The public sector bank, Oriental Bank of Commerce, has increased interest rates on select fixed deposits schemes with short maturities.
Fixed deposits of amounts less than Rs. 15 lakh maturing after 91 days but before 179 days will now an attract interest rate of 8 percent, a hike from the earlier 7.5 percent. For term deposits of more than Rs. 15 lakh but less than Rs. 1 crore, having the same maturity period, the interest rates have been increased to 8.25 percent, from the existing 8 percent.
Fixed deposits of amounts Rs. 1 crore and above but less than Rs. 5 crore, having maturity period from 7 to 30 days, will now be offered 7 percent, an increase from the earlier 5 percent. For maturity periods ranging from 31 days to 90 days, term deposits of the same amount will now attract interest of 8 percent, a hike from the existing 7 percent.