OBC likely to cut deposit rates by 50 bps | india | Hindustan Times
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OBC likely to cut deposit rates by 50 bps

india Updated: Mar 30, 2009 17:00 IST

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Public sector lender Oriental Bank of Commerce may cut interest rates for deposits of one year by 50 basis points on Tuesday.

“We will take a call on around 50 basis points cut in deposit rates on Tuesday at our Assets and Liabilities Committee (Alco) meet,” Oriental Bank Executive Director S C Sinha said on Monday.

At present, the bank offers an interest rate of 8.25 per cent on one year deposits of up to Rs 1 crore and 7.50 per cent for deposits above Rs 1 crore.

The bank had earlier cut its prime lending rate by 50 basis points.

Meanwhile, the bank also expects a growth of 25 per cent in its deposits and advances year on year (in 2009-10), Sinha said at the inauguration of the bank’s representative office in Dubai.

OBC plans to open 100 branches in India in 2009-10 and has a business target of Rs 2,00,000 crore for the year.