Allahabad Bank raises PLR by 50 bps to 14%

Public sector lender Allahabad Bank has raised its benchmark prime lending rate by 50 basis points to 14 per cent with effect from today.

The hike will, however, not be applicable to new housing loans upto Rs 30 lakh and all existing housing, personal, educational and auto loans, the bank said in a release here.

The benchmark prime lending rate (BPLR) has been raised in view of the increase in cash reserve ratio requirement, cost of funds and the overall economic scenario, the bank said.

Allahabad Bank has also raised its term deposit rates of various maturity brackets from August 11.

 

The maximum interest rate will be 9.75 per cent for the period between one to three years. It will be 50 basis points higher interest for senior citizens, the release added.