)
Four days after rate cut by the RBI, Oriental Bank of Commerce (OBC) today slashed fixed deposit rate across various maturities by up to 0.50%.
The bank would also look at cutting base rate or minimum lending rate soon. The base rate of the bank at present is 10.25%.
"For deposits having maturity between 46-90 days, the new interest rate will be 6.75% from the existing 7%," OBC said in a statement.
Similarly, the bank has lowered interest rate by 0.25% on the fixed deposit between 91-179 days. The new rate would be 7.75% from the existing 8%.
For term deposits having a maturity period of 2-10 years, the rate has been revised downward by 0.50% to 8.25% from existing 8.75%.
The new rate would be effective from January 20, it added.
Last week, RBI reduced the benchmark interest rate by 0.25% to 7.75% with a view to boost growth.
The rate cut by RBI came after a gap of over 20 months. The RBI had last reduced repo rate by 0.25% in its May 3, 2013 policy review.
Soon after the rate cut, United Bank of India had slashed its base rate or the minimum lending rate by 0.25% to 10%.
