OBC cuts fixed deposit rates by 0.5%

State-owned Oriental Bank of Commerce (OBC) has slashed fixed deposit rates by up to 0.5% on select maturities.

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

Term deposits of 46-90 days will attract 0.5% lesser interest rate of 7% from existing rate of 7.5%.

The new rates for fixed deposits of Rs 15 lakh but less than Rs 1 crore would be effective from tomorrow, it added.

However, interest rates on other maturities remain unchanged.

Last month, the bank reduced its base rate by 0.1% to 10.40%.

Base rate is the minimum rate below which banks cannot lend to their borrowers.