Here is the Oriental Bank of Commerce PPF Calculator which aids you in calculating the maturity amount on your PPF account. We also provide the current interest rates on Oriental Bank of Commerce PPF on this page. You can get the simple steps to use the PPF calculator of OBC and OBC PPF account opening. So, keep reading the article to make use of the information on the page of OBC PPF interest calculator and interest rates.
Oriental Bank of Commerce PPF Calculator
To know the maturity value of your Oriental Bank of Commerce PPF account, you can use the below OBC PPF interest rates calculator. This is a tool which gives you the value of amount which you will receive at the end of the maturity period. For this, you need to fill the following details to use the Oriental Bank of Commerce PPF Calculator.
- The Value of investment.
- Tenure of the Public provident fund scheme.
- OBC PPF Rate of interest.
- Type of subscription whether it is a yearly or monthly or quarterly or half-yearly basis.
How to Use OBC PPF Calculator?
- Click the below link to Oriental Bank of Commerce PPF Calculator.
- The OBC Public provident fund calculator opens on your screen.
- Fill in the details of investment and tenure period in years or months.
- Recheck for any mistakes of details and then click calculate.
- Your maturity amount on the PPF account of the Oriental Bank of Commerce appears on your screen.
So, to use the Oriental Bank of Commerce PPF Calculator, click the below link.
Oriental Bank of Commerce PPF Interest Rates
|PPF Interest Rates of OBC|
|Financial Year from April to March||OBC Interest rate on PPF|
|2000 – 2001||11.0%|
|2001 – 2002||9.5%|
|2002 – 2003||9.0%|
|2003 – 2004||8.0%|
|2004 – 2005||8.0%|
|2005 – 2006||8.0%|
|2006 – 2007||8.0%|
|2007 – 2008||8.0%|
|2008 – 2009||8.0%|
|2009 – 2010||8.0%|
|2010 – 2011||8.0%|
|2011 – 2012||8.6%|
|2012 – 2013||8.8%|
|2013 – 2014||8.7%|
|2014 – 2015||8.7%|
|2015 – 2016||8.7%|
|2016 – 2017||8.1%|
The OBC public provident fund interest rates are notified by the Central Government in the Official Gazette. For this running year, the interest rate on OBC PPF is 8.1% which will be compounded annually. So, you can know your maturity amount with the help of the above Oriental bank of commerce PPF calculator.
OBC Public Provident Scheme
The Oriental Bank of Commerce (OBC) is a public-sector bank in the country. It was established in the year 1943, in the present Lahore of Pakistan. Later, the bank’s headquarters was shifted from Lahore to Amritsar. OBC got its nationalisation by the Indian government in the year 1980. By now, it has nearly 1,902 branches all over India. Moreover, the bank offers many financial products like personal banking, corporate banking, wealth managements, NRI services, etc to its customers. One among those products is the Public Provident Fund scheme.
The Public Provident Fund of Oriental Bank of Commerce is a savings and a tax saving tool for the Indian investors. This scheme of the Public provident fund was introduced by National Savings Institue of the Finance Ministry in the year 1968. The motto of Oriental Bank of Commerce PPF scheme is to increase small savings with higher annual returns and tax benefits.
So, to know more details on the Public provident fund scheme of Oriental Bank of Commerce, click the link below.
Overview of PPF Scheme in OBC
|Bank Name||Oriental Bank of Commerce|
|Scheme Name||OBC Public Provident Fund Scheme|
|OBC PPF Scheme Duration||15 Years|
|Oriental Bank PPF Interest Rate||8.1%|
|Minimum OBC PPF annual amount||Rs. 500 per year|
|Maximum OBC PPF annual amount||Rs. 1, 50, 000 per year|
|OBC PPF account Maturity Period||15 Years|
|Oriental Bank of Commerce PPF Eligibility||Any individual|
Open Oriental Bank of Commerce PPF Account Online
- Not all branches provide the facility of PPF account.
- So, find the OBC branch which allows a Public Provident Fund maintenance.
- To transfer OBC PPF subscription online, you should have a savings account with Oriental Bank of Commerce. This provides you with the net banking access.
- Download the Form A of the Public provident fund from the OBC website.
- Fill the details and submit the form along with the KYC documents.
So, to know more details on Oriental Bank of Commerce Public provident account opening, click the below link.
Documents for OBC PPF Account
The applicant should submit some of the following documents while opening the Public Provident Fund account with OBC.
- Form A.
- Nomination Form.
- Pay-in-slip or a cheque.
- Passport size photograph.
- PAN card or Form 60-61
- ID proof, address proof and some other according to the norms of Oriental Bank of Commerce.
OBC PPF Account Opening Form
One can get the Oriental Bank of Commerce PPF Account opening form from the bank’s official website or the nearest OBC branch. You need to fill the following details in the OBC PPF form.
- Name of the candidate.
- Initial investing amount.
- Permanent address of the applicant for communication.
- If the PPF account is for a minor, then you should mention the date of birth and relation to the applicant.
- You need to fill the name, address of the bank or the post office and the account number details in the Oriental Bank of Commerce PPF form.
- Signature of the guardian and subscriber.
- Debit account number.
- Attestation on your passport size photograph.
Rules and Guidelines of Oriental Bank of Commerce PPF Account
- There is a facility of joint accounts.
- Withdrawal of cash is possible only after the completion of the 6th financial year.
- One should maintain only one account for her/himself except when the account is for a minor or if you are a guardian.
- The maximum annual deposit should not exceed Rs.1,50,000, and the minimum should not fall below Rs.500.
- For any late payment or irregular payments, the bank charges a penalty of Rs.50.
- Oriental bank of commerce does not allow a premature withdrawal of PPF account.
- The bank allows premature closure only when the customer dies. Then his heir can close the PPF account according to the Ministry of Finance regulations.
- All the Indian residents above the age of 18 are eligible to open the Oriental Bank of Commerce PPF account.
- The minor applicants should open the OBC PPF account under the name of Guardian.
So, to know the rules of premature withdrawal of OBC PPF, click the link below.
Features of OBC Public Provident Fund
- The maturity period of the OBC PPF account is 15 years.
- An applicant can extend the tenure of PPF account in OBC for a five years block. You should submit the Form H within one year from the maturity of PPF scheme.
- The account holder can withdraw the Oriental Bank of Commerce PPF account from the 7th Finacial year.
- One can apply for a loan against OBC Public provident fund from the 3rd to the end of the 6 th financial years.
- You should repay the loan in 36 EMIs or all at once which you can estimate with the help of our Oriental Bank of Commerce PPF Calculator.
- Oriental Bank of Commerce PPF account holders can avail the tax benefits under section 80C of Income Tax Act, 1961.
- The deposits of Oriental Bank of Commerce PPF has an exemption from wealth tax.
Deposit Oriental Bank of Commerce PPF account
The deposition of money into your OBC PPF account can be either through online or offline processes. Here are the simple procedures of money deposits in PPF account of OBC.
Oriental Bank of Commerce PPF account Deposit – Online
The process of online deposit is possible only when you are with an internet banking access. Just open the internet banking account and transfer required amount from the savings account to OBC PPF account. Moreover, you can put a standing instruction to transfer money to PPF account which saves the time of filling forms. So, you should have the Oriental Bank of Commerce savings account.
Offline Deposits in PPF account of OBC
The offline process is by physically approaching the OBC branch and depositing via a cheque or a pay-in-slip. You should fill your name, PPF account number, the value of the amount you deposit. Also, you should fill the denomination of currency or the cheque number with your signature.