Bank of Baroda said on Thursday it had cut the base rate by 0.35 per cent to 9.15 per cent with effect from Sunday.
State Bank of India has also revised interest rates on some retail domestic term deposits below Rs 1 crore. Revised interest rate on one-year retail domestic term deposit is 6.50 per cent for public and 7 per cent for senior citizens.
The base rate, minimum rate below which a bank cannot lend, has been revised downward from existing 9.50 per cent per annum to 9.15 per cent per annum from October 1, 2017, the bank said.
The benchmark prime lending rate (BPLR), the method which charges interest on credit worthiness of customers, has also been cut to 13.45 per cent per annum from next month.
The BPLR is 13.80 per cent per annum currently.