November 6, 2008, Ratekhoj.com. Corporation Bank, a public sector bank in India, has announed in a press release that it is discontinuing the CorpGain fixed deposit scheme which had a maturity of 330 days and was yielding 10.00% to depositors. The change will take effect from 15 November, 2008. Hence depositors can still take advantage of this scheme until that date.

Bank of Baroda in a press release has announced a reduction in its Bank Prime Lending Rate (BPLR) that impacts loan rates that are based on the BPLR. According to the press release, in response to the Reserve Bank of India’s recent expansionary measures to spur the sagging economic activity, Bank of Baroda has decided to reduce its Benchmark Prime Lending Rate (BPLR) by 75 bps to 13.25% (from 14.00%) effective November 10, 2008.

The press release states that the reduction in the BPLR is triggered by the 350 bps reduction in the CRR to 5.5% and 150 bps reduction in the Repo Rate to 7.5%. It states that  the 75 bps cut in the BPLR will benefit the Bank’s borrowers to a great extent.

The reduction will be applicable to the existing as well as new loans.

The bank states that the rates of interest on car loans stands reduced from 12.00% to 11.25%. The floating home loans will now become much cheaper and the interest rate in the segment for loans up to Rs 30 lacs now stands at 9.25% for loans repayable within 5 years, 9.50% for loans repayable within 5 to 15 years and 9.75% for loans repayable within 15 to 25 years.

November 5, 2008, Ratekhoj.com. Bank of India, a nationalized bank in India has announced on its website a reduction in its Bank Prime Lending Rate (BPLR) by 75 bps (or 0.75%) effective from November 6, 2008. This will reduce interest rates for loans that are linked to the BPLR such as the floating rate home and car loans. Bank of India has also announced that fixed deposit rates are likely to be reduced from December 1, 2008 and that customers can take advantage of the higher deposit interest rates before then.

November 5, 2008, Ratekhoj.com. Allahabad Bank , a nationalized bank in India, has announced in a press release that it has decided to cut its Benchmark Prime Lending Rate ( BPLR) by 75 basis points from the present rate of 14% to 13.25% with effect from 10th November, 2008. The reduction in BPLR has been announced having regard to the recent CRR & Repo-Rate cut by the Reserve Bank of India , current market scenario and the need to provide needbased credit to productive sectors at affordable rates.

The cut in the BPLR is expected to have a beneficial impact for borrowers interested in home, auto or other loans by reducing the corresponding loan interest rates. The cut in BPLR by Allahabad Bank is inline with similar reductions in BPLR by many other banks including Bank of India, Bank of Baroda and Canara Bank.

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