Public sector bank, Oriental Bank of Commerce has hiked its benchmark prime lending rate (BPLR) by 50 bps. The bank’s deposit rates will also an increase of 100 bps.
The bank has increased its BPLR to 12.50% from previous 12%. The new rate is effective from 6th August.
After this hike, floating rates on home and car loans are also going to go up.
The deposit rates on 1000 day maturities now have an interest rate of 7.5%, as compared to 6.75% previously.
For deposits with maturity of 7-14 days with sums of Rs 1 crore and over has seen a 10 basis points hike in interest rates to 2.5%.
Interest on deposits with tenor of 91 to 179 days is now 5.50%.
On fixed deposits from 180 to 269 days, the new rate is 6%, an increase of 50 bps, while for 270 days to 365 days, it has gone up by 25 bps to 6.25%.
Deposits with a tenor of 3-5 years will now carry 7.25% interest. The rate of fixed deposits for 5-10 years has increased by 0.50% to 7.50%.