SIDBI reduces PLR and deposit rates

The Small Industries Development Bank of India (SIDBI) reduced its prime lending rate (PLR) by 0.5 per cent and its deposit rates by 0.25 per cent.

The PLR, which is at present 12.5 per cent will be reduced to 12 per cent with effect from January 28, while the revised deposit rates are effective from January 19, according to a statement from the bank.

The bank offers interest rates in the range of 8-9 per cent on fixed deposits across various maturities.