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Oriental Bank Savings Account

Updated on February 21, 2024 , 12289 views

Oriental Bank of commerce is definitely one of the most acknowledged banking systems in the country. With a strong ATM network across India, the bank allows customers to access their money seamlessly and conveniently.

However, from April 1st 2020, this bank has merged with Punjab National Bank. If you are a customer of the oriental bank already, don’t fret out as there will be no alterations in the IFSC code and account number.

Apart from that, to suit diversifying requirements, the bank also provides an extensive Range of savings accounts. Below is the list of Oriental bank Savings Account and their advantages.

OBC

Types of Savings Accounts

Oriental Double Deposit Scheme

This one is a deposit scheme that comes with a variety of tenures for varied customers’ categories, such as:

  • Deposit tenure for general is 99 months
  • Deposit tenure for senior citizens is going to be 93 months
  • Deposit tenure for bank staff is 87 months
  • Deposit tenure for senior citizens and ex-staff is 84 months

You can choose according to the category and requirements.

Basic Savings Bank Deposit Account

This OBC bank saving account is a basic one that caters to the requirements of those citizens who match the eligibility criteria. Along with an ATM card that comes free of cost, this account also supports a nomination Facility. If you would like to access your account online, then internet banking facility is also available.

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OBC Platinum Saving Deposit Account

If you sign up for this savings account, you can relish the advantages of 50% concession on locker charges along with personalized multi-city cheque books without any cost. The ATM issued with this account type doesn’t come with any issuance or renewal charges. Not just that, but you also get to have an accident insurance cover worth Rs. 10 lakhs.

OBC Diamond Saving Deposit Account

Lastly, this diamond savings account is quite a popular choice among the customers, whether you open a single or an OBC bank joint account. You get to have a personalized multi-city cheque book and an ATM card without paying a single penny. If you take a locker on rent, you get to enjoy up to 25% discount on the charges.

Minimum Balance Requirements

The minimum amount that you must keep in your account majorly depends upon the deposit tenure, type of account that you have selected, and several other factors. Below-mentioned is the comprehensive compilation of OBC bank minimum balance 2020 requirements to give you an idea.

Types of Account Minimum Balance
Basic SB Deposit Account Nil
Oriental Double Deposit Scheme Rs. 1000
OBC Platinum Saving Deposit Account Average quarterly balance of Rs. 5 lakhs
OBC Diamond Saving Deposit Account Average quarterly balance of Rs. 1 lakh

Interest Rates Provided by Oriental Bank of Commerce

For different savings accounts, this bank offers lucrative interest rates to ensure that the customers avail the best out of their services. Here is what you can expect out of OBC saving account interest rate:

  • The rate of interest is payable at quarterly rests for diamond and platinum saving deposit account
  • Also, the rate of interest for oriental double deposit scheme goes anywhere from 8.75% to 10.25% per annum that may vary as per the account holder’s category

How to Open an OBC Savings Account?

To open an account in this bank, you can either download the form from the official portal or visit the nearest branch. You would have to mention all the details as asked in the form, attach required documents, and submit the same to the branch.

As far as the eligibility Factor is concerned, the bank allows the following entities to open up a savings account:

  • Individuals (Jointly or Single)
  • Clubs and Societies
  • Trusts, Associations, and Hindu Undivided Families (HUFs)

Documents Required

  • Photo Identity Proof (PAN, Voter ID, Passport, Driving License, Ration Card, etc.)
  • Age Proof
  • Residence Proof (Telephone Bill, Electricity Bill, Ration Card, Passport, etc.)
  • Two passports sized photographs

Oriental Bank Customer Care

  • Toll Free Customer Care No. : 1800-102-1235, 1800-180-1235
  • Toll Customer Care No. : 0120-2580001

Corporate Office

Plot No. 5, Institutional Area Sector-32 Gurgaon - 122001

Conclusion

The importance of a savings account definitely cannot be denied. Not just it instils a habit of saving regularly, but also helps collect enough funds during an emergency. Thus, if you didn’t have such an account yet, open up an oriental bank savings account right away.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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