Base Rate - Check Current Base Rate of All Banks (2024)

FAQs

What is the current base rate today? ›

The current base rate is 5.25%.

The RBI (Reserve Bank of India) calculates the base rate in India. The RBI sets this to bring uniform rates to all banks in India. A base rate comprises of all the elements of lending rates, which are common among the borrowers of various categories.

The central bank kept the federal funds rate — or what banks charge each other for short-term loans — in a range of 5.25% to 5.5%. It has remained at that level, the highest in 23 years, since July of 2023.

A base rate is the interest rate that a central bank – such as the Bank of England or Federal Reserve – will charge commercial banks for loans. The base rate is also known as the bank rate or the base interest rate.

Current Repo Rate in India (June 2024)

The Reverse Repo Rate stands unchanged at 3.35%. The Bank Rate and the Marginal Standing Facility (MSF) rate have changed to 6.75%. The Standing Deposit Facility Rate is 6.25%.

Highest ever interest rate (November 1979) - the base rate hit its highest peak ever at 17%. It remained at 17% until 3 July 1980. Lowest ever interest rate (March 2020) - the base rate dropped to a historic low of 0.1% on 19 March 2020 where it stayed until December 2021.

What Is the Current Prime Rate? As of May 20, 2024, the current prime rate is 8.50%, according to The Wall Street Journal's Money Rates table. This source aggregates the most common prime rates charged throughout the U.S. and in other countries. The federal funds rate is currently 5.25% to 5.50%.

Banks are generally free to determine their own interest rates, but they must consider competitors' rates, market levels, and federal policies, as well. The Federal Reserve (Fed) sets the federal funds rate to influence monetary policy; this is the rate banks use to lend to one another and trade with the Fed.

Late last year, the Fed was widely expected to cut the benchmark federal-funds rate in 2024 as many as six times. But at the conclusion of its June 11 and 12 policy meeting, the central bank announces that it's keeping its rate target between 5.25% and 5.5%—right where it's been since July of 2023.

What is the rate of interest in Federal bank today? ›

The current Bank of England base rate is 5.25% as of 9th May 2024.

The current Fed rate is 5.25% to 5.50%. That's according to the Federal Open Market Committee (FOMC), the monetary policymaking part of the Federal Reserve that holds eight scheduled meetings a year to set the federal funds rate.

Base rate is defined as the minimum interest rate set by the RBI below which Indian banks are not permitted to lend to their customers. Unless there is a government mandate, the RBI rule specifies that no bank may offer loans at an interest rate lower than the base rate.

The 30-year fixed mortgage rate is expected to fall to the mid-6% range through the end of 2024, potentially dipping into high-5% territory by the end of 2025. However, recent economic developments have led some forecasters to believe that rates will remain elevated at around 7% for the remainder of this year.

The Fed's benchmark fed funds rate has now stood within the range of 5.25% to 5.50% since last July. The central bank projected it would cut interest rates once in 2024, down from an estimate of three in March.