Allahabad bank increases BPLR and Deposit interest rates

Allahabad Bank, one of the leading nationalized banks of the country, has decided to increase the Benchmark Prime Lending Rates (BPLR) by 50 basis points to 13.50% with effect from 1st July, 2008. The increase in BPLR has been necessitated in view of the increase in CRR requirement and overall economic scenario.

In order to provide welcome relief to the depositors against increasing inflation, the Bank has also decided to increase simultaneously the term deposit interest rates in various maturities. Maximum term deposit interest rate will now be 9.50% per annum in the time bucket of 1 year to less than 3 years. For senior citizens, the rate of interest for the same period would be 10% per annum.

The above changes in the rate would be effective from 1st July, 2008.

Publicity Department
30.06.2008

Press Corner