Oriental Bank raises FD rates on two maturities

PSU lender Oriental Bank of Commerce (OBC) raised fixed deposit rates up to 50 basis points on two select maturities.

Fixed deposit rates for maturity between one year to 499 days and that of 501 days to two years have been raised from 8.50 per cent to 9 per cent.

The 9 per cent interest rate will be applicable to both, term deposits of less than Rs. 15 lakh and that between Rs. 15 lakh to Rs. 1 crore, OBC said in a statement.

However, the rates on term deposits above Rs. 1 crore for the same period have been kept same, it added.

The new rates would be effective from March 7, 2011.

Source: Financial Express