OBC hikes interest rate on non-resident deposits

Oriental bank of Commerce has hiked interest rates on Foreign Currency Non Resident (FCNR) deposits on all maturities terms.

Oriental bank of Commerce has hiked interest rates on Foreign Currency Non Resident (FCNR) deposits on all maturities terms.

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FCNR for dollar deposits hade been increased to 5.33 per cent on a maturity period of 1-2 years, to 5.34 per cent for 2-3 years, 5.53 per cent for 3-4 years, 5.39 per cent for 4-5 years and 5.43 per cent for 5 years, a release from the bank said here today.

The rates have also been increased on pounds, euro, Australian and Canadian dollars deposits.

The bank has recently hiked its Prime Lending Rate by 0.5 per cent to 11.5 per cent.