PNB also hiked its prime term lending rate (PTLR) from 11.5 per cent to 12 effective from August 7, a PNB statement here said.

Bank of India (BoI) has increased its PLR by 50 basis points from 11.5 per cent to 12, following similar hikes undertaken by other banks in view of the increase in bank rate by one per cent to eight per cent.

The hike in PLR came into effect from Friday, a bank statement said.

BoI has, however, left its PTLR untouched at 12 per cent.

Earlier both, Vijaya Bank and Indian Overseas Bank hiked their rates to 12.5 per cent, while Oriental Bank of Commerce (OBC) hiked it to 12 per cent.

Canara Bank was the first bank to increase the interest rates on two maturity slabs of domestic term deposits with effect for Friday, which is 5 per cent for 15 to 45 days and 6 per cent for 46 to 179 days.

Interest rates on other maturity slabs of domestic term deposits have remained unchanged.

The bank has also decided to increase rates on NRE term and FCNR (B) deposits. Under NRE term deposits six months and above to less than a year, it is 6.75 per cent per annum, while for one year and above to less than two years it is 8.75 per cent per annum. For two years and above to less than three years, it is 9.25 per cent and three years and above, 9.75.Under FCNR (B) term deposits (per annum): For one year less than 2 years - GBP (6 per cent), USD (6.75), DEM/EURO (3.5) JPY (nil). For two years to less than 3 years the rates are: GBP (6.1 per cent), USD (6.75), DEM/Euro (3.75), JPY (0.25). For three 3 years, they are: GBP (6.25 per cent), USD (6.8), DEM/Euro (4) and JPY (0.45), the statement added.