Money & Banking

Canara Bank raises prime lending rate to 13.75%

Our Bureau Bangalore | Updated on February 04, 2011

Canara Bank has revised its benchmark prime lending rate (BPLR) upwards by 50 basis points from 13.25 per cent to 13.75 per cent effective Friday. The upward revision in interest rates is applicable to the borrowers under BPLR.

The bank has also revised its base rate upwards by 50 basis points – from 9 per cent to 9.50 per cent – with effect from Friday. Responding to the market trends and keeping in view the depositors' interest, the bank has also revised the rate of interest on domestic term deposits across several maturities. The increase is in the range of 25 to 150 basis points, said a press release from the bank.

The Bank offers an interest rate of 9.10 per cent for general public and 9.60 per cent for senior citizens for deposit of 555 days and 1,000 days. It has also introduced a 1,200-day deposit scheme “Canara Samriddhi” at 9.25 per cent for general public and 9.75 per cent for senior citizens. For deposits of eight years and above to 10 years, the bank offers 9.5 per cent for general public and 10.5 per cent for senior citizens, the release added.

Published on February 04, 2011

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