OBC cuts interest rates across maturities

New Delhi: Public sector lender Oriental Bank of Commerce is set to cut interest rates for deposits less than Rs. one crore across maturities in a range of 0.25 to 0.5 percent with effect from March 28.

In a BSE filling, the bank has revised interest rate on term deposits across various maturities with effect from March 28, 2016.It reported that for maturities from 31 days to 45 days, the bank has cut interest rate from six percent to 5.5 percent for deposits less than Rs. one crore.Similarly, for 46 days to 90 days maturity, interest rate is cut by 0.5 percent to 6 percent; 91 days to 179 days by 0.5 percent to 6.25 percent.And for maturities of three years to less than five years to 7.25 percent; for maturities ranging from five years to 10 years the interest rate is to be cut by 0.25 percent to 7.25 percent.