Public sector lender, IDBI Bank has raised its benchmark prime lending rate (BPLR) by 25 bps and base rate by 50 bps. With the rise, the BPLR and base rate of the lender stand at 14% and 9.5% respectively.
Development credit Bank has also announced a hike in its prime lending rates. Both BPLR and base rate of the bank have been upped by 50 bps each to 16.25% and 9% respectively.
IDBI Bank has also increased its fixed deposit rates by as much as 25 to 125 bps across different maturities.
Deposits of maturity in the range of 91 days to six months will now offer the depositor an interest of 7.5% while that of six months to 269 days will fetch an interest of 7.75%.
Interest will be 8.75% for deposits of 1 year to 499 days tenor and it will be 9% for tenor of 1100 days to 5 years.
The move by the banks come in follow up of many peers like Dena Bank, Bank of India, Union Bank of India, Indian Overseas Bank, Syndicate Bank which have also raised rates after the policy rate hike by Reserve Bank of India.