More banks hike PLR, deposit ratesMore banks hike PLR, deposit rates
Apnaloan.com Research Bureau
01 Jul 2008
After State Bank of India (SBI) and Union Bank of India (UBI), more lenders have hiked their benchmark prime lending rate (BPLR) and deposit rates.
HDFC has increased its Retail Prime Lending Rate (on which its Adjustable Rate Home Loans are benchmarked) by 0.50 per cent. The RPLR has increased from 13.75 per cent to 14.25 per cent.
HDFC has also increased its rates on deposits by 0.50 per cent across most maturities.
ICICI Bank has also announced an increase of 0.75 per cent in its Benchmark Advance Rate (I-BAR). The revised I-BAR is 16.50 per annum as against 15.75 per cent.
ICICI Bank has announced an increase in interest rates on fixed deposits of value less than Rs. 15 lakh by 0.5 per cent to one per cent.
Bank of India has hiked its BPLR by 50 basis points to 13.25 per cent from the existing 12.75 per cent.
Vijaya Bank has hiked its BPLR by 25 basis points to 13.25 basis points.
Vijaya Bank has also pushed up deposit rates between 20 and 50 basis points for maturities of up to 2 years. Term deposits between 180 and 364 days will earn 8 per cent instead of 7.5 per cent. Deposits between 1 and 2 years will earn 9 per cent instead of 8.8 per cent.
Allahabad Bank has increased its BPLR by 50 basis points to 13.50 per cent.
The bank has also increased the interest rates on term deposits in various maturities. The interest rate on deposits for 1 to less than 3 years has been revised upwards to 9.50 per cent (earlier it was at 9 per cent for 550 days-to-less than two years). For senior citizens, the revised rate stands at 10 per cent for 1 to less than 3 years (9.50 per cent).
Canara Bank has also raised its PLR by 50 bps to 13.25 per cent. Meanwhile, Punjab National Bank (PNB) has also raised its PLR to 13 per cent.
The increase in banks BPLR has made retail loans - auto, home and personal more expensive.