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Yes Bank, UBI hike deposit rates

Yes Bank and United Bank of India have increased deposit rates by 50 basis points

Apnaloan.com Research Bureau

17 Jun 2008

Yes Bank and United Bank of India (UBI) have increased deposit rates by 50 basis points. Yes Bank has also raised its Prime Lending Rate (PLR) by 50 basis points to 16 per cent.

Yes Bank has increased the interest rate on deposits of 1 year and 1 day to 18 months by 50 basis points to 10 per cent.

UBI has raised deposit rates by 25 to 50 basis points. The rate for deposits of 1 year is 8.5 per cent, while the rate for deposits for 2-3 years is 8.75 per cent.

However, UBI ruled out an increase in lending rates for the moment but may review the situation in case the central bank decides to increase the cash reserve ratio or the proportion of deposits that banks have to keep with RBI.