Oriental BankOriental Bank Savings Account

Oriental Bank of Commerce provides its customers with different kinds of savings accounts. You can choose any type of account according to the requirements and have the maximum advantages from your savings due to the lucrative interest rates offered.

How do I open a Savings Account with OBC?

You can download the account opening form from the OBC bank’s official website or visit the nearest bank branch to get the application form. On filling the form, you have to submit it in the branch of your choice. Do furnish the duly filled form with required documents such as ID proof, passport size photographs, address proof etc.

Below given entities are eligible for opening an OBC Savings Account as per the KYC guidelines:

Individuals (singly or jointly), members of Hindu Undivided Families (HUFs), Trusts, Associations, societies and Clubs.

Necessary Documents

  • Two passport size coloured photos.
  • Any Proof of date of birth.
  • Any photo Id proof such as voter ID card, driving license, PAN card, ration card or passport etc.
  • Any address proof (residential) such as ration card, telephone bill, electricity bill or passport etc.

OBC Savings Accounts Eligibility

The Oriental Bank of Commerce Savings Accounts eligibility for individuals either jointly or singly are mentioned below:

  • Societies and clubs
  • Trusts, associations, and HUFs (Hindi Undivided Families)
  • These entities must fulfil all criteria laid down as per the KYC guidelines.

Different Types of OBC Savings Accounts:

Below mentioned are OBC savings accounts types:

  1. Basic Savings Bank Deposit Account
  2. Any eligible person who can have a bank account but cannot afford to maintain the minimum balance in his/her account, can go for this account. The customers are provided with nomination facility and an ATM card free of cost. But the facility of net banking cannot be availed by them.

  3. Diamond Saving Deposit Account
  4. This is a popular account among the customers of OBC. They get multi-city cheque books (personalised) and an ATM card (no renewal charges) for free. A concession of 25% is given on the charges for renting a locker.

  5. OBC Platinum Deposit Scheme Savings Account
  6. Personalised multi-city cheque books and ATM card (no renewal charges) are issued to the customers for free. In case the customer maintains an Average Quarterly Balance (AQB), then a personal accident insurance cover worth ten lakh rupees is provided to him/her free. Customers also get flat 50% discount on renting a locker.

    Features of OBC Platinum Deposit Scheme for Savings Account

    • The average quarterly balance should be Rs. 5,00,000
    • There are no initial deposit requirements.
    • The interest rate is paid with quarterly rests
    • ATM/Debit card is provided free of cost and there apply no renewal charges to it.
    • A personal accident insurance cover of Rs. 10, 00,000 is provided to depositor in case average quarterly balance is maintained.
    • Locker facility is also available.
    • There are no charges applied on stop payment and standing instructions for OBC Platinum Deposit Scheme.
    • Personalized multi-city cheque book is also given without any charge.
  7. Oriental Double Deposit Scheme

In this scheme, different deposit tenures are offered for customers of each category.

The deposit tenures are:

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

Interest Rates

OBC Platinum Saving Deposit Account and OBC Diamond Saving Deposit Account offer interest rate payable at quarterly rests.

The rates of interest offered by Oriental Double Deposit Scheme are between 8.75% and 10.25% per annum. The category of the customer is considered here and the rates differ accordingly.

Requirements for Minimum Balance

There are different requirements of minimum balance for different savings accounts in terms of type and deposit tenure etc. These are as follows:

Savings Account Type

Minimum Balance to be maintained

Basic Savings Bank Deposit Account

None

Oriental Double Deposit Scheme

1000 Rs.

Platinum Saving Deposit Account

5 lakh Rs.(AQB)

Diamond Saving Deposit Account

1 lakh Rs. (AQB)

Other Banks Savings Accounts

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