Oriental Bank Of Commerce Department of Information Technology Head Office, New Delhi
8. INTEREST RATES
Manual for Term Deposits â€“Department of Information Technology, Head Office Page1 of 2
8.1.1. Banks are now free to offer any interest rate on term deposits. HO circulates interest rates on term deposits from time to time.
8.1.2. The Branches shall allow maximum additional interest of 1.00 % p.a. (or as decided by bank from time to time) to senior citizens, over and above the normal rate of interest (subject to change from time to time) on Domestic Term Deposits.
8.1.3. Bank shall also pay additional interest of 1% p.a. (or as decided by bank from time to time) in case of deposits held by staff as per rules of the bank. Higher and Fixed Interest Rate for the Senior Citizens amongst the retired Staff of our Bank over and above their entitlement of higher Interest Rate (than the normal Card Rate applicable on Domestic Term Deposits), shall be permitted as per guidelines issued by Head Office in this regard.
8.1.4. Rate of Interest when revised shall be applicable on fresh domestic term deposits and renewal of deposits on and/or after the effective date or as per guidelines issued by Head Office.
8.1.5. Provision of interest on term deposits should be made as per Head Office guidelines issued from time to time.
Manual for Term Deposits â€“Department of Information Technology, Head Office Page2 of 2