United Bank reduces lending rate by 50 bps

January 6th, 2009 - 9:19 pm ICT by IANS  

Kolkata, Jan 6 (IANS) The United Bank of India (UBI) has reduced its prime lending rate by 50 basis points to 13 percent effective from Jan 12, it said here Tuesday.”With this, the existing floating rate in all corporate and retail categories borrowers such as SME (small and medium enterprises), agriculture, housing, auto and vehicle loans, as well as potential borrowers will get the benefit of reduced rate of interest,” a bank statement said.

The deposit rates have also been realigned in line with the market in different maturity periods, UBI said, adding: “The maximum rate of interest on deposits for one to less than three years period stands at 9.75 percent. For maturity bracket of five years and above, the rate remains unchanged at 9 percent.”

Related Stories

Tags: , , , , , , , , ,

Posted in Business |

Subscribe