Public sector lender, Oriental Bank of Commerce has announced a dip in interest rates of its fixed deposits by as much as 50 bps across selected maturities.

Deposits having a maturity between 1-2 years will now see a 25 bps dip in interest rate taking it to 9.50%, said the bank.

Deposits amounting between Rs 15 lak to Rs 1 crore and having a tenor between 46-90 days will have interest of 8.5% now, 50 bps lower than the earlier 9%.

The base rate of the bank has been slashed to 10.65% from 10.75% earlier.

"We have taken a bold decision ahead of the RBI policy. There are some events in the last few months that have enabled us to take this decision and pass on the cost benefit to our customers," OBC Chairman and Managing Director Mr S L Bansal said.