Syndicate Bank has revised its benchmark prime lending rate (PLR) by 25 basis points from 11 per cent to 11.25 per cent, effective from 16th May 2006. | |
| "The revision is mainly owing to an increase in the cost of funds," the bank stated in a release. It said interest rates on all outstanding and fresh credit facilities carrying floating rate of interest linked to the PLR would be refixed based on the revised PLR. |
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| The bank has informed that consequent upon the revision, the rate of interest applicable for fixed rate SyndNivas Housing Loans have also been reworked with effect from 16th May 2006. |
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| The bank also revised upwards its rate on domestic deposits up to Rs 15 lakh for 180 days to less than one year and three years and above but less than five years by 25 basis points. The revised rate of interest for the slab of three years and above but less than five years had been fixed 7 per cent against 6.75 per cent earlier. |
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