Mumbai, May 4: An increasing number of state-owned and foriegn banks have reduced their lending rates and realigned their deposit rates in the wake of one per cent cut in the bank rate in the latest credit policy announced by the central bank.Union Bank has revised its PLR and medium term lending rate to 13 per cent with effect from Monday. The bank has also decided to offer additional interest for high value deposits, said a press release of the bank issued on Monday. Calcutta-based UCO Bank has revised PLR at 14 per cent with effect from May 1.
Foriegn banks including Standard Chartered Bank and ANZ Grindlays Bank have also reduced their PLR to 16.5 and 16 per cent respectively from 17 per cent. While Stanchart is making it effective immediately, ANZ will implement from May 12. Stanchart has also reduced its medium term PLR to 17.5 per cent from 18 per cent.
Union Bank has pegged the deposit rate for 15 to 29 at five per cent, six per cent for 30 to 60 days, 6.5 per cent for 61 to 90 days, 7 per cent91 to 179 days, nine per cent for 180 days to less than one year, 10 per cent for one to less than two years, 10.5 per cent for two year to three year and 11.5 per cent for three years and above.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
