Oriental Bank of Commerce on Saturday reduced interest rates on term deposits by 25-100 basis points under various maturities below one year. This rate revision, which will be effective from Monday, will cover term deposits of Rs 15 lakh and above as well as term deposits of Rs 1 crore and above. For term deposits of Rs 15 lakh and above but less than Rs 1 crore, the extent of rate reduction ranged 25-50 basis points. The reduction has been done only for two time buckets — 31 days to 45 days (from 7.25 per cent to 7 per cent) and 46 days to 90 days (from 7.5 per cent to 7 per cent). For term deposits of Rs 1 crore and above, the interest rate reduction for various time buckets (less than one year) ranged 25-100 basis points. The bank’s move to reduce term deposit rates has come close on the heels of its Chairman & Managing Director S.L. Bansal indicating that certain term deposit rates would soon be reduced. — Our Bureau

(This article was published in the Business Line print edition dated September 2, 2012)
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