Special Correspondent

Nine per cent for the duration from one year

KANNUR: Syndicate Bank has effected upward revision in interest rates on deposits with effect from Wednesday.

A press release by the bank regional office here said that revised rates are nine per cent for the duration from one year to 399 days, 9.25 per cent for 400 to 499 days, 9.5 per cent for 500 days to less than two years and nine per cent for two years and above. The existing rates of interest are 8.50, 8.55, 8.60 and 8.75 per cent respectively.

The release also said that the bank had revised the benchmark prime lending rate (BPLR) from existing 13 per cent to 13.5 per cent with effect from Wednesday.

However, the increase in the BPLR would not be applicable to education loans, both existing and the fresh ones to be sanctioned under SyndVidya, it said adding that the revised rates would not be applicable in respect of existing housing loans and vehicle loans availed under SyndNivas and SyndVahan schemes.