NEWS & ADVICE : FIXED DEPOSITS
Interest rates raised by PSBs
By Neelima Shankar
Feb 1, 2011
Print    Email    RSS   

The recent hike in policy rates by Reserve Bank of India has pinned up a rise in interest rate hike by public sector banks too. Many lenders including the likes of Punjab National Bank have increased interest rates of deposits as well as advances by as much as 100 basis points.

Lenders like Punjab & Sind Bank (PSB), PNB and Allahabad Bank have increased lending rates by upto 50 bps.

PNB's benchmark prime lending rate (BPLR) saw a 50 bps hike to 13% while Allahabad Bank and PSB raised it by 25 bps each to 13.5% and 14.25% respectively.

All three have increased their respective base rates by 50 basis points. All revised rates are to come into effect from today, February 01, 2011.

There has been a subsequent rise in fixed deposit rates too. Depositors in PSB will get interest of 9.25% on 1000 day deposits.

The 222 and 500 days deposits of the bank would attract interest of 8.25 % and 9% respectively.

Allahabad Bank has introduced 400-day deposit which will offer the depositor an interest of 8.5%.

PNB said that it raised the rates, "in response to changing liquidity conditions in the system, inflation, other macroeconomic factors and monetary measures undertaken by the Reserve Bank".


 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
ICICI Bank’s recurring deposit scheme
12 point conduct checklist for bank and...
Manage your FD in a better way
J&K Bank raises PLR
Carnival of Indian Personal Finance Blogs #6


MEXING: CaℒL Giℛℒ In Hoshiarpur 09855660911...
Sakeela.CaℒL Giℛℒs In Kharar 0985566O911...
NANGAL: CaℒL Giℛℒ In Una 09855660911 Escoℛt...

NEWS THIS WEEK
Federal Bank launched V connect for its customers Feb 12, 2015
Andhra Bank on expansion mode Feb 11, 2015
Dena Bank earned a profit of 13%. Feb 9, 2015
Banks expected to cut down the rates Feb 5, 2015
RBI kept the rates unchanged Feb 4, 2015
News Archive