OBC reduces fixed deposits rates by up to 0.5%

OBC reduces fixed deposits rates by up to 0.5% New Delhi: State-owned Oriental Bank of Commerce (OBC) Friday slashed fixed deposit rates on select maturities by up to 0.5 per cent in line with several other banks including SBI.

However, the bank has raised rate by a marginal 0.1 percent on fixed deposit of 5-10 years maturity to 9.10 percent as against 9 percent.

With the revision, the interest rate on 91-179 days fixed deposit would come down to 7.50 percent, from 8 percent, OBC said in a statement.

Similarly, interest on term deposit of 180-269 days would be down by 0.5 percent, at 8 per ent; 270 days to one year deposits would also attract 8 percent interest rate.

Term deposit with maturity of 1-2 years would now provide interest rate of 9.10 percent, down from 9.25 percent.

At the same time, interest rate for fixed deposits with maturity period between 2-3 years and 3-5 years has been slashed by 0.15 percent to 9.10 percent.

The new rates would be effective from September 10, the statement added.

Earlier this week, SBI announced a cut of up to 1 percent in interest rate for fixed deposits across maturities.

Yesterday, OBC announced reduction in interest rates on home loans and vehicle loans by 0.25 percent and 0.4 percent respectively.

Home loan and vehicle loans shall now be available at reduced rate of as low as 10.65 percent and 11 percent respectively.

PTI