Public sector lender, Oriental Bank of Commerce has increased its benchmark prime lending rate (BPLR) by 50 basis points. The deposit rates of the bank will also see a rise by 100 basis points.
The bank has hiked its BPLR to 12.50% from 12% earlier. The new rate has come into effect from 6th August.
With this rise, floating rates of home and auto loans are going to see a hike too.
The deposit rates for 1000 day tenor deposits would now fetch an interest rate of 7.5 per cent, against 6.75 per cent.
For deposits having maturity of 7-14 days worth Rs 1 crore and above there has been a 10 basis points increase in interest rates to 2.5%.
Interest for 91 to 179 days deposits has been raised to 5.50%.
For fixed deposits between 180 and 269 days, the new rate 6 per cent, up by 50 basis points, while for 270 days to one year, it has been revised upward by 25 basis points to 6.25 per cent.
Deposits having tenor of 3-5 years will now fetch 7.25% interest. The rate for fixed deposits between 5-10 years has gone up by 0.50 per cent 7.50 per cent.