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SBI Slashes Deposit Rates; Kotak Bank Revises Base Rate

State Bank of India or SBI has cut retail term deposit rates across various tenors with reduction ranging from 0.25 percent to one percent effective April 24.

Kotak Mahindra Bank has also revises its Base Rate by 25 basis points to 9.75 percent from ten percent effective April 26. The bank said all categories of loans (other than the exceptions permitted by Reserve Bank of India or RBI) will henceforth be priced with reference the revise Base Rate.

As per the Reserve Bank of India guidelines, banks cannot lend below their Base Rate.

The private sector bank has also revised its Benchmark Prime Lending Rate (BPLR) downwards by 25 basis points to 18.50 percent from 18.75 percent.

The revision in Base Rate and BPLR are effective from April 26.

The bank has already cut deposit rates by 25 to 50 basis points across maturity buckets.

At the BSE, State Bank of India closed Monday's trading at Rs.2,192.10, down 3.02 percent, while Kotak Mahindra closed at Rs.583, down 1.34 percent from the previous close.

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by RTT Staff Writer

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