Many banks have increased interest rates on deposits | Andhra Bank has increased interest rates on various term deposits including AB Pattabhi deposit scheme
Andhra Bank has informed on 10.12.2010 that is increasing the deposit rates on various deposits up to 50 to 200 basis points including A B Pattabhi deposit scheme and a new deposit scheme is being offered with the name AB â€“ 400.Â Increased interest rates will come into effect from 11.12.2010.Â AB â€“ 400 scheme will be given an interest rate of 8.25%.Â This offer will be available till 15th January, 2011.Â It is also increasing the interest rates on deposits whose term is 91 to 179 years that are below Rs. 50 lakhs to 6.25%, 1 â€“ 2 year deposit rates to 8% from 7.5% and on deposits whose term is 2 â€“ 3 years and 3 â€“ 5 years to 8% from 7.25%.
Punjab National Bank: Punjab national bank increased the base rate by 1/2 percent.Â Now this rate has become 9%.Â New rates will be available from 13th December, 2010.Â This will cause an increase in interest rates of home, auto and educational loans.
Bank of Baroda: Bank of Baroda has increased interest rates by 1/4th percent on various term deposits.
HDFC bank: HDFC bank has increased interest rates on deposits and loans.Â Interest rates on various deposits have been increased by 1/4th percent to 1/2 percent on various deposits.Â Bank has also increased Benchmark Prime Lending Rate on loans taken before July, 2010 by 1/4th percent.Â This rate has now become 16.5%.Â This rate comes into effect from 10.12.2010.
Kotak Mahindra: Kotak Mahindra increased the interest rates on various deposits by Â½ percent.Â These rates come in to effect from 9.12.2010.
Development Credit Bank: Development Credit Bank has also increased the Benchmark Prime Lending Rate by 1/4th percent.Â BPLR of Development Credit Bank has increased to 15.75%.Â This rate comes into effect from 11th December, 2010.