Syndicate Bank effects 50 bps rise in interest rates, PLR

Syndicate Bank, on Friday, announced an upward revision in its interest rates upto 50 basis points on term deposits for one year and above tenure with effect from August 11, 2008. The interest on deposits from 1 year to 399 days will now be at 9.50 per cent per annum, 400 to 499 days at 9.60 per cent per annum, 500 days to less than 2 years at 9.75 per cent per annum. Senior citizens will be eligible for 1 per cent additional interest with a maximum of 10.25 per cent per annum.

The bank has also announced an upward revision in its Benchmark Prime Lending Rate by 50 basis points to 14 per cent per annum with effect from August 11, 2008. However, the increase announced now will not affect existing housing loan, vehicle loans and education loan borrowers. Further, the Bank has also exempted fresh housing loans upto an amount of Rs 30 lakh and all fresh Education loans from the increase in PLR, a bank press release said.