OBC lowers rates for term deposits up to Rs 1 crore
New Delhi: Oriental Bank of Commerce on Friday lowered interest rates by 0.10 percent for term deposits between Rs 15 lakh and Rs 1 crore of various maturities.
The revised rates would be applicable from October 8, 2012, the public sector bank said in a statement.
The public sector bank lowered term deposits rates to 9 percent from 9.10 percent on deposits less than Rs 15 lakh for maturity between 1 years and less than 2 years.
Effecting a similar cut for deposits below Rs 15 lakh of maturities between 2 years and less than 3 years, the new rate will be 9 percent from existing 9.10 percent, the bank said in a statement.
For term deposits of Rs 15 lakh and above, but less than Rs 1 crore, the rates have been lowered to 9 percent from 9.10 percent for maturities of one year to less than two years.
For maturities of two years to less than three years on deposits of Rs 15 lakh and above but less than Rs one crore, the interest rate will be 9 percent from 9.10 percent.
Earlier in September, country's largest lender State Bank of India had cut interest rate for fixed deposits across maturities by up to one percent.
Shares of OBC traded at Rs 290.19 apiece on the BSE, down 1.2 percent from the previous close.