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Our Bureau

Bangalore, Dec. 30

The public sector Canara Bank has hiked its benchmark prime lending rate 25 basis points to 11.75 per cent effective from January 2007 onwards.

A bank release said that the hike was taken in view of the steep increase in the cost of working funds. Already banks have been increasing the rates, bankers said. The new changes bankers said would allow banks to tweak the discounts to the BPLR for some of the customers.

Meanwhile, Syndicate Bank has hiked its term deposit rates for maturities between 91 days and 2 years. A bank release said the hikes varied from 25 and 50 basis points. As a result, the new rates for 91-day deposits effective from January next year is 6 per cent, up from 5.75 per cent. For two-year term deposits, the rates are 7.5 per cent for deposits less than Rs 15 lakh. For bulk deposits, the rates on offer for the two-year maturity slab was 7.75 per cent.

More Stories on : Interest Rates | Public Sector Banks

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