BoB hikes rates on retail loans

After raising its interest rates on corporate loans with effect from May 1, 2006, Bank of Baroda (BoB) has increased rates on housing and retail loans by 50 basis points.

BoB's floating rate is now 8.5 per cent for loans up to five years, 8.75 per cent for loans for over five years to fifteen years, and 9 per cent for those loans of more than fifteen years period.

As for the fixed rate loans go, the interest rates are 9.5 per cent for loans up to five years, 9.75 per cent for over 5 years and up to ten years, while the loans for over ten years period would be charged 10 per cent rate.

Delhi-based Oriental Bank of Commerce (OBC) has raised its prime-lending rate (PLR) by 50 basis points to 11.5 per cent with effect from May 15, after last month's 25-100 basis points increase in deposit rates.

Another public sector bank, Bangalore-based Vijaya Bank's PLR has been hiked to 11.25 per cent from 11 per cent with effect from that of Wednesday's.

IDBI Bank too has hiked its interest rates on deposits by 25-50 basis points on deposits of over one year from May 15.

Its interest rates on fixed deposits of one year to one-and-a-half year maturity is 7 per cent against 6.5 now and on deposits of one-and-a-half year to two years and two years to three years maturity is up by 50 basis points and 25 basis points respectively to 7 per cent.

Oriental Bank has also raised its interest rates on foreign currency non-resident (FCNR) deposits in dollar, pound, euro, Australian dollar and Canadian dollar currencies.

Its FCNR rates have been revised to 5.33 per cent for 1-2 years, 5.34 per cent for 2-3 years, 5.53 per cent for 3-4 years, 5.39 per cent for 4-5 years and 5.43 per cent for 5 years maturity.