OBC likely to cut deposit rates by 50 bps

At present,the bank offers an interest rate of 8.25 per cent on one-year deposits of up to Rs 1 crore and 7.50 per cent for deposits above Rs 1 crore.

The bank had earlier cut its prime lending rate by 50 basis points.

Meanwhile,the bank also expects a growth of 25 per cent in its deposits and advances year-on-year (in 2009-10),Sinha said at the inauguration of the bank’s representative office in Dubai.

OBC plans to open 100 branches in India in 2009-10 and has a business target of Rs 2,00,000 crore for the year.