Bank of Baroda + Allahabad Bank slash rates

Public sector banking major, Bank of Baroda (BoB), has slashed its interest rates on non-resident external (NRE) term deposits to 3.75% from 4.52% earlier for the period between one-year to two years, 3.19% from 3.87% previously between two years to three years, 3.47% from 4.14% ago between three years to four years and same thereafter with immediate effect.

Allahabad Bank has decided to reduce its Benchmark Prime Lending Rate (BPLR) by 75 basis points from Januray 5, 2009. With this the new rate will be 12.50%, the company stated in its announcement made to the FreePress.