Oriental Bank of Commerce is all set to open a representative office in the UAE in the next three months.
“We already have got RBI approval from both the countries for opening an office in Dubai,” Oriental Bank of Commerce Chairman and Managing Director Alok K Misra said.
The bank would be sending a team to select a location very shortly and the office should come up by the end of December, he said on the sidelines of a seminar organised by PHD Chamber here.
With this, the bank would get its first overseas presence, he added.
Talking about interest rates Misra said the bank on Wednesday increased its deposit rates after reviewing its asset liability situation.
The bank increased deposit rates up to 75 basis points on fixed deposits for various maturities and also introduced a special deposit scheme of 333 days offering 10 per cent rate, he said.
The term deposits of 365 days shall carry a rate of 10.05 per cent while maturities of one year to less than three years has been raised to 9.75 per cent, he added.
The fixed deposits in between 3-5 years will attract 9.5 per cent interest rate from 9 per cent earlier, he said.
About interest rates outlook, he said, rates are expected to come down by the end of this year if crude oil prices further moderate and foodgrain production is on expected lines. “I see the rates of interest coming down later part of this year.”