Bangalore: Falling in line with the spirit of the credit policy announced by RBI, Canara Bank has brought down the prime lending rate (PLR) and prime term lending rate (PTLR) by 0.25 per cent to 11.25 per cent and 11.75 per cent, respectively, with effect from November 1.

The bank had already brought down the spread over its PLR and PTLR during May 2002 to 3.5 per cent and 3 per cent, respectively, it said in a statement.

The bank also revised interest rates downwards on domestic and NRE term deposits by 0.25 per cent with effect from November 6.

The revised interest rate schedule for domestic term deposits of less than Rs 15 lakh is; 15-45 days: 4.25 per cent; 46-90 days: 5 per cent; 91-179 days: 5.50 per cent; 180 days to less than one year: 5.75 per cent; one year to less than three years: 6.50 per cent; three years to less than five years: 6.75 per cent; five years and above: 7 per cent.

For senior citizens, interest rates on term deposits will be 0.75 per cent over the rate applicable for domestic term deposits.

The revised interest rate schedule for NRE deposits is; six months to less than one year: 5.75 per cent; one year to less than three years: 6.50 per cent; three years to less than five years: 6.75 per cent; five years and above: seven per cent.

The bank, the statement said, also offers preferential rate of interest of 0.25 per cent on deposits of Rs 15 lakh and above to less than Rs 25 lakh for all maturities.

PTI