Bangalore: Syndicate Bank has increased interest rates on deposits up to 90 basis points with effect from 2 July.
“The Bank has also revised Benchmark Prime Lending Rate (BPLR) from existing 13% to 13.50% with effect from 2 July,” it said in a statement.
However, the increase in BPLR would not be applicable to education loans, both existing and fresh sanctions to be made under brand product “SyndVidya”. The revised interest rate would also not be applicable in respect of existing housing loans and vehicle loans availed under brand products “SyndNivas” and SyndVahan" respectively.
“Even after this revision, the sectors which require bank finance, especially priority sectors, would continue to receive affordable and adequate credit from the bank in line with its business growth,” it said.