bank Of Baroda BoB, Syndicate Bank cut rates
State-run Syndicate Bank on Friday reduced its lending rates on the heels of the decision of Punjab National Bank and ICICI Bank to reduce their base rates.
It slashed its base rate by 25 basis points (bps) to 10.5 per cent from 10.75 per cent. In addition, the Benchmark Prime Lending Rate (BPLR) has also been slashed by 25 bps to 14.75 per cent from 15 per cent.
The rates will be applicable from May 1.
The revised interest rates will be applicable on domestic term deposits up to Rs 15 lakh under select maturity buckets from April 23.
The base rate is the benchmark rate to which all loans are linked. As a result, consumer loans like home and auto loans, as well as borrowing rate for working capital and project loans availed by the corporate sector would become cheaper.
The move comes after the Reserve Bank of India reduced the key policy rate or the repo rate by 50 bps in the annual monetary policy on Tuesday, signalling the beginning of a softer rate regime.
Meanwhile, Bank of Baroda (BoB) also reduced its base rate and BPLR by 25 bps to 10.50 per cent and 14.75 per cent, respectively. It reduced its deposit rates by 25-50 bps across various maturities.
Commenting on the move, MD Mallya, CMD, Bank of Baroda said, “We have reduced the base rates in line with the RBI monetary stance and have passed on the benefits to the customers’’. He, however, added that the rate cut could have some impact on the margins.
It slashed its base rate by 25 basis points (bps) to 10.5 per cent from 10.75 per cent. In addition, the Benchmark Prime Lending Rate (BPLR) has also been slashed by 25 bps to 14.75 per cent from 15 per cent.
The rates will be applicable from May 1.
The revised interest rates will be applicable on domestic term deposits up to Rs 15 lakh under select maturity buckets from April 23.
The base rate is the benchmark rate to which all loans are linked. As a result, consumer loans like home and auto loans, as well as borrowing rate for working capital and project loans availed by the corporate sector would become cheaper.
The move comes after the Reserve Bank of India reduced the key policy rate or the repo rate by 50 bps in the annual monetary policy on Tuesday, signalling the beginning of a softer rate regime.
Meanwhile, Bank of Baroda (BoB) also reduced its base rate and BPLR by 25 bps to 10.50 per cent and 14.75 per cent, respectively. It reduced its deposit rates by 25-50 bps across various maturities.
Commenting on the move, MD Mallya, CMD, Bank of Baroda said, “We have reduced the base rates in line with the RBI monetary stance and have passed on the benefits to the customers’’. He, however, added that the rate cut could have some impact on the margins.
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