After the Reserve Bank of India announced emergency repo rate cut of 75bps to 4.4%, the country's leading public sector lender has slashed its repo linked lending rates (RLLR) as well as external benchmark linked lending rate (EBR) by 75 bps. One basis point is one-hundredth of a percentage point.
So, post the cut, the bank's RLLR stands reduced from 7.4% to 6.65% annually, while EBR gets slashed to 7.05% from 7.80%.
The new reduced lending rates will become applicable from April 1, 2020.
FD Rates Revised Lower
On the sideline, the bank has also cut interest rate on FDs by 20 to 50 bps across tenures. The new rate become effective from March 28, 2020.