HDFC Bank's new base rate of 9.6% is the lowest among all lenders including SBI, which has a base rate of 9.7%
HDFC Bank, India's second largest private sector lender said it would cut its base rate by 10 basis points to 9.6% from 30th March. HDFC Bank is the first lender to cut base rate following a 25 bps cut in repo rate by the Reserve Bank of India (RBI).
At the same time, the benchmark prime lending rate (BPLR) of HDFC Bank is expected to be slashed by similar margin to 18.10%.
Post this reduction HDFC Bank’s base rate will be the lowest among major banks. Among other private banks, ICICI Bank’s base rate is 9.75% since April 2012, while that of Axis Bank is 10%. At present, State Bank of India (SBI), the country's largest lender offers a base rate of 9.7%.
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