ALSO READRBI group to study MCLR regime so that your bank reduces loan rate Saving deposit rate cuts sets stage for lower lending rates: Report Axis Bank cuts savings bank deposits rate to 3.5% on deposits below Rs 50 lakh Axis Bank cuts interest rate by 50 bps to 3.5% on deposits up to Rs 50 lakh State Bank of India cuts base rate by 15 bps with effect from April 1
State owned Andhra Bank on Wednesday said it has cut the base rate by 0.15 per cent to 9.55 per cent from October 1.
"The base rate of the bank has been revised from 9.70 per cent to 9.55 per cent with effect from October 1, 2017," the bank said in a regulatory filing.
Base rate is the minimum rate below which a bank cannot lend.
The benchmark prime lending lending rate (BMPLR) has been kept unchanged at 13.95 per cent. Benchmark prime lending rate is based on the credit worthiness of bank customers.
Shares of the bank today closed 4.60 per cent down at Rs 56.05 apiece on BSE.