OBC cuts short-term deposit rates on select maturities

New Delhi: Oriental Bank of Commerce (OBC) has reduced interest on term deposits by 25 basis points on select maturities with effect from July 27.

In a BSE filing today, the public sector bank said it has reduced the pricing of short-term deposits of below Rs 1 crore to 6.50 percent from 6.75 percent on a maturity of 46 to 90 days.

The bank has reduced interest on 91 to 179 days deposits by 25 basis points to 7.25 percent and interest on deposits of 180-269 days deposits by 25 basis points to 7.50.

The new pricing will be effective July 27.

Earlier this month, Oriental Bank of Commerce had revised interest rate in the maturity bucket of 1 year to less than 2 years from 8.15 percent to 8.00 percent with effect from July 13.