Recurring Deposit In Oriental Bank Of Commerce

Hii sir, I wants to get the information about the Recurring Deposit Scheme of the Oriental Bank Of Commerce ?

[Rajkumar Agarwal]

Oriental Bank of Commerce is an India-based bank established in Lahore (then the city of British India, and currently in Pakistan), is one of the public sector banks in India.


the information about the Recurring Deposit Scheme of the Oriental Bank Of Commerce is given below :

OBC offers Recurring Deposit to its customers with a host of benefits and useful features. RD is an extremely smart saving option for small time investors and those with a steady monthly income. It allows the depositor to invest a fixed sum every month for a fixed period.

Features :

The minimum monthly instalment amount is Rs. 10 and in multiples of the same thereof.
The interest is compounded quarterly.
The rate of interest is subject to the period of deposit.
The interest earned on your Regular RD is free of TDS (Tax Deductible at Source) deductions, as per the current income tax rules.
OBC provides loan facility of up to 95% of the accrued deposit value, to maximise benefits for its customers.
Once the depositor has specified the amount of monthly instalments and the deposit tenure in the AOF, he/she shall not be allowed to alter the same.
The deposit tenure ranges from a minimum of 6 months to a maximum of 120 months.

Eligibility :

An individual can open an RD account in his/her own name.
A maximum of three individuals can open a joint RD account together.
In case of a joint RD account, if one of the account holder dies, the amount can be payable to either one of the survivors, or both the survivors
. All specific instructions regarding the same need to be given at the time of opening the RD account.

Required Deposit :

Proof of residence
Any valid government ID proof (passport, driving licence, etc.)
Valid business address proof
2 passport size photographs of the account holder/holders


for more details you may visit the nearest branch of the Oriental Bank of Commerce