Bank rates refer to the interest rates that banks charge on the loans they provide or the interest they pay on your deposits. Other terms used as a synonym for bank rates, include interest rates, lending rates, borrowing rates, and deposit rates. These rates determine the cost of borrowing and the income to be earned on savings. They play a significant role in the economy, influencing individual financial decisions and investment choices. Banks adjust their rates to stay competitive in the market and reflect the economic conditions prevailing in the country. Knowing the various synonyms for bank rates can help you make informed financial decisions that fit your financial needs.