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Interest rates on OBC’s fixed deposits slashed
The interest rates for Oriental Bank of Commerce’s fixed deposits under Rs 1 crore have witnessed a cut. The public sector lender in a statement said the rates across maturities will now be from to 0.25%, with effect from Monday March 28, 2016.
For maturities with tenures 31 days to 45 days, the bank has slashed interest rate from 6% to 5.5% for deposits less than Rs 1 crore. In a similar way, for maturity tenures 46 days to 90 days maturity, interest rate is cut by 0.5% to 6%. The new interest rate for maturities 91 days to 179 days has been slashed by 0.5% to 6.25%.
Maturities with tenure one year to less than two years, have the new interest rate at 7.5% from 7.75%; tenures two years to less than three years are now available at 7.25%. Maturities with three years to less than five years term is 7.25%; for maturities with terms ranging from five years to 10 years the current interest rate applicable will be 7.25%.
25th March 2016
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Oriental Bank of Commerce Cuts Lending Rates
Oriental Bank of Commerce (OBC), a public sector bank cut its base rate, or minimum rate, by 0.1%. At the current rate of 9.90%, the EMIs will be lower for borrowers. The slashed base rate from 10 percent to 9.90% came into effect from August 17, 2015.
The bank has also cut the interest rate on fixed deposits by 0.25% which will be applicable on select maturities. The interest rates on term deposits between 91 days to 10 years shall also be reduced by 0.25 % which will be effective from October 5, 2015.
The slashed interest rate cuts are a result of the RBI revising its benchmark repo (short-term lending) rate by 0.50% in its 4th bimonthly monetary policy review.
9th October, 2015
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Oriental Bank cuts deposit rates
Oriental Bank of Commerce reduced deposit rates for select maturities by 0.25 percent. The change will be with effect from August 5, 2015. The bank has reduced the deposit rates by 0.25 percent to 7 percent for maturities between 91 to 179 days. For deposits maturing in 270 days to less than a year, the interest rate will be 7.5 percent. Oriental Bank of Commerce’s shares closed at Rs.182.15 on BSE, it was up by 4.68 percent.
4th August 2015
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Fixed Deposit rate cuts by Oriental Bank
State owned lender Oriental Bank of Commerce on Friday cut base rates on Fixed Deposits. Oriental Bank of Commerce reduced interest rate on fixed deposits by up to 0.25% on selected maturities. The new rates will be effective from May 15th 2015. The rate cut comes after RBI’s major rate cuts.
11th May 2015
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OBC Follows SBI - Cuts Rates
Public sector banks have apparently begun acting on cues from the country’s largest bank, the State Bank of India.
Oriental Bank of Commerce, a leading public bank, has reduced short-term rates on retail deposits. The cut is specific to its deposit schemes of 46 days to 90 days. The interest rate for this product now stands at 7.5%, signifying a 0.50% reduction from the previous rate of 8.00%. Additionally, a 0.25% rate cut has been effected on its deposit scheme of 91 days to 179 days for amounts up to Rs.1 crore The rate now stands at 8.25%.
Credit growth is at an all-time low over the last decade causing banks to reassess their interest payout structures.
24th October 2014
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PNB Inspires OBC Rate Cut
Responding to cues from SBI, the country’s leading public bank, PNB cut rates on its term bulk deposits for periods up to one year. This got the ball rolling for other PSUs, who were expected to cut deposit rates following SBI’s measure to deal with excess liquidity and poor credit uptake.
The next big PSU bank to go SBI and PNB’s way is OBC who effected a 0.50% reduction on short-term retail deposit schemes of 46 - 90 days. The new rate for this tenor stands at 7.5%. Deposit holdings for 91 - 179 days saw a similar reduction from 8.50% to 8.25% for amounts below Rs.1 crore.
Punjab National Bank brought down rates by 0.25% from 7.50% to 7.25% for holdings between 1 - 3 months and from 8.75% to 8.50% for holdings between 91 days - 1 year.
PNB’s retail deposit rates remain unchanged, offering higher returns than SBI whose rates for terms above 1 year was reduced to 8.75%..
24th October 2014
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