Two more banks reduce deposit rates

NEW DELHI, APRIL 10. Two more banks, Oriental Bank of Commerce and Union Bank of India, have reduced their interest rates on deposits for various maturities.

Oriental Bank of Commerce (OBC) has announced a 0.5 per cent cut in its prime lending rate (PLR) to 11.5 per cent from 12 per cent. The new rates will come into effect from April 17, a bank statement said here. The bank also reduced the rates on deposits on various maturities by 0.5 per cent.

While the 15 to 45 days deposit rate was reduced to 4.5 per cent from 5 per cent, the rate for 46-90 days deposits was reduced to 5.5 per cent from 6 per cent.

The interest rate on one to two year deposits has been reduced to 8.5 per cent from 9 per cent and for two years and above, the rate was reduced to 9.5 per cent (10 per cent).

The reduced deposit rates will be effective for fresh deposits or renewal of existing deposits from April 17, the statement added.

Union Bank of India

The public sector Union Bank of India (UBI) has cut its prime lending rate (PLR) by 0.5 per cent to 11.5 per cent. The bank also reduced interest rates by one percentage point across the board with immediate effect on domestic, non-resident non- repatriable (NRNR) and non-resident external (NRE) term deposits, according to a bank release.

The revised interest rates on domestic term deposits are in the range of 4.5 per cent (for 15 days to 29 days) to 9.5 per cent (for three years and above), the release said. The revised rates on NRE term deposits and NRNR deposits are in the range of 7 per cent to 9.5 per cent and 10 per cent to 10.5 per cent respectively, it said.

- PTI

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