Syndicate Bank revises Prime Lending Rate

Bangalore, May 15 (UNI) Public Sector Syndicate Bank has revised the benchmark Prime Lending Rate from 11 per cent to 11.25 per cent with effect from May 16.

Informing this to newspersons here today, Bank Chairman and Managing Director C P Swarnkar said the revision in the PLR by 25 basis points was mainly due to increase in the cost of funds. The interest rates on all outstanding and fresh credit facilities extended by the bank carrying floating rate of interest linked to the PLR of the Bank would e refixed based on the revised PLR, he added.

The bank had also revised its interest rate on Domestic deposits up to Rs 15 lakh for the period of 180 days to less than one year and three years and above but less than five years by 25 basis points. The revised rate of interest for the slab of three years and above but less than five years woudl be seven per cent as against 6.75 per cent earlier. Also the interest for domestic deposits of Rs 15 lakh and above for the period of one year and above was 25 basis points more than the interest rate available to the deposit of less than 15 lakh, he explained.

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