The public sector lender, State Bank of Travancore (SBT) has cut its base rate to 10.25 per cent. Earlier, the bank's base rate stood at 10.50 per cent. The base rate is the minimum interest rate of a bank below which it cannot lend.
The benchmark prime rate of the bank was lowered from 15.50 per cent to 15.25 per cent few days back.
SBT has also revised rates for term deposits for domestic, non- resident ordinary (NRO) and non-resident external (NRE) with effect from Monday.
Additionally, SBT has also cut its interest rates for ‘FlexiMax' deposits from 8 per cent to 7.50 per cent.