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.
Here are some banks which have slashed base rates:
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 slashed base rate by 25 bps to 9.75 per cent.
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.
|Banks||Base Rate Cut||Present Rate|
|Axis Bank||0.35 per cent||9.50 per cent|
|State Bank of India||0.40 per cent||9.30 per cent|
|Punjab National Bank||0.40 per cent||9.60 per cent|
|Bank of Baroda||0.25 per cent||9.60 per cent|
|Oriental Bank of Commerce||0.20 per cent||9.70 per cent|
|Bank of India||0.25 per cent||9.70 per cent|
|Andhra Bank||0.25 per cent||9.75 per cent|
|IDBI Bank||0.25 per cent||9.75 per cent|
|Punjab and Sind Bank||0.25 per cent||9.75 per cent|