Bank Rate implies the rate of interest

Bank Rate is the rate at which the central bank (RBI) lends to scheduled commercial banks and functions as a discount/discounting rate for advances; it is therefore the rate at which the RBI discounts bills of exchange and grants loans to banks. The textbook definition states that Bank Rate is the interest charged by RBI on long‑term loans to Scheduled Commercial Banks, set relative to the repo rate [1]. Complementary sources describe the Bank Rate as the discount rate at which RBI grants loans or advances (i.e., the rate used in discounting) to commercial banks, hence equating it with the rate for discounting bills of exchange. Options 1–3 refer to interest paid on deposits, commercial bank lending rates, or bond coupons and are not definitions of the Bank Rate.

Sources

1. [1] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 7: Money and Banking > 1. Bank Rate > p. 165