|Period||< 1 Cr|
|Interest Rate||Senior Citizen Rates|
|7 days to 14 days||5.75 %||6.25 %|
|15 days to 30 days||5.75 %||6.25 %|
|31 days to 45 days||5.75 %||6.25 %|
|46 days to 90 days||6.25 %||6.75 %|
|91 days to 179 days||6.25 %||6.75 %|
|180 days to 269 days||6.35 %||6.85 %|
|270 days to less than 1 year||6.50 %||7.00 %|
|1 Year to 499 Days||6.75 %||7.25 %|
|500 Days (Sanjivani Term Deposit Scheme)||7.00 %||7.25 %|
|501 Days to less than 2 Years||6.75 %||7.25 %|
|2 years to less than 3 years||6.75 %||7.25 %|
|3 Years to less than 5 Years||6.70 %||7.20 %|
|5 years to 10 years||6.75 %||7.25 %|
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The Oriental Bank of Commerce is popularly known as OBC in the banking industry in India. The bank started its journey in 1943 from Lahore and later after the partition it was shifted to Amritsar. From there on the bank shifted its head office to New Delhi. Before the second phase of the nationalization the bank was a private bank and which was controlled by the private stake holders.
In view of the growing demand in the various sectors, the government felt the need of the banking especially to the rural masses and hence the bank was converted into a nationalized one on 15 Apr 1980. The bank has grown ever since its inception. One of the top ten nationalized banks in India, the bank has evolved as the new generation bank with the next gen services being offered. The bank has the total business of Rs 362000 Crore which is tantamount to 53 Billion USD business in the country.
The bank has grown from there and has reached the total number of 2346 branches in pan India presence. The bank has its MD Shri Animesh Chauhan and Executive Director as Shri Rajkiran Rao G. The bank is a rapidly changing bank like any other nationalized bank in India. The bank in the year 2004 saw private bank GTB (Global Trust Bank) which became insolvent, getting merged with the bank. This allowed the bank to have more number of branches as well, however its business was affected due to this merger. The bank has since then never looked behind and has improved the business since then.
Amongst the employees, the bank is very popular one due to its HR policies which are said to be one of the best. As per a data recently collected, the bank ranks amongst the top 10 highest employee productivity banks in India and shares the position with some of the bigger banks like Union Bank of India and Canara Bank. The bank en-cashes the same with its tagline which says “where every individual is committed”.
The bank has the total business of Rs 362554 Crore which is equivalent to 53.35 billion USD. The Bank has the total Deposit base of Rs 208914.82 Crore which is equivalent to 30.74 billion USD. Hence the bank has the advances (Loans) of 22.61 billion USD. The bank has the pan India presence barring few districts in the down south where the bank has no or very few branches. The bank has the major presence in the areas of Punjab and Rajasthan and in UP of course. The bank has the 34 Regional Offices which function beneath the Head Office and the branches are administered by the Regional Office at present which is usually headed in the bank by a General Manager or Deputy General Manager.
Apart from the services being offered like any other Indian Bank, the bank also has become the new age bank and offers many services related to IT which is new platform for the banking nowadays. The bank has recently launched the mobile application or Oriental Saathi which is available in both the platforms like iOS and Android and has the features such as location of the nearest ATM or branches along with the map services, Rate of Interest on the deposits and loans are available on this app and if you want to calculate the EMIs, you can also download the application and use it.
The bank has made the provisions of any complaint or suggestions for the use of the customers in this app and it is very user friendly as well. If you want to know the balance of your account and don’t have the balance to make the call, the unique feature of missed call banking in the app will help you. It is cool and enhances the application features.
The user friendly app does not ask for anything. Simply download and use it. The application also allows the rate of interest on the various retail loans. For all kinds of business loans, you need to go and visit the nearest branch of the bank. The bank has started using the MCLR based rate of interest as per the RBI norms and the MCLR of the bank is at par with the banking industry barring few banks which have the lowest bank.
If you want to join the bank, the bank is said to be very employee friendly bank and is said to have one of the best HR policies and hence a large number of employees select this bank. Those who are from Northern part of India have the special liking for the bank since the headquarters of the bank is in Gurgaon which was earlier in New Delhi.