The Thrissur, Kerala-headquartered bank also cut its base rate by 0.75 percent to 9.50 percent, it said in a filing to the exchanges.
South-based CSB Bank on Wednesday announced a reduction of up to 0.90 percent in its marginal cost of funds based lending rate (MCLR). The repo linked lending rate (RLLR) has also been revised to 4 percent from 4.40 percent in line with the RBI's rate cuts.
The Thrissur, Kerala-headquartered bank also cut its base rate by 0.75 percent to 9.50 percent, it said in a filing to the exchanges.
The move is in sync with an industry-wide trend of lending rates coming down following heavy rate cuts by the RBI to boost the economy amid the COVID-19 pandemic.
CSB Bank cut its overnight MCLR by 0.90 percent to 8.20 percent, but left the one-year MCLR unchanged at 9.50 percent.
Most of the retail and longer-tenor consumer loans by banks are linked to the one-year MCLR.
It also cut the one-month MCLR by 0.80 percent, three-month MCLR by 0.70 percent and six-month MCLR by 0.50 percent.