Oriental Bank of Commerce (OBC) has increased the interest rates on term deposits of less than Rs 1 crore.
The hike has been effected across different maturity buckets of less than 1 year. The quantum of rate hike ranges between 25 and 50 basis points.
OBC has also merged the existing slabs of “term deposits of less than Rs 15 lakh’’ and “term deposits of Rs 15 lakh and above but less than Rs 1 crore’’ into a single slab of “term deposits of less than Rs 1 crore’’.
Similarly, the existing slab of “term deposits of Rs 1crore and above but less than Rs 5 crore’’ and “term deposit of Rs 5 crore and above’’ has been merged into a single slab of term deposit of Rs 1 crore and above.
Effective February 1, there will only be two slabs-term deposits of less than Rs 1 crore and term deposits of Rs 1 crore and above.