Recently Oriental Bank of Commerce has also reduced its term deposit rates on selected Maturities. The bank has reduced the rate by 0.10% on selected deposits. Now the new rate has been revised to 8.90%.
For the time period of 1 year to 2 year the bank has revised the rate to 8.90% from 9%. The bank has reduced the rates on deposits of less than Rs 1 crore, the new rates have been made in effect from 9 December, 2014. Prior to this several leading banks of the country had already reduced their term deposit rates including SBI, ICICI, and HDFC bank. ICICI and HDFC have reduced the rates by 0.50% on the deposits up to the period of 1 year.