Canara Bank hikes term deposit rates
Canara Bank has raised the domestic term deposit rates across various maturities.
The rates are up by 125 basis points (bps) for 90 days and 50 basis points for 1 year for all retail term deposits below Rs1 crore. On its special offer of 555 days deposits, the Bank offers rate of 8.30 per cent and for 1000 days deposits the rate is 8.60 per cent with effect from December 13, 2010. The Bank pays an additional 0.50 per cent interest to senior citizens for deposits of less than 5 years and additional 1 per cent interest for deposits of 5 years and above for deposits of less than Rs 1 crore.
New base rate
Canara bank, has also revised its bench mark prime lending rate (BPLR) upwards by 75 basis points (bps) from 12.50 per cent to 13.25 per cent with effect from (w.e.f) December 13. The upward revision in interest rate is applicable to the borrowers under BPLR regime. The Bank has also revised its base rate upwards by 50 bps from 8.50 per cent to 9 per cent with effect from the same date.