Oriental Bank of Commerce (OBC), the state-owned bank has reduced the interest rates on fixed deposit by up to 1% on select maturities. As per the revision the fixed deposit rate for maturities ranging from 31-45 days has come down to 6 percent from 7 percent, while term deposit of 180-269 days will earn 0.5% lower interest rate at 8% which was earlier at 8.5%.
The interest rate on 91-179 days has come down by 0.25% at 7.75%. However, interest rate on 46-90 days deposit remains unchanged at 7%. The revised FD rates will be applicable with effect from May 16, 2013.
