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OBC hikes int rates on term deposits by 25-75 basis points

Written by: Staff

New Delhi, Apr 7 (UNI) The Oriental Bank of Commerce, one of India's leading Public Sector banks, today announced an increase in interest rates for domestic term deposits by 25-75 basis points.

The hike in interest rate on deposits is in the range of 25-75 basis points for term deposits of less than Rs 15 lakh.

The increase in the interest rate on deposits is in the range of 25-100 basis points for the single term (Domestic) for Rs 15 lakh and above.

The interest rates on foreign currency deposits for NRI's have also been revised upwards by 25 basis points on US dollars, GBP, EURO, Australian and Canadian dollars, effective from March 29, 2006.

The new rates have been effective from April 1, 2006.

The rate of interest for other maturity periods remains the same.

Oriental Bank of commerce has also announced 1 per cent extra interest for senior citizens.


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