Oriental bank of commerce has hiked the interest rates on fixed deposits by 3.25%. The bank has reported that there is rise of 3.25 % on term deposits for the period of 31-45 days. Earlier the rate was 6% now it has been revised to 9.25%. The rates for tenure 46-90 days have been raised by 1% i.e. From 8.50% to 9.50%. And the rates for tenure of 91-179 days are hiked by 1%.
Recently Canara bank has also revised the rates on selected maturities. With the hike in base rates there will be a hike in rates of car loans, home loans as well. The Allahabad bank has also hiked its minimum lending rate by 0.05%.