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Thursday, July 25, 2013

OBC hikes some deposit rates

Oriental Bank of Commerce (OBC) has hiked interest rate on certain domestic term deposits.

The interest rate hike is for term deposits of less than Rs 1 crore under various maturities from 91 days to less than a year.

For term deposits of 91-179 days, the interest rate has been raised from 7.75 per cent to 8.5 per cent. For deposits with a maturity of 180 days to 269 days, the revised interest stands at 8.5 per cent, from 8 per cent earlier. In the case of term deposits of 270 days to less than one year, the interest rate has been revised to 8.5 per cent from 8.25 per cent earlier.

This move comes close on the heels of the RBI taking further measures to reduce liquidity in the banking system after the steep fall of the rupee against the dollar.

Source: thehindubusinessline


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