Oriental Bank of Commerce (OBC) has slashed the fixed deposit rates by up to 0.5 per cent on select maturities.

The bank has decided to revise the interest rate downward from existing 7.25 per cent to 7 per cent on term deposits with a maturity period of 31-45 days, OBC said in a statement.

Term deposits of 46-90 days will attract 0.5 per cent lesser interest rate of 7 per cent from 6.5 per cent. The new rates for fixed deposits of Rs 15 lakh but less than Rs 1 crore would be effective tomorrow, it added.

However, interest rates on other maturities remain unchanged.

Last month, the bank had reduced its base rate by 0.1 per cent to 10.4 per cent. Base rate is the minimum rate below which banks cannot lend to their borrowers.

(This article was published on September 2, 2012)
XThese are links to The Hindu Business Line suggested by Outbrain, which may or may not be relevant to the other content on this page. You can read Outbrain's privacy and cookie policy here.