Banks fix base rate between 7 and 8.5 per cent

Mumbai, June 30: Several banks today fixed their minimum lending or base rate at as high as 8.5 per cent, even as major players, including HDFC Bank and Citi Bank, pegged their rates below 7.5 per cent announced by SBI and ICICI, leading public and private sector banks.

“ICICI Bank base rate (I-Base) is fixed at 7.5 per cent, effective July 1,” the lender said in a late night statement.

The lowest rate of 7 per cent came from some small private banks– Dhanalakshmi Bank and DBS Bank– followed by HDCF Bank and leading foreign lender Citi Bank at 7.25 per cent each.

Another private sector lender Axis Bank pegged its base rate at 7.5 per cent.