Syndicate Bank cuts base rate in line with MCLR

Syndicate Bank cuts base rate in line with MCLR

Manipal-based public sector lender Syndicate Bank has reduced its base rate by 10 bps (100 basis points = 1 percentage point) from 9.60% to 9.50% effective from April 10, 2017.

However, the bank made no changes in the marginal cost based lending rate (MCLR) and benchmark prime lending rate (BPLR).

The bench mark one year lending MCLR stands at 8.75% and BPLR at 13.85%, a release said.