OBC cuts rates on NRI deposit schemes

City-based Oriental Bank of Commerce (OBC) on Wednesday said it lowered the interest rates on deposit schemes for non-residents up to 81 basis points.

Announcing the changes in its offered interest rates for FCNR (B) term deposits, the lender, in a statement, said the revised Fixed Deposit interest rates are effective from Feb 1.

"FCNR (B) deposit rates have been revised on all maturities from one to five years for US dollars, British pound, euro, Australian dollar and Canadian dollar," it said.

USD FCNR (B) deposit rate for one to two years has decreased to 2.98 from 3 per cent earlier, GBP deposit to 3.48 from 4.07 per cent, EUR deposit to 3.28 from 4.06 per cent, AUD deposit to 4.84 from 5.65 per cent and CAD deposit to 3.30 from 3.47 per cent

Source: financialexpress