The Hindu Business Line : OBC relief for senior citizens

In a bid to give some relief to the senior citizens hit hard by the present high rate of inflation, Oriental Bank of Commerce (OBC) has hiked the interest rate on their deposits for 400 days to 9.75 per cent, according to Mr R.M. Sharma, General Manager, OBC, in the eastern region. For other depositors, the rate of interest will be 9.25 per cent. The interest is payable quarterly and in cases where the depositors intend to take the payment on maturity the annualised return will work out to 10.11 per cent for senior citizens and 9.57 per cent for others. There is no premature payment penalty on FDR up to Rs 5 lakh, he added. - Our Bureau

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