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Syndicate Bank raises lending, deposit rates

Syndicate Bank has raised its prime lending rate by 50 basis points to 13.5 per cent and deposits rates by up to 90 basis points across various maturities, a senior official said.
Reuters | By HT Correspondent, Mumbai
UPDATED ON JUL 02, 2008 01:34 PM IST

State-run Syndicate Bank has raised its prime lending rate by 50 basis points to 13.5 per cent and deposits rates by up to 90 basis points across various maturities, a senior official said on Wednesday.

The revisions are with immediate effect, the official said.

The Manipal-based bank thus joined a clutch of other banks that have hiked rates after the central bank raised its key lending rate in an attempt to rein in inflation, which has hit 13-year highs.

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