OBC slashes fixed deposit rates by up to 1%

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Oriental Bank of Commerce (OBC) has cut fixed deposit rates by up to 1 per cent on select maturities.

The announcement follows the rate cut of 0.25 per cent undertaken by RBI earlier this month.

In a statement, OBC said, the fixed deposit rate for maturities ranging from 31-45 days has come down to 6 per cent from 7 per cent.

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

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

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

Read more about: oriental bank of commerce
Story first published: Friday, May 17, 2013, 9:30 [IST]
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