The largest foreign bank by branch network reach, Standard Chartered, on Friday increased its base rate by 50 basis points to 8 per cent and deposit rates by up to 75 basis points for medium term maturities.
Following other lenders, the British lender hiked its base rate or the new benchmark lending rate by 0.5 per cent to 8 per cent, an official communication from the bank said in Mumbai on Friday. The new rates will be effective from December 21.
Claiming that deposit rates are the highest amongst foreign banks in the country, the bank said under the revised rates, it would offer 7.75 per cent on deposits of 121-179 days maturities, up from 7.25 per cent and those of 180-260 days duration will get a still higher rate of 7.75 per cent, up from 7 per cent.
StanChart has, however, retained all the maturities of deposits below 120 days and those above 260 days at the previous levels.
StanChart India, which became the first foreign entity to list on the domestic bourses with an IDR (Indian depository issue) issue this May, has 94 branches in 37 cities and a over two million retail customers and over 2,000 corporate and institutional relationships.
The bank's key businesses include consumer banking which includes deposits, loans, wealth management, private banking and SME banking; and wholesale banking which includes cash transaction banking, treasury, corporate finance and custody services.
Special 
