Two leading public sector lenders Punjab National Bank (PNB) and Bank of Baroda (BoB) today raised fixed deposit rate up to 50 basis points across select maturities, while mortgage lender HDFC hiked lending rate by 25 basis points.
Even after this revision, the peak rate on term deposit will remain at 9.25% for maturity period of 1,111 days, PNB said in a statement.
BoB also raised term deposit rate by 25 basis points on three maturities.
Fixed deposit rate for maturity between 365-443 days has been raised from 8.75% to 9%, while 444-days term deposit will attract 9.35% as against existing 9.10%, BoB said.
The new deposit rates will be effective tomorrow.
HDFC raised its benchmark lending rate by 25 basis points. With the hike, the loans for the existing borrower would be expensive.
Currently, the Retail Prime Lending Rate (RPLR) is at 15.25%.
This is in line with the rates of interest in the economy, which have hardened due to rising inflation and shrinking liquidity in the domestic market, HDFC said in a statement.
The new lending rate would be effective from March 1, 2011.
