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SBI, Bank of Maharashtra and State Bank of Mysore ups interest rates

February 13, 2011‐ India

In response to the policy rate hike by the Reserve Bank of India, three Indian bankers, the State Bank of India, Bank of Maharashtra and State Bank of Mysore have announced upping of their interest rates by 25 basis points over the weekend.

State Bank of India, on February 11, 2011 announced upping of deposit and lending rates by 25 basis points. The base rate of SBI will now become 8.25%. Its Benchmark Prime Lending Rate (BPLR) is also increased by 25 points and will now become 13%.

SBI also updated its fixed deposit rates for two specific deposits – for 555 days and 1000 days. The 555 days deposit interest rate is changed from 9% to 9.25% effective February 14, 2011.

Bank of Maharashtra raised the Benchmark Prime Lending Rate (BPLR) by 25 basis points to 13.75 per cent effective February 11, 2011. State Bank of Mysore hiked the lending rate by 25 basis points effective February 14, 2011.

Punjab National Bank, Union Bank of India and Indian Overseas Bank, IDBI, Dena Bank, Bank of India, Union Bank of India, Syndicate Bank, Development Credit Bank, Andhra Bank, SBI FCNR Deposits, Bank of Baroda which have upped their rates recently. This move of the banks is in reaction to the Reserve Bank of India's change in lending and reverse repo rates on January 25, 2011.

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