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English definition of “standard rate”

standard rate

noun [C]
 
 
UK
(also standard rate of interest) BANKING, FINANCE the normal percentage amount that a bank charges customers for borrowing money: charge/pay a standard rate Our discounted rate ended this year and we have been paying the bank's standard rate of 6.1% ever since.
(also standard rate of income tax) TAX the normal rate of income tax paid by most people who do not have an especially high or low income: These figures apply to people who pay income tax at the standard rate.
TAX the normal rate of value-added tax: The standard rate of VAT is due to rise to 20%.
COMMUNICATIONS the usual rate that a phone company charges customers for calling a normal phone number: On a weekday, calls cost 6p a minute, standard rate. → Compare premium rate
standard-rate adjective [before noun]
(Definition of standard rate from the Cambridge Business English Dictionary © Cambridge University Press)
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