Public sector lender, State Bank of Bikaner and Jaipur has announced a rise in interest rates of fixed deposits as well as prime lending rates. While there has been a 75 bps rise in deposit rates across different maturities, the lending rate has been raised by 25 bps.
All the revised rates are coming into effect from today, February 21, 2011.
The 5-10 year deposit will now fetch the depositor an increased interest of 9.75%. The 91-179 days deposit will also have an increased interest of 6% attached to it.
Interest rates on the 15-45 days deposit have been raised to 5.5%, a 50 bps rise, said the bank.
Further, the bank has raised its base rate by 25 bps to 8.75%. With this rise, it is expected that all loans like auto, education and home loans would get dearer by atleast 25 bps.
The benchmark prime lending rate (BPLR) of the bank has been raised by 25 bps to 13.75%.