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OBC, PSB cut deposit rates

Our Bureau

NEW DELHI, Sept. 2

ORIENTAL Bank of Commerce (OBC) and Punjab and Sind Bank (PSB) have announced reduction in deposit rates.

OBC said that with effect from September 4, the interest rate on long-term deposit -- two years to less than three years -- would stand reduced by 50 basis points to 8.5 per cent per annum.

For short-term deposit having maturity period of 31 days and up to 45 days, the reduction has been 25 basis points to 5.25 per cent per annum.

However, all other rates of interest on deposits of other maturities remains unchanged, OBC said.

A PSB release said that for deposits of less than Rs 15 lakh, the interest rates would be 5.5 per cent for 15-30 day deposit, 5.75 per cent for 31-45 days, 6.5 per cent for 46-90 days, 6.75 per cent for 91-179 days, seven per cent for 180 days to one yea r, 8.5 per cent for 1-2 years, 8.75 per cent for 2-3 years and nine per cent for three years and above.

For deposits of Rs 15 lakh to Rs 1 crore, the interest rates for the above tenures are 5.75 per cent, six per cent, seven per cent, seven per cent, 7.25 per cent, 8.5 per cent and 8.75 per cent per annum respectively. The interest rate for deposits for t he period of 7-14 days under this category remains at five per cent.