Public sector lender, Bank of Baroda has announced a rise in its benchmark prime lending rate (BPLR) by as much as 50 bps with effect from today.

"The bank has decided to increase its benchmark prime lending rate (BPLR) by 50 basis points from 13.25 per cent to 13.75 per cent", BoB said.

The bank has also increased its deposit rates by as much as 50 bps. The highest interest is being offered for the 444 days deposit amounting to 9.10%.

Deposits of tenor in the range of 1 year to 443 days will now offer the depositor an interest of 8.75%.

The interest rate hike by banks has been a follow up of the recent policy rate hike by Reserve Bank of India in its quarterly review of monetary policy.

"The bank has decided to increase its benchmark prime lending rate (BPLR) by 50 basis points from 13.25 per cent to 13.75 per cent", BoB said.

The bank has also increased its deposit rates by as much as 50 bps. The highest interest is being offered for the 444 days deposit amounting to 9.10%.

Deposits of tenor in the range of 1 year to 443 days will now offer the depositor an interest of 8.75%.

The interest rate hike by banks has been a follow up of the recent policy rate hike by Reserve Bank of India in its quarterly review of monetary policy.