With the Reserve Bank of India (RBI) reducing the Cash Reserve Ratio by 25 bps, the State Bank of Hyderabad (SBH) has decided to reduce its base rate by 25 basis points (bps) to 10.25% from the current 10.50%, with effect from October 1.
The reduction in base rate will bring down the interest rate on all loans with floating rate of interest linked to base rate and will benefit the corporate and micro, small and medium enterprise (MSME) borrowers and customers who have availed retail loans including car loans, housing loans and personal loans, the bank said in a release.
SBH has also reduced its interest rates by 25 bps on deposits schemes including special deposits schemes like SBH-500, SBH-1000 and SBH Double. The revised interest rates would be effective October 1.
