NEWS & ADVICE : FIXED DEPOSITS
Oriental Bank of Commerce drops penalty clause on premature withdrawal of fixed deposits
By Neelima Shankar
Jan 2, 2013
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The public sector bank, Oriental Bank of Commerce, has removed the penalty clause on premature withdrawal of term deposit schemes of various maturities of all deposit slabs. This step has been taken to provide ‘more value for money' to the customers of the bank, said Mr. S. L. Bansal, the Chairman and Managing Director of the Gurgaon based bank.

This means that from now on, depositors in any of OBC's fixed deposits schemes can withdraw funds before the deposit has reached its maturity period without having to pay any penalty. For example, customers can withdraw funds from its second day till its 10th year, according to the maturity of the deposit scheme.


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