OBC (Oriental Bank of Commerce) 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.

The RD scheme offered by OBC is known as Progressive Deposit General.

Features and Benefits of Oriental Bank of Commerce Recurring Deposit

Progressive Deposit Scheme

• 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 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 to open an RD account with OBC

• An individual can open an RD account in his/her own name.

• A maximum of 3 individuals can open a joint RD account together.

• For 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 (in case of one RD account held by 3 people). All specific instructions regarding the same need to be given at the time of opening the RD account.

The documents required for opening an RD account with OBC are –
1. Proof of residence
2. Any valid government ID proof (passport, driving licence, etc.)
3. Valid business address proof
4. 2 passport size photographs of the account holder/holders