Oriental Bank of Commerce (OBC) on Thursday slashed fixed deposit rates by up to 1 percentage point on select maturities with effect from Thursday. The announcement comes on the heels of Reserve Bank of India (RBI) cutting key policy rate by 0.25 percentage points earlier this month.
The rate for maturities ranging from 31 days to 45 days has come down to 6 per cent from 7 per cent. Term deposit of 180-269 days will earn 0.5 percentage point lower interest rate at 8 per cent against 8.50 per cent, while interest rate on 91-179 days has come down by 0.25 percentage points to 7.75 per cent. However, interest rate on 46-90 days deposit remains unchanged.
The revised FD rates will apply to deposits below Rs.1 crore, it said.