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OBC hikes deposit rates

MUMBAI: Oriental Bank of Commerce has increased the domestic term deposit rates by 0.25-1 per cent and interest rate on foreign deposits by 0.25 per cent. The increase in interest rate on term deposit of less than Rs. 15 lakh is 25-75 basis points, OBC said in a release. The bank raised interest rate by 25-100 basis points on single term deposits for Rs. 15 lakh and above. The interest rate on foreign currency deposits for NRIs has been raised by 25 basis points on dollars, pound, euro and Australian and Canadian dollar. The new interest rates for domestic deposits have become effective from April 1, while the rate for foreign currency deposits was effective from March 29.

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