Industry

Oriental Bank cuts rates on term deposits

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Oriental Bank of Commerce (OBC) on Saturday announced reduction in interest rates on different maturities of domestic term deposits below Rs.1 crore.



As per the revision, to come into effect on November 11, the rate of interest on such deposits for 46-90 days will be 7 per cent as against the prevailing 7.50 per cent.



The other changes are: 91-179 days — 8 per cent (8.25 per cent); 180-269 days — 8.25 per cent (8.50 per cent); and 270 days to less than a year — 8.25 per cent (8.50 per cent). In a filing to the BSE, the bank said the new rates applied to non-resident ordinary deposits as well.

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Printable version | Jan 29, 2020 11:07:59 PM | https://www.thehindu.com/business/Industry/oriental-bank-cuts-rates-on-term-deposits/article6578570.ece

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