New Delhi: 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 per cent.
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 per cent.
“For deposits having maturity between 46-90 days, the new interest rate will be 6.75 per cent from the existing 7 per cent,” OBC said in a statement.
Similarly, the bank has lowered interest rate by 0.25 per cent on the fixed deposit between 91-179 days. The new rate would be 7.75 per cent from the existing 8 per cent.
For term deposits having a maturity period of 2-10 years, the rate has been revised downward by 0.50 per cent to 8.25 per cent from existing 8.75 per cent.
The new rate would be effective from January 20, it added.
Last week, RBI reduced the benchmark interest rate by 0.25 per cent to 7.75 per cent 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 per cent 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 per cent to 10 per cent.