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Axis Bank has reduced its base rate by 35 basis points to 9.5 percent, effective from October 5.
Axis Bank’s base rate however is still higher than HDFC Bank’s at 9.35 percent and State Bank of India’s at 9.3 percent.
On Tuesday, the Reserve Bank of India (RBI) has cut its bench mark repo rate by 50 bps.
So far in this year, Axis Bank had cut its base rate by a token 10 bps to 9.85 percent, effective from June 30 and by 20 bps to 9.95 percent, effective from April 13.
