Public sector lender, Indian Overseas Bank has announced a rise in its benchmark prime lending rate (BPLR) by 25 basis points.

With the hike coming to effect immediately, the BPLR of the bank now stands at 13% as compared to 12.75% earlier. The revised rates have come into effect from December 13, 2010.

The bank has on the other hand also introduced corporate salary accounts for corporate workforce too.

"The product is designed in such a way that it is convenient to disburse salaries to employees of the Corporates," IOB said.

The new product comes with varied features like withdrawal limit up to Rs 50,000 per day in ATMs, free personal accident insurance cover and overdraft facility.