Oriental Bank of Commerce reduces fixed deposits rates by up to 0.5%

State-owned Oriental Bank of Commerce (OBC) today slashed fixed deposit rates on select maturities by up to 0.5% in line with several other banks including SBI.

However, the bank has raised rate by a marginal 0.1% on fixed deposit of 5-10 years maturity to 9.10% as against 9%.

With the revision, the interest rate on 91-179 days fixed deposit would come down to 7.50%, from 8%, OBC said in a statement.

Similarly, interest on term deposit of 180-269 days would be down by 0.5%, at 8%; 270 days to one year deposits would also attract 8% interest rate.

Term deposit with maturity of 1-2 years would now provide interest rate of 9.10%, down from 9.25%.

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% to 9.10%.

The new rates would be effective from September 10, the statement added.

Earlier this week, SBI announced a cut of up to 1% in interest rate for fixed deposits across maturities.

Yesterday, OBC announced reduction in interest rates on home loans and vehicle loans by 0.25% and 0.4% respectively.

Home loan and vehicle loans shall now be available at reduced rate of as low as 10.65% and 11% respectively.