Allahabad Bank to increase lending rate

June 30th, 2008 - 11:04 pm ICT by IANS  

Kolkata, June 30 (IANS) Kolkata-based Allahabad Bank Monday said it would increase its benchmark prime lending rate (BPLR) by 50 basis points to 13.50 percent from July 1 to increase its cash reserve ratio. The bank also decided to hike simultaneously the term deposit interest rates of various maturities.

The maximum term deposit interest rate would now be 9.50 percent per annum for deposits of one year to less than three years. For senior citizens, the rate of interest for the same period would be 10 percent.

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