Syndicate Bank, on Monday, announced a cut of 25 basis points in its base rate to 10.25 per cent with effect from February 13. The bank also revised downward its benchmark prime lending rate (BPLR) by a similar margin to 14.50 per cent.
Tamilnad Mercantile Bank reduced its base rate by 25 basis points to 10.75 per cent from 11 per cent, and prime lending rate (PLR) to 16.50 per cent from 16.75 per centeffective February 11, S. Selvan Rajadurai, General Manager, (Business Development), said in a statement.
KVB raises deposit rates
Karur Vysya Bank, besides cutting its lending rates, effected a rise in deposit rates. The bank has reduced the base rate by 25 basis points to 10.75 per cent. The BPLR (benchmark prime lending rate) of the bank has also been similarly reduced to 15.75 per cent from 16 per cent.
The bank has hiked the rate of interest offered on its domestic and NRE term deposits of one to two years’ tenure by 50 basis points.
With effect from February 11, the bank offers 10 per cent on deposits placed for one to two years to senior citizens and 9.50 per cent for other depositors. NRE deposits of the same tenure will also attract 9.50 per cent rate of interest.
State Bank of India, IDBI Bank, Punjab National Bank and Union Bank of India were among others to cut their lending rates. State Bank of India reduced its BPLR to 14.45 per cent from 14.50 per cent and the base rate to 9.70 per cent (9.75 per cent).
While Indian Bank cut its BPLR by 25 basis points to 14.50 per cent, it has reduced its base rate to 10.20 per cent from 10.50 per cent.
Sundaram BNP Paribas Home Finance has announced that it has reduced its prime lending rate (PLR) by 0.15 per cent, thus making home loans cheaper.
This reduction will be applicable on all existing loans carrying variable rates of interest and will be effective February 1, 2013.