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Interest rates in India moving up – Deposit and lending rates increased by leading banks

Some of the largest banks in India have announced a hike in interest rates. Here are the details.

Some of the largest and most prominent banks in India have announced that they are increasing their lending and deposit rates.

These incude:

  • ICICI Bank
  • HDFC Bank
  • Punjab National Bank (PNB)
  • Allahabad Bank
  • Syndicate Bank

State Bank of India (SBI) has also announced that it is actively considering a rate hike.

Here are the details of what some of these banks have announced.

 

ICICI Bank

ICICI bank has raised the fixed deposit rates by 0.25%-0.50%. The bank has also raised its lending rates (Benchmark Prime Lending Rate or Benchmark-PLR, and Floating Reference Rate, or FRR) by 0.50%.

The new FRR would be 13.75%, and the new PLR would be 16.75%.

These new rates are effective 6 December, 2010.

 

HDFC Bank

HDFC Bank has increased its Retail Prime Lending Rate (RPLR) by 0.75%. This is the interest rate applicable to its existing loans. After this hike, the RPLR would be 15%.

For new loans, the increase works out to 0.50%.

These new rates are effective 8 December, 2010.

 

State Bank of India (SBI)

SBI has not declared a rate hike yet, but it is expected to raise its deposit rates by 0.50%.

SBI is not expected to raise the lending rates.

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