NEW DELHI: The Oriental Bank of Commerce on Monday raised interest rates on high value deposits by 3.5 per cent to offer 8.5 per cent interest on deposits of Rs.15 lakh to `1 crore, effective March 1, 2012.
A statement from the bank said, the move was taken in view of the tight liquidity conditions prevailing in the market. Tight liquidity conditions have also led to rise in rates of certificate of deposits and commercial paper issued by the banks.
The state-owned public sector bank stated that Deposit of `15 lakh and `1 crore for 31-45 days maturity period will earn 8.5 per cent interest as against existing five. While the interest rate on 46-90 days fixed deposits have been hiked by 3.25 per cent to nine per cent. Term deposits for 91-179 days have been increased from Eight per cent to Nine per cent.