Vijaya Bank revises interest rates upwards

Bangalore, Jun 30 (UNI) Public sector Vijaya Bank today raised upward the interest rates on domestic term deposits with effect from July one.

A decision to this effect was taken at the Bank's Asset Liability Management Committee Meeting held here today.

Under domestic term deposits of 180 days up to 364 days, interest rates had been raised by 50 bps from 7.5 per cent to 8 per cent while for deposits of 1 year to less than 2 years it would be nine per cent from 8.8 per cent.

During the last fortnight itself, the Bank had effected a 30 basic points hike in the one year to less than 2 years category.

Benchmark Prime Lending Rate (BPLR) of the Bank had also been revised by 25 bps to 13.25 per cent. The 25 bps hike was as against 50 bps hike in BPLRs of some banks announced recently, according to a press release by the bank here.

"Our focus has been to moderate the impact of inflation on interest rates charged to the borrowers and at the same time, suitably reward the depositors," Bank Chairman and Managing Director Prakash P Mallya said.

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