After RBI cut the rate by 50 basis points in the annual monetary policy on Tuesday, IDBI was the first to cut the rate, followed by ICICI bank, Punjab National Bank and now Syndicate bank.
The rate cut comes as good news for borrowers of home and auto loans which will be cheaper.
The bank has decrease base rate by 25 bps, i.e., from 10.75% to 10.50% and BPLR by 25 bps, i.e., from 15.00% to 14.75%.
It has also revised downward interest rates on domestic term deposits upto Rs. 15 lacs under select maturity buckets w.e.f. April 23, 2012. And revised downward interest rates on NRE term deposits w.e.f. April 23, 2012.
Shares of the Bank on Friday were trading at Rs 110.80 higher 0.27% on BSE at 12.15 pm IST.