Oriental Bank raises fixed deposit rates by up to 3.25 pc

State-owned Oriental Bank of Commerce (OBC) today raised interest rates on fixed deposit of three maturities by up to 3.25 per cent.

Term deposits with maturity of 31-45 days would earn interest rate of 9.25 per cent, higher by 3.25 per cent from existing 6 per cent, OBC said in a statement.

The new rates are effective from tomorrow.

Term deposit of between 46-90 days would earn 9.50 per cent against existing 8.50 per cent, it said.

Those between 91-179 days would attract one per cent higher interest rate at 9.75 per cent.

Last month, Canara Bank had raised fixed deposit rates across maturities.

Meanwhile, another public sector lender Allahabad Bank raised base rate or minimum lending rate by 0.05 per cent to 10.25 per cent from existing 10.25 per cent.

All new loans, including home and car loans, would become costlier by 0.05 per cent with increase in base rate.

The new lending rate would be effective from tomorrow.

In its Third Quarter Review of Monetary of Policy, the RBI in January raised the key repo rate to 8 per cent in a bid to curb inflation. The central bank's move was expected to translate into higher EMIs and push up borrowing costs for corporates.

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