New Delhi: State-owned Oriental Bank of Commerce (OBC) has slashed fixed deposit rates by up to 0.5 percent on select maturities.

The bank has decided to revise the interest rate downward from existing 7.25 percent to 7 percent on term deposit with maturity period of 31-45 days, OBC said in a statement.

Term deposits of 46-90 days    will attract 0.5 percent lesser interest rate of 7 percent from existing rate of 7 percent.

The new rates for fixed deposits of Rs 15 lakh but less than Rs 1 crore would be effective from on Monday, it added.

However, interest rates on other maturities remain unchanged.

Last month, the bank reduced its base rate by 0.1 per cent to 10.40 percent.

Base rate is the minimum rate below which banks cannot lend to their borrowers.

(Agencies)

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