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    SBI slashes base rate by 0.25% to 9.75%

    SBI slashes base rate by 0.25% to 9.75%
    State Bank of India on Tuesday slashed its base rate by 25 basis points after the Central bank cut the cash reserve ratio (CRR) by 0.25 basis points.

    This came as a good news for borrowers as they have to pay less interest for any corporate loans.

    Cash reserve Ratio (CRR) is the amount of Cash that the banks have to keep with RBI. This Ratio is basically to secure solvency of the bank and to drain out the excessive money from the banks.

    These rate cuts will be effective from September 20, 2012. Now, the SBI's interest rate will be 9.75% per annum, from 10%.

    Last week, SBI revised the interest rates on NRE/NRO Deposits for the tenors of "1 year to less than 5 years" to 8.50% p.a. from 9.00% (earlier) w.e.f. September 07, 2012.

    Market players believe that other banks in the country will follow the largest lending bank SBI and will reduce their rates.

    The shares of the bank was seeen trading lower by 2% at Rs 2107 on BSE at 9.40 am IST.

    Read more about: sbi interest rates
    Story first published: Thursday, September 20, 2012, 9:39 [IST]
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