Now hike of Banks’ interest rates
MUMBAI: A slew of commercial banks have begun by increasing their benchmark lending rates and deposit rates after Reserve Bank of India (RBI) raised key policy rates by 25 basis points and asked banks to restrain lending and promote deposit growth.
Six PSU banks announced hike in base rates, benchmark prime lending rate and deposit rates by 25-50 basis points across various maturities. Bank of India increased its Base Rate (BR) from existing 9.00 per cent to 9.50 per cent a year and Benchmark Prime Lending Rate (BPLR) from existing 13.25 per cent to 13.75 per cent per annum. Dena Bank increased its BR by 50 basis points from 8.95 to 9.45 per cent.
Oriental Bank of Commerce and Indian Bank also increased deposit and lending rates by 50 basis points.
Indian Overseas Bank raised its base rate from 9 per cent to 9.5 per cent. Oriental Bank has also revised its deposit rates by 25-50 bps across various maturities.
Bank of Baroda revised its rates of interest payable on term deposits by 25 bps.
Increase in base rates would increase loan rates for all new loans as well as existing BR-linked loans. While higher deposit rates would fetch better returns to investors, the rise in interest is bound to increase EMIs for auto and home loan borrowers. The cost of funds for the corporate would become expensive consequent to hike in BR. Punjab National Bank raised BR by 50 basis points (bps) to 9.5 per cent.
Also Allahabad Bank and Punjab & Sind Bank announced identical hike of BR by 50 bps to 9.5 per cent. The above three banks also raised their benchmark prime lending rates (BPLR) by 25 to 50 bps that will affect their existing customers. BPLR is erstwhile benchmark loan rate regime, which was replaced by BR from July last year.
In the last four months with the latest hike, the base rate of above three banks has gone up by 150 basis points.
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