OBC cuts rates for deposits below Rs 1 cr by 0.25%

Oriental Bank of Commerce today slashed interest rates on term deposits of less than Rs 1 crore across various maturities by 0.25 per cent.

The state-owned lender slashed interest rate on domestic term deposits maturing between 270 days to less than one year to 8.25 per cent from 8.50 per cent earlier, it said in a statement.

For deposits maturing between one year to less than two years; two years to less than three years; three years to less than five years and for deposits maturing between five years to 10 years, the interest rates have been cut by 0.25 per cent each to 8.75 per cent, it added.

The changed rate of interests will come to immediate effect from June 10, 2013, the bank said. Shares of the bank closed at Rs 230.35 apiece on the BSE, down 2.06 per cent from the previous close.