HDFC Bank has decided to cut its benchmark lending rates by 0.1% with effect from March 30.
The base rate, or the minimum lending rate, of the country's second largest private sector bank will become 9.6% from the existing 9.7%, sources said.
At the same time, the benchmark prime lending rate (BPLR) of the bank is expected to be slashed by similar margin to 18.10%.
The new rates would be effective from March 30, sources added.
HDFC Bank has become the first bank to cut lending rate after the RBI cut the short-term lending rate by 0.25% on March 19.