Oriental Bank of Commerce cuts base rate by 0.15 per cent
facebooktwitter
Loading...

Oriental Bank of Commerce cuts base rate

Oriental Bank of Commerce has announced a cut of 0.15 per cent in its base rate, or minimum lending rate, to 10.25 per cent with effect from February 25.

 PTI   
  • Mumbai,  February 4, 2013  
  • |  
  • UPDATED   19:24 IST

Oriental Bank of Commerce on Monday announced a cut of 0.15 per cent in its base rate, or minimum lending rate, to 10.25 per cent with effect from February 25.

The reduction in base rate would make loans such as auto and home cheaper to customers.

The public sector lender also slashed interest rate on term deposit of less than Rs 1 crore with maturity bucket of 3 years to 10 years to 9 per cent from existing 9.10 per cent.

"This is to inform that the bank has reduced base rate from 10.40 per cent to 10.25 per cent effective from February 25, 2013," it said in a filing to the Bombay Stock Exchange (BSE).

Further, the additional rate of interest on term deposit paid to senior citizens has been reduced by 0.10 per cent to 0.50 per cent over and above the normal rate of interest on term deposit effective from February 25, it added.

State Bank of India, IDBI Bank, Punjab National Bank and Union Bank of India have already cut their base rates following the Reserve Bank of India's (RBI) decision to reduce short-term lending rate in third quarter monetary policy review on January 29.

Shares of the bank closed at Rs 312.70 apiece on BSE, down 2.81 per cent from the previous close.