Oriental Bank, PNB Revise Deposit Rates

New Delhi, July 30: | Updated: Jul 31 2002, 05:30am hrs
Oriental Bank of Commerce and Punjab National Bank have decided to revise interest rates on domestic and term deposits from next month.

With effect from August 1, OBC will be offering 7.5 per cent interest on domestic three-year deposits, irrespective of the amount while the rate for maturities of one year to less than two years and two years to less than three years shall be seven per cent and 7.25 per cent, respectively.

Deposits of less than Rs 15 lakh for 15 to 30 days, 31 to 45 days, 46 to 90 days, 91 to 179 days and 180 days to less than one year will earn an interest of five per cent, 5.25 per cent, 5.75 per cent, six per cent and 6.5 per cent, respectively, a bank release said.

Single deposits for an amount of Rs 15 lakh and above will earn 0.25 per cent extra in these maturities and seven to 14 days- four per cent, irrespective of the amount.

The NRE term deposits for an amount of less than Rs 15 lakh will fetch 6.5 per cent, seven per cent, 7.25 per cent and 7.75 per cent for maturities of six months to less than one year, one year to less than two years, two years to less than three years and for three years and above, respectively.

PNB, too, will be revising rates from August 1. It has slashed rates by 0.25 per cent for deposit with maturity period of 30-45 days to five per cent, while it was reduced to 6.25 per cent for 180-360 days deposits and 7.25 per cent for one-three year deposits.

For deposits above three years, the interest rate has been slashed by 0.50 per cent to 7.5 per cent.

It has raised interest rate by 0.25 per cent for seven to 14 days deposit to four per cent while for 46-90 days it is revised upward by 0.5 per cent to six per cent.

The rates of interest on deposits of Rs one crore and above would be 4.75 per cent for seven-14 days, 5.5 per cent for 15-45 days and 6.5 per cent for 46-360 days.

Senior citizens would continue to get 0.50 per cent higher interest rate for deposit with maturity period of less than one year and 0.75 per cent for over one-year deposit.The NRI deposit rate has been revised to 6.25 per cent for 6-12 months, seven per cent for 1-2 years and 7.25 per cent for two-three years and 7.5 per cent for more than three years.