Two banks Central Bank of India and Oriental Bank of Commerce have brought down their domestic term deposit rates, with the Central Bank of India by 25-50 basis points across maturities and the revised domestic term deposit rates would apply only to fresh deposits and renewals of maturing deposits.

The bank has also lowered the interest rates in FCNR (B) US dollar by 25 basis points in the slab for one year and above but less than two years from 3.75 per cent to 3.5 per cent.

Interest rates for the slabs two years and above but less than three years and three years would only remain unchanged at 3.75 per cent and four per cent respectively.

On the other hand, in case of Oriental Bank of Commerce (OBC) the short and long term deposit rates have been brought down by 0.25 to 0.50 per cent with effect from September 4, 2001 As per the revised rates the long term deposits of two to three years duration would get 8.50 per cent from the existing 9.0 per cent while it would continue to be 9% for deposits put for over three years.