Public sector lender Oriental Bank of Commerce may cut interest rates for deposits of one year by 50 basis points on Tuesday. Advertising "We will take a call on around 50 basis points cut in deposit rates tomorrow at our Assets and Liabilities Committee (Alco) meet," Oriental Bank Executive Director S C Sinha said on Monday.
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The MCLR Rates offered by OBC depends primarily depends on the loan tenure. The rate of interest applicable to overnight tenure loans stands at 8.30%. For one month tenures, the interest rate applicable is 8.45% while the rate of interest associated with three-month tenures stands at 8.50%.
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OBC to slash PLR by 50 bps from next month Oriental Bank of Commerce said it will reduce its benchmark prime lending rate by 50 basis points to 12 per cent,with effect from April 1.
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On Tuesday, the public sector bank Oriental Bank of Commerce said it has cut its one-year MCLR or marginal cost of funds based lending rate by 5 basis points to 8.7%.
Oriental Bank of Commerce offers quite decent interest rates for fixed deposits. Starting from the highest interest rate it gives 7.00 Percent flat for any period between 1 to 10 years (certainly on maturity). Coming down from this period, it gives 6.50 Percent interest rate for a period over 9 months and 8 Percent from 6-9 months.
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Oriental Bank of Commerce Short Term Fixed Deposit Rates. Oriental Bank of Commerce offers deposits of 7 days – 30 days at the rate of interest of 4.00% p.a. The rate of interest is boosted from a mere 4.00% p.a. to 4.75% p.a. for a duration of 31 – 45 days.
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State Bank of India (SBI) on Wednesday reduced interest rates on loans for car and consumer durables and also decided to lower processing charges to cash in on the festival season demand. SBI is the f
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