Allahabad bank, Kolkata-based nationalized bank, in a filing to the Bombay Stock Exchange reported an increase in the bank's base rate and benchmark prime lending rates (BPLR). The base rate or the minimum rate at which the banking entity can lend to the borrower as well as BPLR rate both have been revised upwards marginally by 5 basis points ( One basis point is one-hunderdth of a percentage point). Consequently, with effect from March 4, 2014, the base rate and BPLR rate shall be 10.25% and 14.5% respectively.
In the similar fashion, bank has also revised interest rates on its retail term deposits with a maturity of over a year and less than 3 years by 5 basis points to 9.05%. The revised rate shall be effective from March 4, 2014.
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