New Delhi: Oriental Bank of Commerce (OBC) has cut interest rates on select deposits by 0.10 per cent to 8.90 per cent.
New Delhi: Oriental Bank of Commerce (OBC) has cut interest rates on select deposits by 0.10 per cent to 8.90 per cent.
The public sector lender "has informed BSE that the bank has revised interest rate on term deposits with maturity period 1 year to less than 2 years from 9 per cent to 8.90 per cent", it said in a regulatory filing to the bourse on Monday.
The new rates, which are for term deposits less than Rs 1 crore, will come to effect from December 9, 2014, the bank said.
Last week, State Bank of India (SBI), the country's largest lender, had cut the deposit rates on maturities of over one year by 0.25 per cent, following reduction in deposit rates by private sector peers ICICI Bank and HDFC Bank.
SBI's deposit of 1 year and less than 5 years will bear interest rate of 8.5 per cent, from 8.75 per cent earlier, and for deposits of 5 years and above, the rate has been reduced to 8.25 per cent from 8.50 per cent earlier.
Before this, ICICI Bank and HDFC Bank had slashed deposit rates by up to 0.50 per cent for maturities of up to 1 year.
State-run IDBI Bank had also cut rates on deposits by 0.50 per cent cut for maturities starting from 6 months to 20 years.
Shares in Oriental Bank of Commerce, on Monday, ended at Rs 318.75 apiece on the BSE, up 1.38 per cent from the previous close.
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