Oriental Bank of Commerce (OBC) has waived penalty on premature withdrawal of fixed deposit schemes for all maturities across all slabs. This has been done to give ‘more value for money’ to the bank’s customers, said S. L. Bansal, Chairman and Managing Director, OBC.
Simply put, a depositor who has parked funds in OBC’s deposit schemes can now withdraw these prematurely (say from the second day up to the 10th year, depending on maturity profile) without having to fork out any penalty.
OBC has also made some changes to its existing home loan scheme. For loans up to Rs 30 lakh, the bank has reduced interest rates by 10 basis points to 10.4 per cent.
The margin for home loans above Rs 20 lakh has been reduced to 20 per cent from 25 per cent earlier, he said. For home loans below Rs 20 lakh, the margin will be 15 per cent.