Oriental Bank raises FD rates on two maturities by 50bps

PSU lender Oriental Bank of Commerce (OBC) today raised fixed deposit rates up to 50 basis points on two select maturities.

Fixed deposit rates for maturity between one year to 499 days and that of 501 days to two years have been raised from 8.50% to 9%.

The 9% interest rate will be applicable to both, term deposits of less than Rs 15 lakh and that between Rs 15 lakh to Rs 1 crore, OBC said in a statement.

However, the rates on term deposits above Rs 1 crore for the same period have been kept same, it added.

The new rates would be effective from March 7, 2011.