Examples of Benchmark Rate in a sentence
Benchmark Rate is the rate of interest applicable on HDFC fixed rate deposit product for the corresponding period.
Where Rate Option Annex Determination is specified in the Final Terms as the manner in which the Rate of Interest is to be determined, the Final Terms shall specify which Benchmark Rate is applicable and the Rate of Interest for each Interest Accrual Period shall be determined in accordance with the provisions set out for such Benchmark Rate in Part 2 of the Rate Option Annex.
Where, for any reason, it is not possible to determine the Rate of Interest for the relevant Benchmark Rate in accordance with the provisions of the Rate Option Annex, then such Rate of Interest shall be determined by the Calculation Agent in its sole and absolute discretion.
However, the Benchmark Rate used in such calculation may change from time to time and Bank will notify you of such rate change.
Currencies on which we pay interest based on a market benchmark rate for overnight deposits (which we call "Benchmark Rate Currencies"): o For each of these currencies, the interest rate we pay is based on a specific market benchmark (such as Effective Fed Funds) and is calculated by taking an average of the benchmark rate and subtracting a spread.