Public sector bank – Oriental Bank of commerce has slashed down its fixed deposit rates. The bank has reduced its rates by 0.50 percent on the various maturities. At present the lending rate of the bank is 10.25, bank might cut it down further. For deposits having maturity between 46-90 days, the bank has reduced the rate from 7% to 6.75%.
Further the bank has reduced the rate from 8% to 7.75% for the deposits between 91 to 179 days. For the deposit of 2 years to 10 years the bank has slashed the rate by 0.50% i.e. from 8.75 to 8.25%. The new reduced rates are applicable from today itself (20 January 2015).