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State Bank of India has cut retail term deposit rates across various tenors by 25 to 100 basis points with effect from April 24.
Kotak Mahindra Bank has pared its Base Rate by 25 basis points to 9.75 per cent from 10 per cent.
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 per cent from 18.75 per cent.
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.
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