By BS Reporter
Three state-run lenders have raised their retail term deposit rates by 25-125 basis points. United Bank of India increased interest rates on domestic term deposits below Rs 5 crore by at least 25 basis points, effective immediately. The Kolkata-based lender will now pay nine per cent on term deposits with one-year maturity, compared with 8.75 per cent earlier. Term deposits of 30 days to less than a year will get interest at 8.75 per cent.
Punjab National Bank has increased interest rates on certain deposits by 125 basis points.
UCO Bank raised interest rates on retail term deposits between Rs 1 and Rs 5 crore by 45-50 basis points, effective tomorrow. According to bankers, the tight liquidity situation has compelled lenders to increase deposit rates.