Dena Bank hikes interest, deposit rates

August 7th, 2008 - 8:25 pm ICT by IANS  

Mumbai, Aug 7 (IANS) Dena Bank Thursday announced hikes in its deposit and lending rates, joining a slew of other banks that have revised rates recently following the central bank hiked cash reserve ratio and repo rate. A release issued by the bank said the deposit rates will be hiked by 25-100 basis points across various slabs, while the prime lending rate (PLR) will go up by 75 basis points to 14.25 percent from 13.5 percent, with effect from Friday.

However, the bank has not raised interest rates on existing house loans of up to Rs.3 million under Dena Vikas Scheme and educational loans under Dena Vidyalakshmi Scheme.

Other banks and institutions that have increased PLR after the latest rate hikes by the Reserve Bank of India (RBI) include ICICI Bank, HDFC Bank, Punjab National Bank, Axis Bank, IDBI Bank, YES Bank, Corporation Bank and Bank of India.

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