Public sector lender Oriental Bank of Commerce (OBC) and its private sector peer, Dhanlaxmi Bank have both raised interest rates on fixed deposits by 175 basis points across different maturities.
OBC has offered a special scheme for 1000 days deposits wherein it would offer interest of 8.75%.
The bank has also raised its base rate by 50 basis points to 9%.
Dhanlaxmi Bank has on the other hand raised its deposit rates in the range of 75 to 175 basis points across different maturities.
Two slabs of tenors 91-120 days and 121-179 days have been clubbed into a single deposit of tenor of 91-179 days, offering an interest rate of 7.25%.
Interest rate on maturities of 15-45 days has been increased to 5%, a 100bps hike while rates for deposits with a tenor of between 46-90 days have also been hiked to 5 %, an increase of 75 basis points.