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.