Oriental Bank of Commerce (OBC) said it has raised the rate of interest on domestic term deposits (including NRO deposits) for select tenor.
The bank customers can now avail 9 per cent interest on deposits for more than one year but less than 2 years as against 8.75 per cent earlier. The new rates will be effective from August 12, 2013.
Banks have been increasing the deposit rates following the increase in short-term cost of funds after liquidity tightening measures by the Reserve Bank of India (RBI) in preview few weeks.
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