Indian Bank, IOB hike lending rate to 8.5 percent
October 1st, 2010 - 9:09 pm ICT by IANS
Mumbai, Oct 1 (IANS) The Indian Bank and Indian Overseas Bank (IOB) Friday raised their base rates, the minimum rate of interest on loans, to 8.5 percent to match the rates of major lenders like the Punjab National Bank (PNB), Allahabad Bank and IDBI, which announced increase in their lending rates Thursday.
The Indian Bank has decided to raise its base rate from 8 percent to 8.5 percent, with effect from Oct 1, the bank said in a statement.
It has also raised its benchmark prime lending rate by 25 basis points to 12.75 percent from 12.5 percent.
In a separate statement, IOB said it has raised both base rate and benchmark prime lending rates by 25 basis points to 8.5 percent and 12.75 percent, respectively. However, the increase is not applicable on housing loans.
Three major public sector lenders - PNB, Allahabad Bank and IDBI - Thursday raised their base rates by 50 basis points to 8.50 percent.
However, the country’s largest lender State Bank of India has kept its base rate unchanged at 7.5 percent.
- PNB raises base rate by 50 bps, deposit rates by 25-50 bps - Sep 30, 2010
- PNB, Allahabad Bank hike lending, deposit rates - Jul 29, 2011
- SBI to hike lending rates, loans get dearer - Apr 19, 2011
- Union Bank hikes lending rate by 50 bps - Dec 27, 2010
- Union Bank raises base rate by 50 bps to 8.5 percent - Oct 15, 2010
- Indian Overseas Bank hikes base rate - Jul 30, 2011
- Banks lower interest rates taking cues from RBI policy - Apr 19, 2012
- SBI raises lending, deposit rates; loans to get costlier - Aug 16, 2010
- SBI, Allahabad Bank cut interest rates - Apr 23, 2012
- Union Bank of India hikes base rate by 50 basis points - Aug 06, 2011
- New interest rate regime come into force Thursday - Jun 30, 2010
- Union Bank raises interest rates - Dec 18, 2010
- Sensex rises 89 points (Lead) - Apr 18, 2012
- SBI hikes deposit rates by 25-75 bps, keeps base rate steady - Sep 30, 2010
- India's central bank cuts rates to push growth (Lead) - Apr 17, 2012
Tags: allahabad bank, bank of india, basis points, housing loans, idbi, indian overseas bank, iob, lenders, prime lending rate, prime lending rates, public sector, punjab national bank, punjab national bank pnb, rate of interest, state bank, state bank of india