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-India's OBC cuts lending, deposit rates.

Global Banking News-April 11, 2012--India's OBC cuts lending, deposit rates(C)2012 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 11 April 2012

India's state-owned Oriental Bank of Commerce (OBC) (500315.BO) (ORIENTBANK.NS) has cut its base rate or minimum lending rate by a marginal 10 basis points, while fixed deposit rates on select maturities were cut by up to 50 basis points.

The bank has reduced the base rate by 10 basis points to 10.65 percent from 10.75 percent, OBC said, and the new rate will be effective from April 11.

The bank has also reduced the interest rate on fixed deposits with maturity between one to two years by 25 basis points, to 9.50 percent. For term deposits worth INR1.5m to INR10m with maturity between 46-90 days, the new interest rate will be 50 basis points lower than the existing 9 percent. The bank has also increased its rate of interest applicable for senior citizens from 50 basis points to 60 basis points over and above the card rate. The new fixed deposit rates would be effective from April 16.

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Publication:Global Banking News (GBN)
Geographic Code:9INDI
Date:Apr 11, 2012
Words:209
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