After the leading lenders like the State bank of India and PNB, another public sector lender Oriental Bank of Commerce (OBC) has revised its prime lending rates (PLR) by 50 basis points from 13.25 per cent to 13.75 per cent, to maintain its margin.
With the revision in lending rate PLR-related lending like floating home loan, corporate loan, car loan etc. will increase. Moreover, bank has also revised its deposits rates up to 50 basis points for some maturities. The new rates will come into effect from July 15.
Besides this OBC also launched special deposit scheme for senior citizens, under which bank offers to pay 9.55 per cent and 10.05 per cent. The scheme called Oriental Bank Akshay Kiran Deposit Scheme is for 500 days.
Bank has taken this decision following a RBI move to raise short-term lending rate (repo rates) and mandatory bank deposits with the central bank (CRR) by 50 basis points each to check rising inflation.