Public sector lender State Bank of Travancore has announced an increase in its base rate by 50 basis points to 8.5%.

With this revision, all consumer loans as well as the corporate ones will get dearer by atleast 50 bps. The new rates have come into effect from January 3, 2011.

The bank has also raised its benchmark prime lending rate (BPLR) by 25 bps to 13.5%.

The move by the bank comes in flow with the rise made by its parent lender, State Bank of India. SBI has raised its base rate by 40 bps to 8%.

HDFC Bank also hiked its base rate by 25 basis points to 7.75 % while ICICI Bank raised its base rate by 25 bps with effect from January 3, 2011.