Bharat Overseas Bank slashes interest rates for deposits, loans

Chennai: In line with the Indian government''s preference to reduce the interest rates to critical sectors such as agriculture and small-scale industry (SSI), the Chennai-based Bharat Overseas Bank (BOBL) has rationalised the interest rates to these two sectors.

The revised interest rates to agriculture and SSI sectors will be at PLR (prime lending rate) minus 1 per cent for loans up to Rs 25,000 and at PLR for advances above Rs 25,000 and up to Rs 2.0 lakh.

For agricultural advances above Rs 2.0 lakh, the interest rates will be at PLR plus 2 per cent and for SSI the interest rates will range from PLR to PLR plus 2 per cent based on the risk rating.

BOBL has also reduced the interest rates on deposits by 25 to 50 basis points in different tenors. Presently the interest rates on one year to less than three years is at 6 per cent and for three years and above, the rate offered is 6.25 per cent.