OBC cuts fixed deposit rates by up to 1%

OBC cuts fixed deposit rates by up to 1% New Delhi: State-owned Oriental Bank of Commerce (OBC) Thursday slashed fixed deposit rates by up to 1 percent on select maturities.

The announcement comes on the heels of RBI cutting key policy rate by 0.25 percent earlier this month.

The fixed deposit rate for maturities ranging from 31-45 days has come down to 6 percent from 7 percent, OBC said in a statement.

At the same time, term deposit of 180-269 days will earn 0.5 percent lower interest rate at 8 percent from earlier rate of 8.50 percent, while interest rate on 91-179 days has come down by 0.25 percent at 7.75 percent.

However, interest rate on 46-90 days deposit remains unchanged at 7 percent.

The revised FD rates effective today will apply to deposits below Rs 1 crore, it said.

The central bank lowered the short-term lending (repo) rate to 7.25 percent from 7.50 percent, lowest since May 2011 while retaining the Cash Reserve Ratio for banks unchanged at 4 percent.

PTI