OBC Raised Fixed Deposit Rates By 3.5 %

On Tuesday 6th March, Oriental bank of Commerce (OBC) has raised interest rates on high value fixed deposits by up to 3.5 percent on selected maturity periods. The deposits of Rs.15 lakh and Rs.1 crore for 31-45 days maturity period will earn a good interest rate of 8.5 percent as against 5 percent earlier.

Moreover, the interest rates of fixed deposits with a maturity period of 46-90 days have been raised by 3.25 percent to 9 percent. While those with maturity period of 91-179 days have been raised to 9 percent from 8 percent. And interest rates of FD’s beyond Rs.1 crore have been revised upwards by 1 percent. The bank stated that, these new interest rates are effective from March 1.

Tight liquidity conditions have led the bank to raise interest rates, and they have to borrow more than Rs.1.5 lakh crore from RBI daily. And these conditions have also led to increase in rates of certificate of deposits and commercial paper issued by the banks.

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