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Introduction
A Recurring Deposit (RD) is one variation of a term deposit that is provided by many banks. It allows the customer to deposit a desired amount of money at regular intervals with the bank and it earns a certain amount of interest on the same. These regular monthly deposits can be done over a tenure that is chosen by the customer.
The big difference between a Fixed Deposit and a Recurring Deposit is that an RD allows one to make regular investments in the deposit that goes on for the complete duration, whereas a fixed deposit, permits one to deposit a large sum of money at the time they open the Fixed Deposit account.
About Oriental Bank Of Commerce Recurring Deposit Rate
- Oriental Bank of Commerce Recurring Deposit Schemes
- Features of Progressive Deposit General
- Benefits of Oriental Bank of Commerce Recurring Deposit Account
- Oriental Bank of Commerce Recurring Deposit Interest Rates
- Domestic Term Deposits less than 1 crore (Including NRO)
- Domestic Term Deposits more than 1 crore (Including NRO)
- Senior Citizens Deposits
- Oriental Bank of Commerce Recurring Deposit Calculator
- Who can open an RD account with Oriental Bank of Commerce?
- Advantages of opening an RD account
- Disadvantages of opening a Recurring Deposit account
- Oriental Bank of Commerce Recurring Deposit FAQs
Oriental Bank of Commerce Recurring Deposit Schemes
A Recurring Deposit in Oriental Bank of Commerce inculcates the habit of saving to its customers. There is one Recurring Deposit scheme that is offered to the customers Oriental Bank of Commerce. It is known as Progressive Deposit General.
Features of Progressive Deposit General
- One can deposit a minimum amount of Rs.10/- or in multiples thereof.
- The tenure ranges from 6 months to 10 years
- Interest on the Recurring Deposit is compounded quarterly
- Senior citizens get 0.50% additional on the rate of interest earned for the deposit
- TDS is applicable
- Loans can be taken against this Recurring Deposit for up to 95% of its accrued value.
Benefits of Oriental Bank of Commerce Recurring Deposit Account
- It allows the customer to safely deposit a certain amount of money on a regular basis rather than a big deposit as in the case of a Fixed Deposit.
- It is ideal for customers with a regular monthly income who may not be able to spare enough money to open a Fixed Deposit
- It has flexible tenures that range from 6 months to 10 years
- It is a safe, low-risk form of investment
- It is safe from market fluctuations
- The interest is paid only on maturity of the deposit
- Loans can be taken against this deposit
Oriental Bank of Commerce Recurring Deposit Interest Rates
Oriental Bank of Commerce Recurring Deposit interest rates are like the rates offered for the Fixed Deposit accounts.
Following is an overview of Oriental Bank of Commerce Recurring Deposit Rates as of 27.12.2018
(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with Oriental Bank of Commerce directly.)
Domestic Term Deposits less than 1 crore (Including NRO):
| Maturity period | Revised w.e.f 05.11.2018 |
|---|---|
| 7 days to 14 days | 5.75% |
| 15 days to 30 days | 5.75% |
| 31 days to 45 days | 5.75% |
| 46 days to 90 days | 6.25% |
| 91 days to 179 days | 6.25% |
| 180 days to 269 days | 6.35% |
| 270 days to less than 1 year | 6.50% |
| 1 year to 499 days | 6.75% |
| 500 days | 7.00% |
| 501 days to less than 2 years | 6.75% |
| 2 years to less than 3 years | 6.75% |
| 3 years to less than 5 years | 6.70% |
| 5 years to less than 10 years | 6.75% |
Domestic Term Deposits more than 1 crore (Including NRO):
| Maturity period | Deposit of 1 Crore to 10 Crores | Deposit above 10 Crores |
|---|---|---|
| 7 days to 14 days | 5.50% | 5.50% |
| 15 days to 30 days | 6.00% | 6.00% |
| 31 days to 45 days | 6.50% | 6.50% |
| 46 days to 90 days | 6.75% | 6.75% |
| 91 days to 179 days | 7.05% | 7.05% |
| 180 days to 269 days | 7.05% | 7.05% |
| 270 days to less than 1 year | 7.05% | 7.05% |
| 1 year to less than 2 years | 7.45% | 7.45% |
| 2 years to less than 3 years | 7.45% | 7.45% |
| 3 years to less than 5 years | 6.75% | 6.75% |
| 5 years to less than 10 years | 6.50% | 6.50% |
Senior Citizens Deposits:
Senior citizens get 0.50% additional interest over the contracted rate of interest if deposit is below 1 crore. No additional interest rate is payable to a senior citizen for deposit of 1 crore and above. No additional interest rate is applicable for senior citizens in the case of an NRO deposit as well.
Oriental Bank of Commerce Recurring Deposit Calculator
You can make use of the Oriental Bank of Commerce Recurring Deposit Calculator to compute the interest and the maturity that is received on your invested amount. Using an RD calculator is easy as you just need to enter the amount you want to invest monthly, mention the date of opening of RD, the tenure and due date of RD. The calculator will then provide the maturity amount that you get at the time of maturity of the Recurring Deposit.
Using an RD calculator gives you the maturity amount and you can accordingly decide how much you want to invest. You can try various investment amount options and opt for the one that is most suited to your budget and helps achieve your financial goals.
Who can open an RD account with Oriental Bank of Commerce?
- An individual in his/her own name
- Joint names (Maximum of three individuals)
Advantages of opening an RD account
- Perfect for people who are not able to deposit a large amount of money initially for a fixed deposit but want to deposit small amounts at periodic intervals.
- A Recurring Deposit account can be opened with small minimum amount.
- A big lump of money is received at maturity, along with the interest amount that is received on it.
- The rate of interest is very high when compared to a regular saving bank account
- The interest earned is generally equal to that of a Fixed Deposit
- Flexible tenures are available for the customer to choose from
- Recurring Deposit Interest Rates are fixed so you are guaranteed of a steady return
- Loan / overdraft facility is available with some banks.
- More liquid than most financial investment instruments
Disadvantages of opening a Recurring Deposit account
- If you want to withdraw money from your Recurring Deposit due to a sudden financial emergency, you might need to pay a penalty on the same.
- The interest earned are generally lesser than other, riskier forms of financial investment, say investing in mutual funds, etc.
Oriental Bank of Commerce Recurring Deposit FAQs
1. What is the minimum amount required to open an RD with Oriental Bank of Commerce?
The minimum opening balance for a regular recurring deposit with Oriental Bank of Commerce is Rs. 10.
2. What is the minimum and maximum deposit period?
The minimum deposit tenure is 6 months and can extend up to a maximum of 10 years.
3. Are the interest rates of a Recurring Deposit similar to that of a Fixed Deposit?
Yes, they are similar.
4. Do senior citizens have a higher interest rate with Oriental Bank of Commerce for a Recurring Deposit?
Yes, senior citizens get 0.50% additional interest over the contracted rate of interest if deposit is below 1 crore.
Oriental Bank Of Commerce Recurring Deposit Rate - Customer Reviews
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