IDBI and OBC announce deposit rate hike
By Neelima Shankar
Jan 5, 2011
Print    Email    RSS   

Public sector lenders, IDBI Bank and Oriental Bank of Commerce have also entered into the fixed deposit race and raised interest rates on term deposits.

IDBI Bank has declared a rise by as much as 75 bps across different maturities while OBC went for a rise upto 25 bps. The rate hike has been done keeping in mind "credit demand, inflation and liquidity scenario", IDBI said.

The highest interest offered by IDBI Bank will be 9% following this revision. In case of deposits upto Rs 15 lakhs, the interest rate is 8% for deposits of tenor of 270 days and above, but less than one year.

Also, the rate is 8.5% for deposits with a tenor between 366 days and 499 days. The 500 days deposit will now fetch the depositor an interest of 9%.

Another major hike has been made for deposits of 500 days to 1099 days where interest will be 9% following the revision.

In case of OBC, revision has been made in three categories namely less than Rs 15 lakh, Rs 15 lakh-Rs 1 crore and Rs 1 crore-Rs 5 crore.


(Comments Posted : 1) Post Your Comments
1. Will this FD cater to Income tax benefits?
Brajendra (Posted: Jan 5, 2011)
Show All Comments
 Select a product:

 Select a product:

Do you know what led banks to calibrate...
Infrastructure bonds: another tax saving...
For what purpose do you want to invest in...
An Overview of Wealth Management Services...
Some Quick Facts about Wealth Tax in India!

MEXING: CaℒL Giℛℒ In Hoshiarpur 09855660911...
Sakeela.CaℒL Giℛℒs In Kharar 0985566O911...
NANGAL: CaℒL Giℛℒ In Una 09855660911 Escoℛt...

Federal Bank launched V connect for its customers Feb 12, 2015
Andhra Bank on expansion mode Feb 11, 2015
Dena Bank earned a profit of 13%. Feb 9, 2015
Banks expected to cut down the rates Feb 5, 2015
RBI kept the rates unchanged Feb 4, 2015
News Archive