Oriental Bank cuts base rate by 0.1%

Oriental Bank of Commerce has slashed its base rate 0.1 per cent to 10.40 per cent with effect from on Thrusday.

“This will translate into lower interest rate for borrowers. However, the BPLR (Benchmark Prime Lending Rate) remains unchanged at 14.75 per cent,” Oriental Bank of Commerce said.

The bank has also reduced interest rates on term deposits of Rs 15 lakh and above.

Interest rate on term deposits of Rs 15 lakh and above but less than Rs 1 crore for maturity between 31-45 days has been slashed to 7.25 per cent from 7.50 per cent earlier.

BASE RATES
	in %

ICICI Bank9.8 HDFC Bank9.8 SBI10.0 OBC10.4 PNB10.5 BoB10.5 Canara Bank10.5 Union Bank10.5 Source: Banks

For 46-90 days maturity, it has been reduced to 7.50 per cent from eight per cent earlier. Also, for term deposits of Rs 1 crore and above, interest rate is reduced to 8.60 per cent (8.75 per cent) for maturity between 91-179 days; 8.75 per cent (9 per cent) for 180-269 days; 9.15 per cent (9.25 per cent) for one year but less than two year; 9 per cent (9.25 per cent) for maturity of two year but less than three year.

Shares of OBC closed at Rs 236.65 a piece on the BSE on Thrusday, up 0.57 per cent from their previous close.