State Bank of Hyderabad slashed the interest rates for MSME advances with immediate effect, said Shri K. Ramesh Babu, Deputy General Manager, State Bank of Hyderabad, Visakhapatnam Zone.

The bank, which declared the year 2013-14 as the “Year of MSME”, on advances up to Rs 25 lakh the interest rate has been reduced by two per cent (from 13.75% to 11.75%) and under other categories the rates have been reduced substantially. The interest rates are very competitive, he said urging the customers to avail the opportunity.