PSB raises deposit rates by up to 1 pct

Punjab & Sind Bank raised its fixed deposit rates across various maturities by up to 100 basis points,or 1 per cent,in line with other lenders.

State-owned Punjab & Sind Bank (PSB) raised its fixed deposit rates across various maturities by up to 100 basis points,or 1 per cent,in line with other lenders.

For 46-90 days term deposit up to Rs 1 crore has been raised by 1 per cent to 6.5 per cent,PSB informed the Bombay Stock Exchange.

Further,rate of interest on PSB Fixed Deposit Tax Saver Scheme has also been increased by 55 basis points from existing 8.5 per cent to 9.05 per cent,it said.

The new rates would be effective tomorrow,it added.

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Banks have been raising interest rates after RBI raised short-term lending (repo) and borrowing (reverse repo) rates by 25 basis points on January 25 to tame inflation.

Earlier this week,major private sector lender ICICI Bank raised base rate or minimum lending rate by 50 basis points to 8.75 per cent,while HDFC Bank increased base rate 45 basis points to 8.20 per cent.

On Thursday,two more lenders Kotak Mahindra Bank and Dhanlaxmi Bank hiked their lending and deposit rates.

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