State Bank of Hyderabad, one of the associate banks of SBI, has slashed benchmark prime lending rate by 50 basis points to 12.25 percent from 12.75 percent. The new rate will come into effect from July 1, 2009. The parent bank, SBI announced reduction in its benchmark prime lending rate (SBAR) by 50 bps on Wednesday, 24 June 2009. The revised rates at 11.75 percent p.a. came into effect 29th June 2009 onwards. Trailing the move, State Bank of Mysore, another associate banks of SBI, reduced lending rates by 50 basis points to 12.25 percent, with effect from June 29, 2009. | BPLR in % - SBI and associate banks [as on 3 July 2009] | | SBI and associate banks | BPLR in % | In effect from/ last revision date | | State Bank of India | 11.75 (reduction by 50 bps) | 29 June 09 | | State Bank of Mysore | 12.25 (reduction by 50 bps) | 29 June 09 | | State Bank of Hyderabad | 12.25 (reduction by 50 bps) | 1 July 09 | | State Bank of Indore | 13.00 | 24 Feb 09 | | State Bank of Patiala | 12.75 | 24 Feb 09 | | State Bank of Travancore | 12.25 | 1 July 09
| | State Bank of Bikaner & Jaipur | 12.75 | 24 Feb 09 | Currently PNB has the lowest benchmark prime lending rate in the country at 11 percent p.a. The rate cuts are expected to induce demand and mobilise surplus funds with the banks. |
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