New Delhi: Public sector lender Oriental Bank of Commerce has cut interest rates on select deposits by 0.10 percent to 8.90 percent.
"...Has informed BSE that the bank has revised interest rate on term deposits with maturity period 1 year to less than 2 years from 9 percent to 8.90 percent," it said in a regulatory filing to the BSE Monday.
The new rates, which is for term deposits less than Rs 1 crore, will come to effect from December 9, 2014, the bank said.
Last week, country's largest lender State Bank of India (SBI) had cut the deposit rates on maturities of over one year by 0.25 percent, following reduction in deposit rates by private sector peers ICICI Bank and HDFC Bank.
SBI's deposit of 1 year and less than 5 years will bear interest rate of 8.5 percent, from 8.75 percent earlier, while for deposits of 5 years and above, the rate has been reduced to 8.25 percent from 8.50 percent earlier.
Before this, ICICI Bank and HDFC Bank had slashed deposit rates by up to 0.50 percent for maturities of up to 1 year.
State-run IDBI Bank had also cut rates on deposits by 0.50 percent cut for maturities starting from 6 months to 20 years.
Shares of Oriental Bank of Commerce today closed 1.38 percent higher at Rs 318.75 apiece on the BSE.
