State-owned Andhra Bank on Wednesday said it has cut the base rate by 0.15 per cent to 9.55 per cent from October 1.
"The base rate of the bank has been revised from 9.70 per cent to 9.55 per cent with effect from October 1, 2017," the bank said in a regulatory filing. Ten Banks That Have Slashed Interest Rates On Savings Bank Accounts
The base rate is the minimum rate below which a bank cannot lend. The benchmark prime lending rate (BMPLR) has been kept unchanged at 13.95 per cent. Benchmark prime lending rate is based on the credit worthiness of bank customers.
Shares of the bank today closed 4.60 per cent down at Rs 56.05 apiece on BSE.
Punjab National Bank has also cuts base lending rate by 20 basis points (bps) to 9.15 percent earlier this month. The new base rates are in effect from September 1. The cut has been down from 9.35 percent.