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Citibank cuts base rate by 0.15 per cent

Citibank 1

New Delhi: Foreign lender Citibank today cut base rate or the minimum lending rate by 0.15 per cent to 9.35 per cent, a move which will lower EMIs for home, auto loans.

The bank has cut “base rate by 15 basis points to 9.35 per cent effective July 1, driven by falling interest rates reflected in lower deposit costs,” Citibank said in a statement.

With the cut in base rate, all loan linked to the benchmark rate would come down by atleast 0.15 per cent.

SBI was the first off the block to lower its base rate earlier this month after RBI Governor Raghuram Rajan in the policy meet on June 2 asked banks to pass on the benefit to consumers.

SBI had slashed its base rate by 15 basis points to 9.7 per cent. HDFC Bank followed suit last week with a 0.15 per cent cut to 9.7 per cent. Similarly, ICICI Bank brought down its rate by a marginal 0.05 per cent last week.

The mid-sized Allahabad Bank too has queued up, reducing its base rate by 0.3 per cent to 9.95 per cent.

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