Tamilnad Mercantile Bank Ltd has decided to reduce its base rate by 20 basis points from 10.60 per cent to 10.40 per cent with effect from October 15.
"The reduction in base rate will not only benefit future customers but also lead to interest rate cost saving for all the existing customers who have taken loans on floating rate basis," a TMB release said.
This was in line with RBI's expectations to pass on the benefits to the customers and falling in line with the declining interest rate scenario, TMB Managing Director and CEO H.S.Upendra Kamath said.
It is further stated that the benefit will not only be passed on to retail loans like car and home loans but also to MSME & corporate customers.
