IDBI Bank and Oriental Bank of Commerce, on Wednesday, hiked the deposit rates by up to 1.50 percentage points in select maturities.

IDBI Bank, which also modified its maturity offering, will now pay 8.50 per cent for a deposit of 46 days to 200 days, which is higher than the earlier rate of 7 per cent for the 46-90 days basket and 7.25 per cent for the 91 days to less than six months basket, it said in a statement.

It also hiked its interest rate in two other baskets by 0.25 percentage point. Oriental Bank of Commerce hiked its offering by 0.25 percentage point in the one-year to less than two-year maturity bucket, it said in a filing with the stock exchanges.

IDBI Bank’s interest rate revision is effective August 16, while the same for OBC is from August 12.

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