Oriental Bank of Commerce (OBC), a nationalized public sector bank, has reduced interest on term deposits by 25 basis points on select maturities with effect from July 27.

The public sector bank said it has reduced the pricing of short-term deposits of below Rs 10 million to 6.50% from 6.75% on a maturity of 46 to 90 days.

The bank has reduced interest on 91 to 179 days deposits by 25 basis points to 7.25% and interest on deposits of 180-269 days deposits by 25 basis points to 7.50. The new pricing will be effective July 27.

Earlier this month, Oriental Bank of Commerce had revised interest rate in the maturity bucket of 1 year to less than 2 years from 8.15% to 8% with effect from July 13.

Shares of the bank declined Rs 6.95, or 4.1%, to trade at Rs 162.65. The total volume of shares traded was 93,766 at the BSE (12.02 p.m., Monday).