Canara Bank has lowered its PLR by 50 basis points (bps) to 11.75 per cent from 12.25 per cent. It has also dropped its medium-term lending rate (MTLR) to 12 per cent from 12.25 per cent. The bank does not have any tenure-based PLRs.

Canara Bank's asset-liability committee would take a decision on reducing, if necessary, the deposit rates. Following the first round of Bank Rate cut on February 16, senior Canara Bank officials had informed that the bank would respond only after the seeing the Budget proposals.

BoI has reduced its PLR to 10 per cent for advances of tenure up to 90 days and to 12 per cent for above 90 days with effect from Monday. The bank has introduced two-tenure linked PLRs. However, the bank's prime-term lending rate (PTLR) remains unchanged at 12.50 per cent per annum.BoI has also not reduced its domestic deposit rates for longer maturities.

However, it has increased the domestic deposit rates for shorter maturities of up to 90 days with effect from March 5.

The domestic deposit rates for 15 days and above and up to 30 days has been increased by 0.75 basis points from five per cent to 5.75 per cent in respect of single deposit of below Rs 15 lakh; and from 5.5 per cent to 6.25 per cent in respect of single deposit of 15 lakh and above, but less than Rs one crore.

Domestic deposit rates of 31 days and above and up to 45 days has been increased by 0.25 basis point from 5.5 per cent to 5.75 per cent in respect of single deposit of below Rs 15 lakh, and from six per cent to 6.25 per cent in respect of single deposit of Rs 15 lakh and above but less than Rs one crore.

The domestic deposit rates of 46 days and above and up to 90 days has also been increased by 0.25 basis point from 6.25 per cent to 6.50 per cent in respect of single deposit of below Rs 15 lakh and form 6.75 per cent to seven per cent in respect of single deposit of Rs 15 lakh and above but less than Rs one corore. The interest rates on deposits of other maturities remain unchanged.

Two tenor-linked PLR for advances of marturity of up to 90 days is 10 per cent per annum, and for maturities above 90 days is 12 per cent per annum.Meanwhile, HSBC has reduced its interest rate on home loans to 13 per cent.

Said HSBC India's senior manager (personal banking and cards), Richard Cromwell: "The recent reduction in the Bank Rate allows us to reduce our rates on home loans and we are pleased to pass on this benefit to our customers." Most of HSBC's home loan customers avail of loans in the 8-15 year tenor and prefer the floating rate structure. Customers with existing floating interest home loan relationship will therefore benefit by a 60 basis point reduction in their interest rate from the earlier 13.6 per cent to 13 per cent.