Car loan lender, UCO Bank has hiked its benchmark prime lending rate (BPLR) by 25 bps. The new rates are effective from 9th August 2010.
The bank has also increased its deposit rates for many maturities effective from 6th August.
UCO Bank said, “The new rates of interest for seven to 14 days deposit (Rs.15 lakh and above) is 2.50 percent, senior citizens will get 0.75 percent extra. Interest rates for one year and three years to less than five years, for an amount of less than Rs.15 lakh, have been increased to 6.75 percent and 7.25 percent respectively”.
Many banks have hiked their lending rates in order to make the customers accept the base rate method of lending.
Banks such as Punjab National Bank, Corporation Bank, Bank of Baroda etc. have hiked their lending rates.
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