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OBC raises rate of interest on domestic term deposits in select tenor

By Religare

OBC raises rate of interest on domestic term deposits
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.

Dion Global Solutions Ltd.

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