New Delhi, Sept 29 (KNN) Taking the lead to cut the interest rates after reduction in repo rate by the Reserve Bank of India (RBI), country’s largest public sector lender State Bank of India (SBI) today slashed the minimum lending or base rate by 0.4 per cent to 9.3 per cent.
 
With the reduction in the base rate, all loans, including home, auto and corporate, would become cheaper by at least 0.40 per cent.
 
The bank has decided to reduce the base rate by 0.40 per cent to 9.3 per cent with effect from October 5, SBI said in a statement.
 
“RBI has cut interest rate by 0.50 per cent, we have reduced it by 0.40 per cent,” SBI Chairperson Arundhati Bhattacharya said.
 
The bank will also be cutting fixed deposit rates by 0.25 per cent across various maturities from October 5, she added.
 
“We will definitely keep looking at ways and means of bringing down rate further. Going ahead, weakening of rate will add to growth of credit,” Bhattacharya said. (KNN Bureau)