OBC cuts interest rates on deposits less than Rs 1 cr

New Delhi: Public sector lender Oriental Bank of Commerce today said it has cut interest rates for deposits less than Rs 1 crore across maturities in a range of 0.25 to 0.5 percent with effect from Monday.

"The bank has revised interest rate on term deposits across various maturities with effect from March 28, 2016", it said in a BSE filing.

For maturities from 31 days to 45 days, the bank has cut interest rate from 6 percent to 5.5 percent for deposits less than Rs 1 crore.

Likewise, for 46 days to 90 days maturity, interest rate is cut by 0.5 percent to 6 percent; 91 days to 179 days by 0.5 percent to 6.25 percent.

For maturities ranging from one year to less than two years, the new interest rate will be 7.5 percent from 7.75 percent; two years to less than three years by 0.25 percent to 7.25 percent.

And for maturities of three years to less than five years to 7.25 percent; for maturities ranging from five years to 10 years the interest rate is to be cut by 0.25 percent to 7.25 percent.