Allahabad Bank increases BPLR by 50 bps to 14%
Allahabad Bank, one of the leading nationalized banks of the country, has decided to increase the Benchmark Prime Lending Rates (BPLR) by 50 basis points to 14 % with effect from 8th August, 2008. The increase in BPLR has been necessitated in view of the increase in CRR requirement, increase in cost of funds and overall economic scenario. However, the upward change in the BPLR will not be applicable to the new Housing Loans up to Rs.30 lacs and all existing Housing Loans, Personal Loans, Education and Car/Auto Loans.
In order to provide welcome relief to the depositors against increasing inflation, the Bank has also decided to increase the term deposit interest rates in various maturity buckets. Maximum term deposit interest rate will now be 9.75% per annum in the time bucket of 1 year to less than 3 years. For senior citizens, the rate of interest for the same period would be 10.25% per annum.
The above changes in the deposit rates would be effective from 11th August 2008.
Sourced From: Allahabad Bank
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