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State Bank of Hyderabad (SBH) has decided to reduce its base rate by 25 basis points from October 1.
The move is intended to pass on the benefit to customers following the policy decision by the Reserve Bank of India to cut the Cash Reserve Ratio by 25 bps recently.
The Asset-Liability Committee of SBH which met here on Thursday decided to reduce the base rate from 10.50 per cent to 10.25 per cent. This will bring down the interest rate on all loans with floating rate of interest. It will benefit not only corporate and MSME (micro, small and medium enterprise) borrowers but also customers who have taken car, housing, personal and other such retail loans.
The bank simultaneously reduced its interest rates on deposits of various periods by 25 bps, including special deposits schemes such as the SBH-500, SBH-1000 and SBH Double. The revised interest rates would be effective from October 1, a bank release said.
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