Oriental Bank of Commerce cuts base rate by 0.15%
Oriental Bank of Commerce today announced a cut of 0.15 per cent in its base rate or minimum lending rate to 10.25 per cent with effect from February 25.
"This is to inform that the bank has reduced base rate from 10.40 per cent to 10.25 per cent effective from February 25, 2013," it said in a filing to the BSE.
The reduction in base rate would make loans such as auto and home cheaper to customers.
The public sector lender also slashed interest rate on term deposit of less than Rs 1 crore with maturity bucket of 3 years to 10 years to 9 per cent from existing 9.10 per cent.
Further, the additional rate of interest on term deposit paid to senior citizens has been reduced by 0.10 per cent to 0.50 per cent over and above the normal rate of interest on term deposit effective from February 25, it added.
State Bank of India, IDBI Bank, Punjab National Bank and Union Bank of India have already cut their base rates following RBI's decision to reduce short-term lending rate in third quarter monetary policy review in late January.
Shares of the bank today closed at Rs 312.70 apiece on the BSE, down 2.81 per cent from the previous close.
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