IDBI Bank, Oriental Bank of Commerce (OBC) and Bank of India (BOI) have hiked interest rates on certain retail term deposit schemes on account of the higher interest rate scenario, in line with steps by some of their peers.
While IDBI and BOI hiked interest rates on retail deposits by up to 0.75% varying according to maturities, OBC went for an upward revision of 25 basis points on certain offerings. The rate hike has been done in view of credit demand, inflation and liquidity scenario.
The rate hike announced by the bank is to be immediately effective and with the revision, the highest interest on retail term deposits would be 9.25%.
Categories: Personal Finance