Financial Daily from THE HINDU group of publications
Monday, Nov 04, 2002
Financial Daily from THE HINDU group of publications Monday, Nov 04, 2002 |
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Money & Banking
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Public Sector Banks Andhra Bank cuts PLR, deposit rates Our Bureau
HYDERABAD, Nov. 3 IN a move to pass on the benefits to the borrowers following the mid-term review of monetary policy by the Reserve Bank of India recently, Andhra Bank has decided to reduce its prime-lending rate (PLR) from the existing 11.75 per cent to 11.50 per cent. While the prime term lending rate (PTLR) was revised from 12 per cent to 11.75 per cent, the short-term PLR was reduced to 10.75 per cent from 11 per cent. In a press release here , the bank said the revised PLRs would come into effect from November 11. The bank has also decided to reduce its interest rates on both domestic and NRE term deposits of all maturities by 25 basis points. Andhra Bank has also decided to offer 0.25 per cent lower than that of normal rates on term deposits of Rs 5 crore and above for all the maturities. The new rates on domestic and NRE term deposits would also come in to force from November 11 and they would be applicable to both fresh deposits and renewals of existing deposits. Further, the bank has also announced a slash in the preferential rate of interest paid on deposits accepted from senior citizens from the existing 75 basis points to 50 basis points.
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