The Hindu Business Line : Oriental Bank hikes deposit rates

Oriental Bank of Commerce (OBC) has announced an increase in interest rate on term deposits for various maturities. The bank has also introduced a new term deposit scheme of 333 days offering interest of 10 per cent an annum. A statement issued by the bank said that term deposits of 365 days (exactly one year) would carry interest rate of 10.05 per cent.

Interest on deposits on maturities of 1 year to less than 3 years has been raised to 9.75 per cent an annum. For term deposits of 3 years to less than 5 years, the interest rate has been pegged at 9.5 per cent. For deposits over 5 years and upto 10 years, the interest rate has been pegged at 9 per cent. The revision in interest rate is effective from August 20. Senior citizens would continue to earn additional 0.50 per cent an annum on all the maturities. - Our Bureau

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