Kolkata, 15 July: State-run Andhra Bank today reduced its base rate and benchmark prime lending rate by 25 basis points, which will come into effect from 22 July 2013.
"The bank has decide to revise base rate and benchmark prime lending rate with effect from 22 July 2013," it said in a filing to the Bombay Stock Exchange.
With the revision in rates, the bank’s new base rate will be 10 per cent as against existing 10.25 per cent and its BPLR will come down to 14.25 per cent from 14.50 per cent at present, the filing said.
Meanwhile, another public sector lender Oriental Bank of Commerce today cut interest rates on term deposits of Rs 5 crore and above for select maturity periods by 0.25 per cent with immediate effect. SNS