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State-owned Oriental Bank of Commerce (OBC) today slashed fixed deposit rates by up to 1% on select maturities.
The announcement comes on the heels of RBI cutting key policy rate by 0.25% earlier this month.
The fixed deposit rate for maturities ranging from 31-45 days has come down to 6% from 7%, OBC said in a statement.
At the same time, term deposit of 180-269 days will earn 0.5% lower interest rate at 8% from earlier rate of 8.50%, while interest rate on 91-179 days has come down by 0.25% at 7.75%.
However, interest rate on 46-90 days deposit remains unchanged at 7%.
The revised FD rates effective today will apply to deposits below Rs 1 crore, it said.
The central bank lowered the short-term lending (repo) rate to 7.25% from 7.50%, lowest since May 2011 while retaining the Cash Reserve Ratio for banks unchanged at 4%.
