- You cannot open any other saving deposit account in OBC if you opt for the BSBD account.
- You can open the account in your name or in jointly, or with minors.
C) Documents Required to Open Oriental Bank of Commerce SB Account
Here are the KYC norms for OBC Savings Account:
- You need to submit identity proof such as a Passport, Driving Licence, Aadhaar Card, Voter ID Card, etc.
- If you mention the address same as that in your identity proof, in the account opening form, then the document shall serve as proof of identity and address.
- If the address differs from that printed on the identity proof, then you have to submit separate proof of address.
- In this case, a rent agreement registered with the valid authority, or any other government-recognized address proof (utility bills, etc) is acceptable by the bank.
2) OBC Stree Sakti Saving Account
Here is more about this Oriental Bank of Commerce Savings Account:
- Any Indian resident female over 18 years of age can open this account.
- The monthly average balance required is Rs. 25,000.
- Free Demat Account for the first year.
- Get 50 cheque-leaves free per year.
- 0.10% discount on ROIs for vehicle loans.
- 50% rebate on processing fees for auto/two-wheeler/home/personal/gold loan.
- Receive RuPay Platinum/VISA Gold Card. No issuance fee but annual charges apply.
- There is a limit for shopping and cash withdrawals for the month.
- You can open a Recurring Deposit (RD) account and link it to the SB account in your name or that of your children.
- 25% discount on the locker rent if you deposit 2 years rent in advance.
3) Oriental Bank of Commerce Pratham Account
Here are the features of the OBC Pratham Savings Account:
- You can open this account if you are a resident Indian and over 18 years of age.
- The minimum average quarterly balance requirement is Rs. 1 lakh. If you do not maintain this balance, then the bank will withdraw the freebies.
- You will receive a free Rupay Platinum/VISA Gold card. But you have to pay the annual fee.
- There is no issuance fee for PO/DD of up to Rs. 5 lakhs per month.
- No charges apply for the cheque book.
- An unlimited number of free self-cash transactions at the base as well as non-base branches.
- There is a cap on the daily shopping limit and daily ATM withdrawal.
- A free physical statement, SMS alerts, re-issuance of Debit Card, duplicate Passbook
- No charges for the Demat account and no processing charges for retail loans.
- Free ATM transactions at any bank’s ATM.
- Online RTGS/NEFT/IMPS at applicable charges.
- 25% concession on locker rent.
- Access at domestic airports is free two times a quarter for customers with Rupay Platinum Card.
4) OBC Yuva Account
Find details about the Oriental Bank of Commerce Savings Account:
- There is no specific requirement for average quarterly balance and minimum account opening balance.
- Passbook is available for minors.
- The account is eligible for individuals in the age group of 10 to 18 years.
- After attaining 18 years of age, the SB account will be converted to a normal savings account on meeting the required conditions.
- You can view the account through mobile banking and internet banking.
- SMS alerts are available.
- Daily spends at POS machines is capped at Rs. 10,000.
- The daily withdrawal limit at ATM is capped at Rs. 10,000.
- Total credit in a year is up to Rs. 5 lakhs.
- You can retain a maximum balance of up to Rs. 1 lakh.
- You will receive a Classic RUPAY ATM card but have to pay the annual charges.
- You can opt for a Recurring Deposit of Rs. 100 at least at the prevailing interest rate. You do not have to pay any charges for Standing Instructions.
- Get free Demand Drafts for an entrance exam or educational institutions.
5) Oriental Bank of Commerce Pensioners Account
The name of the scheme is the Oriental Pranaam account and it is for individuals who are eligible for pension:
- You can open the account solely or jointly.
- You can do free mobile banking and internet banking.
- Without a cheque book, you must have a minimum account balance of Rs. 20.
- With the cheque book, the same should be at least Rs. 250.
- Get free ECS, ATM Card, and debit charges.
- There is free NEFT up to Rs. 1 lakh.
6) OBC Saparivaar Account Scheme
Here is more about this Oriental Bank Savings Account:
- There is no requirement for a minimum balance.
- Per year, you will get a free Cheque book with 25 leaves.
- Fund transfer through net banking, monthly e-statement, mobile banking.
- Avail of SMS banking and missed call banking.
- You can add a Demat Account by paying the annual maintenance charges.
- The rate of interest is according to the prevailing ROI.
- As per the request of the customer, the bank will issue a VISA Classic/Gold/RuPay Platinum Card.
- Concessional rates on vehicle loans and attractive terms for housing loans.
- Overdraft facility of Rs. 1 lakh (minimum) and Rs. 10 lakhs (maximum). You can expect up to 15 times of net take-home salary as an overdraft.
B) Eligibility Criteria
This OBC Savings Account is for:
- Lecturers of state-run colleges.
