A Look At Banks That Cut Interest rates After RBI's Repo Rate Cut

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After the surprising move from the Reserve Bank of India, many banks followed and slashed the base rate. The base rate is the minimum rate of interest at which a bank lends to its borrowers.

On Tuesday, the RBI cut repo rate by 50 basis points from 7.25 per cent to 6.75 per cent. The rate cut by the governor signaled a drop in home loan interest rates, auto loan interest rates and other loans like personal loans and gold loans. Click here to know more.

Banks That Cut Interest rates After RBI's Repo Rate Cut

Here are some banks which have slashed base rates:

Axis Bank

Axis Bank has revised its base rate from 9.85 per cent to 9.50 per cent per annum. This rate will be effective from October 5, 2015.

State Bank of India

State Bank of India (SBI) slashed minimum lending or base rate by 0.4 per cent to 9.3 per cent, following the RBI rate cut.

Punjab National Bank

PNB has slashed base rate by 40 basis points to 9.60 per cent which will be effective from October 1.

Bank of Baroda

BoB has reduced the base rate by 25 basis points from 9.90 per cent to 9.65 per cent per annum. This rate will be with effect from October 5.

The bank also slashed the Benchmark Prime Lending Rate (BPLR) by 25 basis points from 14.15 per cent to 13.90 per cent.

Oriental Bank of Commerce

Oriental Bank of Commerce cut  its base rate by 20 basis points to 9.70 per cent with immediate effect.

Bank of India

Bank of India has reduced its base rate by 0.25 per cent to 9.70 per cent.

Andhra Bank

Andhra Bank slashed base rate by 25 bps to 9.75 per cent.

IDBI Bank

IDBI Bank cut its base rate by 0.25 per cent to 9.75 per cent. This rate will be effective from October 5, 2015.

Punjab and Sind Bank

Punjab and Sind Bank reduced base rate by 25 basis points to 9.75 per cent.

BanksBase Rate CutPresent Rate
Axis Bank0.35 per cent9.50 per cent
State Bank of India0.40 per cent9.30 per cent
Punjab National Bank0.40 per cent9.60 per cent
Bank of Baroda0.25 per cent9.60 per cent
Oriental Bank of Commerce0.20 per cent9.70 per cent
Bank of India0.25 per cent9.70 per cent
Andhra Bank0.25 per cent9.75 per cent
IDBI Bank0.25 per cent9.75 per cent
Punjab and Sind Bank0.25 per cent9.75 per cent

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Story first published: Thursday, October 1, 2015, 10:40 [IST]
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