#1
June 13th, 2016, 09:12 AM
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Oriental Bank of Commerce Monthly Income Scheme
Hello sir I am here as I want to get information regarding Oriental Bank Tax Saving – Term Deposit Scheme (u/s 80C of Income Tax Act 1961) in which Fixed Deposit can be issued with monthly or quarterly interest payment option of Oriental Bank of Commerce so will you please provide me the information??
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#2
June 13th, 2016, 10:47 AM
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Re: Oriental Bank of Commerce Monthly Income Scheme
Oriental Bank of Commerce is an India-based bank established in Lahore, is one of the public sector banks in India. Oriental Bank Tax Saving – Term Deposit Scheme (u/s 80C of Income Tax Act 1961) An individual or a Hindu Undivided Family (HUF) having Permanent Account Number (PAN) can make deposit under the scheme. Type of Deposit The deposit can be either in the form of Fixed Deposit or Cumulative Deposit (a) Single holder type deposit - The single holder type deposit receipt shall be issued to an individual for himself or in the capacity of the Karta of the Hindu Undivided Family (HUF). (b) Joint holder type deposit – The joint holder type deposit receipt may be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holder or the survivor. Provided that in the case of joint holder type deposit, the deduction from income under section 80C of the Income Tax Act shall be available only to the first holder of the deposit. Fixed Deposit: Fixed deposit can be issued with monthly or quarterly interest payment option. Cumulative Deposit: Interest is compounded at quarterly rests and payable with principal on maturity. Amount of Investment: The depositor can invest any amount not exceeding Rs. 1.50 lacs (One Lac Fifty Thousand Rupees) in a financial year, minimum being Rs. 100/- and in multiple thereof. Period of deposit The period of deposit shall not be less than five years. Rate of Interest for General Public 7.25%, for Senior Citizens 7.25%+0.50%=7.75%, for Staff 7.25%+1.00%=8.25% & for Ex-staff & Senior Citizens 7.25%+1.00%+0.50%=8.75%. For other than Senior Citizens: The interest rates offered on other term deposits for a period of 5 years – 10 Years Bucket. For Senior Citizens: 0.50% over the rate for Other than Senior Citizens |
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