<p>"In view of the current micro-economic scenario and hardening of interest rates, UBI has decided to revise its BPLR by 50 basis points with effect from December 20," the bank said in a statement to the Bombay Stock Exchange.<br /><br />The rate increase will apply to old borrowers who have not migrated to the new base rate system, which was introduced from July 1 this year to make lending rates more transparent.<br /><br />Apart from the increase in rates on the lending side, the Mumbai-based bank also hiked its term deposit rates by up to 100 basis points, it said in the statement.<br />It has launched a special 700 days product carrying an interest rate of 8.60 per cent while the interest rate on a one year deposit has been raised to 8 per cent from 7.25 per cent earlier, it added.</p>
<p>"In view of the current micro-economic scenario and hardening of interest rates, UBI has decided to revise its BPLR by 50 basis points with effect from December 20," the bank said in a statement to the Bombay Stock Exchange.<br /><br />The rate increase will apply to old borrowers who have not migrated to the new base rate system, which was introduced from July 1 this year to make lending rates more transparent.<br /><br />Apart from the increase in rates on the lending side, the Mumbai-based bank also hiked its term deposit rates by up to 100 basis points, it said in the statement.<br />It has launched a special 700 days product carrying an interest rate of 8.60 per cent while the interest rate on a one year deposit has been raised to 8 per cent from 7.25 per cent earlier, it added.</p>