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Friday, October 5, 2012

OBC cuts deposit rates in certain maturities

Oriental Bank of Commerce (OBC) has cut the deposit rates on maturities between one and three years by 10 basis points to 9 per cent per annum.

The move has come in the wake of softening interest rates in the system and comfortable liquidity, V. Kannan, Executive Director, OBC, told Business Line.

Almost 70 per cent of the inflows of deposits to the bank come under the one to three year time period.

OBC move also comes in the backdrop of softening commercial deposit rates for one-year period.

The deposit rate reduction will come into effect from Monday. It will apply on term deposits of less than Rs 1 crore.


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