Oriental Bank cuts base rate by 0.1%

Oriental Bank cuts base rate by 0.1% New Delhi: Oriental Bank of Commerce (OBC) has slashed its base rate by 0.1 percent to 10.40 percent with effect from Thursday.

"Oriental Bank of Commerce has cut its base rate by 10 basis points (0.1 percent) to 10.40 percent with effect from today," the bank said in a press release.

Base rate is the minimum rate below which banks cannot lend to their borrowers.

"This will translate into lower interest rate for borrowers. However, the BPLR (Benchmark Prime Lending Rate) of the bank remains unchanged at 14.75 percent," it added.

Further, the Bank has also revised interest rates on term deposits of Rs 15 lakh and above.

Interest rate on term deposits of Rs 15 lakh and above but less than Rs One crore for maturity between 31-45 days has been slashed to 7.25 percent from 7.50 percent earlier.

For 46-90 days maturity, it has been reduced to 7.50 percent from eight percent earlier.

Also, for term deposits of Rs 1 crore and above, interest rate is reduced to 8.60 percent (8.75 percent) for maturity between 91-179 days; 8.75 percent (9 percent) for 180-269 days; 9.15 percent (9.25 percent) for one year but less than two year; 9 percent (9.25 percent) for maturity of two year but less than three year.

Shares of OBC closed at Rs 236.65 a piece on the BSE Thursday, up 0.57 percent from their previous close.

PTI