Bank Rate, SLR, Repo Rate, Reverse Repo Rate, CRR

Bank Rate is a tool, which central bank  uses for short-term purposes. Thus any revision in the Bank rate indicates that it is likely that interest rates on your deposits are likely to either go up or go down,  and it can also indicate  an increase or decrease in your EMI.

What is SLR (Statutory Liquidity Ratio)?  

It is Minimum percentage of deposits that the bank has to maintain in form of gold, cash or other approved securities.

What is CRR (Cash reserve Ratio)? 

Banks money to be kept with RBI to drain out excessive money from the system. If the central bank decides to increase the CRR, the available amount with the banks comes down. Maintained at 4% of the total of the Net Demand and Time Liabilities (NDTL), on a fortnightly basis.

What is Reverse Repo rate?
RBI borrows from banks at this rate. Banks are always happy to lend money to the RBI since their money are in safe hands with a good interest.An increase in reverse repo rate can prompt banks to park more funds with the RBI to earn higher returns on idle cash. It is also a tool which can be used by the RBI to drain excess money out of the banking system.

What is a Repo Rate?
Banks borrow from RBI at this rate.
It is an instrument of monetary policy. Whenever banks have any shortage of funds they can borrow from the RBI.
A reduction in the repo rate helps banks get money at a cheaper rate and vice versa. The repo rate in India is similar to the discount rate in the US.