NEW DELHI, Sept 7: State-owned Oriental Bank of Commerce (OBC) today slashed fixed deposit rates on select maturities by up to 0.5 per cent in line with several other banks including SBI.
However, the bank has raised rate by a marginal 0.1 per cent on fixed deposit of 5-10 years maturity to 9.10 per cent as against 9 per cent.
With the revision, the interest rate on 91-179 days fixed deposit would come down to 7.50 per cent, from 8 per cent, OBC said in a statement.
Similarly, interest on term deposit of 180-269 days would be down by 0.5 per cent, at 8 per cent; 270 days to one year deposits would also attract 8 per cent interest rate.
Term deposit with maturity of 1-2 years would now provide interest rate of 9.10 per cent, down from 9.25 per cent.
At the same time, interest rate for fixed deposits with maturity period between 2-3 years and 3-5 years has been slashed by 0.15 per cent to 9.10 per cent.
The new rates would be effective from September 10, the statement added.
Earlier this week, SBI announced a cut of up to 1 per cent in interest rate for fixed deposits across maturities.
Yesterday, OBC announced reduction in interest rates on home loans and vehicle loans by 0.25 per cent and 0.4 per cent respectively.
Home loan and vehicle loans shall now be available at reduced rate of as low as 10.65 per cent and 11 per cent respectively. (PTI)
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