In India, a savings account is a great instrument to save money regularly. Without a savings account, it is very difficult to save because of many unforeseen factors involved like safety of the money.
Savings account is a bank product offered by Oriental Bank of Commerce to Indian people as well as to other foreigners living or working in India. In addition, NRI or NRE can also apply for a bank account provided they have the complete requirements or credentials.
Overview of Oriental Bank of Commerce (OBC)
OBC is one of the nationalized banks in India. It is a public company with main industry in banking and financial services. The bank was founded on February 19, 1943 in Lahore and its present headquarters is located in New Delhi, India.
The typical products and services of OBC for its customers are consumer banking, investment banking, retail banking, commercial banking, private banking, pensions, credit cards, asset management, and mortgages.
Features and Benefits of Oriental Bank of Commerce
There are some great benefits and features of OBC for its clients. It is advisable to apply a savings account to experience these benefits. You can see below few of these perks:
1. Low Initial Deposit of Rs. 10
2. No minimum account balance requirement and no minimum balance charges
3. Free one check book of 25 sheets per year
4. No incidental charges on account becoming inactive
5. No extra charges for transfer of funds within the same branch
6. Free 6 Withdrawals Per Month
How to Open a Savings Account at Oriental Bank of Commerce
All Indian nationals and NRI capable of depositing an initial deposit and maintaining a certain account balance are eligible to apply for a bank account at OBC. The bank account can be opened by an individual or in joint names.
Download or obtain Account Opening Form from the nearest branch in your area, fill it up properly and deposit the initial opening money to the same branch of your choice along with the following : proof of residence, 2 photographs of all the account holder/s, proof of identification and minimum initial deposit for opening an account.
OBC is a good bank in India to choose from when opening a savings account at the first time. It is not complicated to apply for one if you have the necessary credentials listed in this article. Remember also to ready the money for initial deposit of your bank account.