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State Bank of Bikaner and Jaipur (SBBJ), the largest associate bank of the SBI Group, on Saturday raised its deposit rate by up to 75 basis points across various maturities while lending rate by 25 basis points.
The bank increased the interest rate by 75 basis points to 9.75 per cent for term deposits of 5-10 years tenure. The deposit rate increase is the maximum in this slab, SBBJ informed the Bombay Stock Exchange.
For fixed deposits with a tenure between 91-179 days, the new interest rate will be 6 per cent against the existing 5.5 per cent, while 15-45 days fixed deposits will attract an interest rate of 5.50 per cent, an increase of 50 basis points, it said. Besides, the bank raised the base rate or the minimum lending rate 25 basis points to 8.75 per cent.
With the increase in base rate all kinds of fresh loans including housing, auto and education loans becomes dearer by at least 25 basis points (0.25 per cent). At the same time, it also increased the benchmark lending rate for existing customers by 25 basis points to 13.75 per cent. The bank raised its Benchmark Prime Lending Rate (BPLR) to 13.75 per cent from the existing 13.5 per cent. All the new rates would be effective February 21, 2011, it said.
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