The Hindu : UTI Bank cuts floating rate for housing loans

Online edition of India's National Newspaper
Thursday, Nov 28, 2002

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UTI Bank cuts floating rate for housing loans

MUMBAI NOV. 27. UTI Bank has reduced the floating interest rates for housing loans by 25 basis points with immediate effect.

The new rate for a loan ranging from Rs. 1 lakh to Rs. 50 lakhs and a tenure of up to five years stands revised to 9.25 per cent and in the case of tenure of more than five years and up to ten years, interest would be 9.75 per cent, the bank said in a release.

For a loan tenure of more than ten years up to 15 years and more than 15 years, the rate would be 10.25 per cent, it added. UTI Bank senior vice-president, retail banking, Hemant Kaul, said the bank had left the fixed rates unchanged.

During the seven months ended October 2002, disbursements of housing loans stood at around Rs. 200 crores, he added. — PTI

BOB's floating rate deposit scheme

Bharat Overseas Bank has introduced floating rate deposit scheme to bring greater flexibility on long term deposits from November 15. The bank offers floating rate deposit with a reset at half yearly intervals and the existing fixed rate deposit option is also available to customers. The period of deposit is three years and the minimum deposit Rs. 50,000 and in multiples of Rs. 5,000.

The interest rate for this deposit is linked to the interest rate of normal three-year fixed deposit, which is the base rate. An additional 0.25 per cent over this base rate will be offered for deposits of three years and above.

The present rate for a three-year deposit is 7 per cent and for the floating rate 7.25 per cent, according to a release.

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