Public sector lender, Punjab & Sind Bank has revised its lending rates. The bank has raised its base rate by as much as 55 basis points. The base rate of the bank now stands at 9% from 8.45% earlier.
With the rise in base rate, retail loans like home loans, customer loans, auto loans are expected to increase by atleast 55 basis points now. 100 basis points is equal to 1 percentage point.
The bank has also raised its benchmark prime lending rate (BPLR) by 50 bps taking it to 14%.
Interest rates are on a hike for most of the banks of the country including major ones like ICICI Bank, State Bank of India, Bank of Baroda and others.
BPLR was replaced by base rate from July 1, 2010.
The bank has also raised fixed deposit rates across selected maturities. The 222 days, 500 days and 1,000 days deposits will now fetch interest of 7.5%, 8.75% and 9% respectively.