- State-government employed doctors.
- Permanent and serving employees of the central government and their family members.
- The family members of the eligible customers are spouse, father, mother, and children.
- Employees of Navratna, Maharatna, Miniratna CPSEs.
- Employees of PSU general insurance companies and LIC India.
C) Insurance Benefits
- Free permanent disability or accidental death insurance cover Rs. 10 lakhs for Central government employees and that of other departments for the first year. This scheme is not for family years.
- From the second year, the insurance is renewable if you maintain Rs. 25,000 as average quarterly balance in Oriental Bank savings account. Otherwise, you will have to pay the insurance premium.
- The account should not be dormant, Also, no overdraft/loan you take from the bank should be an NPA.
7) OBC Premium Salary Account
Here is information about this OBC Savings Account:
- Those with a gross monthly salary of at least Rs. 25,000 can open this account.
- There is no requirement for minimum or average balance.
- You can get either a VISA Gold and Rupay Platinum card for free. But you have to pay the annual fee charges.
- Mobile banking, SMS, and email alerts attract no charges.
- Demat account is free.
- At applicable charges, you can avail of net banking and online NEFT.
- A complete waiver on the processing fee for retail loans.
B) Terms and Conditions for Overdraft Facility
- Those eligible include employees with at least a year of continuous service or permanent ones.
- They should have at least 40% net take-home salary after the calculation of the accrued interest.
- The CIBIL TransUnion score should be at least PL – 651 and TU – 567.
- Overdraft facility is up to 3 times of gross salary or up to 5 times the average net salary you received in the account for the last 3 months, whichever is lower.
- The maximum OD amount is Rs. 3 lakhs.
- The OD is available for 12 months at prevailing MCLR + 2.5%.
8) Oriental Bank of Commerce Salary Account
Here are details on this Oriental Bank of Commerce account:
- This is a salary account for salaried employees.
- There is no requirement for minimum and average balance.
- Facilities include net banking, online NEFT, ATM card as per service charges.
- Mobile banking is free.
9) OBC Salute Salary Account
Know more about this OBC Savings Account:
- This account is for serving permanent employees of Para Military Forces and the Indian Armed Forces.
- There is no requirement for average and minimum balance.
- You can avail of net banking, mobile banking, and online NEFT at applicable charges.
- Email and SMS alerts are free.
- You do not have to pay any annual maintenance charges for the Demat account.
- You have to bear only a 0.50% processing fee + applicable taxes on personal loans.
- There are no processing fees for vehicle loans and housing loans.
- Free VISA GOLD/Rupay Platinum Card. There are no charges for the first year. From the second year onwards, the annual maintenance charges will be waived if the yearly transaction value is over Rs. 60,000 for e-Commerce.
B) OD Facility
- You can avail of an overdraft if you are a permanent employee or have served at least a year of continuous service.
- Your net take-home salary must be at least 40% after the calculation of the accrued interest.
- Overdraft facility up to 3 times of the gross salary or up to 5 times of the average net salary of the last 3 months, whichever is lower.
- Tenure is 12 months and the applicable rate is the prevailing MCLR + 2.5%.
- The maximum limit of the OD is Rs. 3 lakhs.
- Get free Permanent Disability or Accidental Death insurance cover of Rs. 10 lakhs for the first year.
- From the second year, the insurance is renewable if you maintain Rs. 25,000 in the SB account as a quarterly balance. Otherwise, the bank will recover the insurance premium from you.
- Also, the Oriental Savings Account must be active. And, any OD or loan taken from the institution must not be classified as a Non-performing Asset.
Frequently Asked Questions about Oriental Bank Savings Account
Here are the FAQs about OBC Savings Account:
There is a Yuva Account for those up to 18 years of age. Also, pensioners can open an OBC Savings Account and opt for the product - Pranaam Account.
This savings account is for those who cannot usually afford to maintain the costs of keeping a bank account. There are no specifications about the monthly average balance. The initial deposit is only Rs. 10. The customer receives an ATM Card, can avail of Demand Draft, receive a free cheque book, invest in deposit schemes, and a lot more.
Females can choose the Stree Sakti SB account. Special facilities available include Recurring Deposit, Rupay Platinum/VISA Gold, two free accesses to lounges at domestic airports, concession on locker rent, and others.
You can choose from several salary savings accounts as per your eligibility for the same at Oriental Bank of Commerce. A few to mention are the Basic salary account, Premium salary account, and Salute salary account.
Individuals including minors can open the account in a single name. Minors can open opt for MACT claims SB accounts through guardians. Withdrawals are only through biometric authentication and withdrawal forms. Email statement is possible. The minimum balance requirement is not applicable. Passbook and nomination facilities are available. Claimants can open the account only at a branch near to their residence or as directed by the Court.