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Public sector lender Oriental Bank of Commmerce has hiked interest rates on foreign currency non-resident (banks) deposits.
The deposit rates have been revised on all maturiies from one to five years for US dollar, British pound, Euro, Australian dollar, Canadian dollar and Japanese Yen.
The interest rate hike ranges from 75 basis points to 175 basis points and is effective from May 8.
OBC move comes close on the heels of the Reserve Bank of India raising the interest rate ceiling on such deposits from 125 basis points above LIBOR to 200 basis points for maturity period of one year to less than three years, and to 300 basis points for maturity period of 3 to 5 years.
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