Oriental Bank of Commerce (OBC) has slashed deposit rates by 50-100 basis points on certain maturities for deposits of Rs 15 lakh and above.
No changes have been made for term deposits less than Rs 15 lakh and all those deposits with maturities of 1 year.and above.
The revised rates will come into effect from April 23. The deposit rate reduction comes close on the heels of the RBI reducing repo rate by 50 basis points at its recent monetary policy announcement on April 17.
Ahead of the RBI policy announcement, OBC had cut its base rate by 10 basis points to 10.65 per cent.
The OBC Chairman and Managing Director, Mr S.L. Bansal, had recently indicated that the bank would look at reducing interest rates to pass on the benefits of the RBI rate cut to customers.
However, the latest round of rate revision has been confined only to deposit rates. Even in deposit rates, OBC has decided not to effect any changes in interest rate offered on term deposits less than Rs 15 lakh.
For term deposits of Rs 15 lakh and above but less than Rs 1 crore, the bank has reduced rates by 50-100 basis points in certain maturities with effect from April 23. However, the deposit rates of maturities of 1 year and above remain unchanged, a filing made by OBC to the stock exchange, Mumbai showed.
In the case of term deposits of Rs 1 crore and above, the bank has effected interest rate reduction of 50-100 basis points for certain maturities. No changes have been made to maturities of 1 year and above.