Vijaya Bank raises key interest rates by 50 bps

Under domestic term deposits of  180 days up to 364 days, interest rates have been raised by 50 basis points from 7.5 per cent to 8 per cent, while for deposits of 1 year to less than 2 years, the Bank has raised interest rate from 8.8 per cent to 9 per cent.

 

The Bank had recently effected a 30 bps hike in the 1 to less than 2 years category.
 
The bank has also revised the Benchmark Prime Lending Rate (BPLR) by 25 bps to 13.25 per cent. 

The 25 bps hike is as against 50 bps hike in BPLRs of some banks announced recently. 

"Our focus has been to moderate the impact of inflation on interest rates charged to the borrowers and at the same time suitably reward the depositors," Prakash P Mallya, chairman and managing director of the Bank said.