Oriental Bank of Commerce cuts interest rates on deposits less than Rs 1 crore

Public sector lender Oriental Bank of Commerce on Friday said it has cut interest rates for deposits less than Rs 1 crore across maturities in a range of 0.25 to 0.5% with effect from Monday.

"The bank has revised interest rate on term deposits across various maturities with effect from March 28, 2016", it said in a BSE filing. For maturities from 31 days to 45 days, the bank has cut interest rate from 6% to 5.5% for deposits less than Rs 1 crore.

Likewise, for 46 days to 90 days maturity, interest rate is cut by 0.5% to 6%; 91 days to 179 days by 0.5% to 6.25%. For maturities ranging from one year to less than two years, the new interest rate will be 7.5% from 7.75%; two years to less than three years by 0.25% to 7.25%.

And for maturities of three years to less than five years to 7.25%; for maturities ranging from five years to 10 years the interest rate is to be cut by 0.25% to 7.25%.