Oriental Bank raises fixed deposit rates by up to 3%

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State-owned Oriental Bank of Commerce (OBC) today raised interest rates on fixed deposit of three maturities by up to 3.25%.

Term deposits with maturity of 31-45 days would earn interest rate of 9.25%, higher by 3.25% from existing 6%, OBC said in a statement.

The new rates are effective from tomorrow.

Term deposit of between 46-90 days would earn 9.50% against existing 8.50%, it said.

Those between 91-179 days would attract one% higher interest rate at 9.75%.

Last month, Canara Bank had raised fixed deposit rates across maturities.

Meanwhile, another public sector lender Allahabad Bank raised base rate or minimum lending rate by 0.05% to 10.25% from existing 10.25%.

All new loans, including home and car loans, would become costlier by 0.05% with increase in base rate.

The new lending rate would be effective from tomorrow.

In its Third Quarter Review of Monetary of Policy, the RBI in January raised the key repo rate to 8% in a bid to curb inflation. The central bank's move was expected to translate into higher EMIs and push up borrowing costs for corporates.