OBC raises fixed deposit rates by up to 2.25%
Quotes

OBC raises fixed deposit rates by up to 2.25%

Last Updated: Thursday, January 31, 2013, 18:34
 
 Comment 0
 
OBC raises fixed deposit rates by up to 2.25%
New Delhi: City-based Oriental Bank of Commerce (OBC) Thursday raised the deposit rates by up to 2.25 percent for FDs of short-term maturities.

The fixed deposit rate for maturities ranging from one-month to 45 days has been raised to 7.25 percent from 5 percent, OBC said in a statement.

The revised FD rates, to apply for deposits below Rs 1 crore, will come into effect from tomorrow, it said.

OBC, however, has kept the deposit rates for maturities of above one year unchanged.

The increase has been effected for fixed deposits ranging from one month to one year.

Following the the decision of the Reserve Bank of India (RBI) to cut kept lending (repo) rate by 0.25 percent and inject Rs 18,000 through cut in Cash Reserve Ratio( CRR) had lowered the lending rates.

OBC, however, raised the fixed deposit rate to attract short-term funds.

PTI


First Published: Thursday, January 31, 2013, 18:34


Comments


comments powered by Disqus
Honda Mobilio MPV
Honda Mobilio MPV
BRICS Annual Summit 2014
BRICS Annual Summit 2014
Tata Zest Standout Features: In Pics
Tata Zest Standout Features: In Pics
New car launches in July
New car launches in July
Tata Zest first drive review: In pics
Tata Zest first drive review: In pics

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved