OBC cuts deposit rates

Oriental Bank of Commerce has reduced its term deposit rates by 25-100 basis points across various maturities. The revised rates will be applicable from April 21. For bulk deposits (Rs 1 crore & above) with maturity of 1 year & above, the interest rate has been reduced from 7.5 per cent to 6.5 per cent per annum. In case of deposits less than Rs 1 crore, the interest rate has been reduced to 8 per cent from 8.25 per cent for the time bucket of 1 to less than 2 years.