The Chennai-based Public sector Indian Bank, Allahabad Bank has revised the Benchmark Prime Lending Rate (BPLR) by 0.25% with effect from July 15, 2011. Earlier, the BPLR rate of Allahabad Bank was 14.25% and now it is
14.50% per annum.
The base rate of the bank has been revised by 0.25% from the existing rate of 10% to 10.25% per annum with immediate effect.
Largest Public sector lender Allahabad Bank has informed that it has linked up with Kotak Mahindra Old Mutual Life Insurance Ltd.
According to the sources, under the MoU, the bank will offer group insurance coverage to its educational loan borrowers.
In the profit and loss account, the bank has posted a net profit of Rs 974 crore for the year ending March 2008, and Rs 93 crore for quarter ending June 2008.
Stock of Allahabad Bank closed at Rs 62, up 5.1 % on National Stock Exchange (NSE).
Allahabad Bank, a leading public sector lender has inked pact with Universal Sompo General Insurance Co for selling its insurance products from November 1.
Meanwhile, the Bank has also informed that its alliance with National Insurance Company for distribution of general insurance products through its branches would be terminated on Oct. 31, 2008.
Universal Sompo General Insurance Co is a joint venture (JV) formed between Allahabad Bank, Sompo Japan Insurance, Indian Overseas Bank, Karnataka Bank and Dabur Investments.
Public-sector lender Allahabad Bank has decided to increase the Benchmark Prime lending Rates (BPLR) by 50 basis points to 13.50% with effect from 1st July, 2008
Further, Private-sector lender Yes Bank has also announced an increase in PLR by 50 bps effective July 1, 2008 and an increase in fixed deposit interest rates for deposit period ranging from 9 months 1 day to 3 years.
Public sector lender Allahabad Bank has entered into a partnership with private life insurance company Tata AIG, for providing mortgage term insurance facilities to housing loan customers of the bank.
Tata AIG Life Insurance is a joint venture between the Tata group and the American International Group Inc. (AIG).
Under the facility, the customers would be offered reducing term life insurance designed to cover mortgage loan obligation of the insured member against death during the term of the coverage.
Responding to the plea of the Finance Minister, Mr. P. Chidambaram to moderate home loan rates, Public sector lender Allahabad Bank has decided to reduce interest rate on housing loans by 25 basis points for both floating and fixed term loans up to Rs 20 lakh.
The reduction will be effective from April 1 on all fresh sanctions.
Under revised rates, the minimum interest for 5-year period will be 9.5 per cent per annum and maximum 10.5 per cent for 15-25 years in PLR-linked loans.
Kolkata-based public sector Allahabad Bank has announced that it has slashed the interest rates on retail loans by 50 to 100 basis points.
The interest rates on 2 years and above, up to 10 years deposits have been lowered by 25 basis points while rates for short term deposits have been raised by 75 to 100 basis points.
Allahabad Bank is the oldest public sector bank in India with over 2000 branches and 116 extension counters all over India.