Oriental Bank of Commerce raises fixed deposit rates by up to 2.25%
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City-based Oriental Bank of Commerce (OBC) today raised the rates by up to 2.25 per cent for fixed deposits (FDs) of short-term maturities.
The fixed deposit rate for maturities ranging from one-month to 45 days has been raised to 7.25 per cent from 5 per cent, OBC said in a statement.
The revised FD rates, to apply for deposits below Rs 1 crore, will come into effect from tomorrow, it said.
OBC, however, has kept the deposit rates for maturities of above one year unchanged.
The increase has been effected for fixed deposits ranging from one month to one year.
Following the the decision of the Reserve Bank of India (RBI) to cut kept lending (repo) rate by 0.25 per cent and inject Rs 18,000 through cut in Cash Reserve Ratio( CRR) had lowered the lending rates.
OBC, however, raised the fixed deposit rate to attract short-term funds.