standard rate

noun [C] UK

Definition

› (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