Public sector lender and the largest associate bank of State Bank of India, State Bank of Bikaner and Jaipur has hiked its deposit as well as lending rates by 25-50 basis points and 50 basis points respectively.
The bank's benchmark prime lending rate (BPLR) will now stand at 12.75% with effect from today (August 20).
This rise in BPLR will bring a corresponding rise in home, auto and corporate loans.
The bank has taken the decision for this hike following the rate hike by the country's largest lender, State Bank of India.
In the fixed deposit field, the bank has raised interest rates on term deposits of tenor 15-45 days to 3.5% marking a 50 bps hike.
Deposits having tenor in the range of 181 days to less than a year will see an interest rate hike to 6.25% from 6% earlier while 1-2 year fixed deposits will attract an interest rate of 7.25 per cent.
Interest rate will be 7.5% on deposits having maturities in the range of 2 to 3 years while interest on the 5-10 years' maturity slab has been increased to 7.75 per cent.