Public sector lender, Oriental Bank of Commerce has announced a rise in interest rates on two fixed deposit schemes by upto 50 basis points.

The interest rate for the 1 year to 499 days deposit will now be 9%. The interest rate has also been raised for the deposit having tenor between 501 days to 2 years to 9%.

The revised interest rates will apply to both deposits of less than Rs 15 lakh and between Rs 15 lakh to Rs 1 crore.

These rates will come into effect from today, March 07, 2011.