Medium Transport; High Wing; 2 Turboprop Eng
Flight Crew Air Transport Pilot (ATP)
Confusion; Situational Awareness
Deviation - Altitude Excursion From Assigned Altitude; Deviation / Discrepancy - Procedural Clearance; Inflight Event / Encounter CFTT / CFIT
Air Traffic Control Issued New Clearance
Airport; Environment - Non Weather Related; Human Factors
On approach into ZZZ during day VMC conditions the crew understood the approach clearance to be 'descend to 2000 cleared ILS'. While level at 2000; we received an EGPWS warning 'terrain; pull up.' I instructed the FO to confirm our altitude assignment with tower while I visually confirmed terrain and obstruction clearance. As I was beginning to initiate a climb; tower confirmed the altitude assignment should have been 2400; but cleared us for a visual approach with the runway in sight. I followed the ILS glide path to [the] runway and completed the approach and landing in visual conditions.
While maneuvering for an approach; the flight crew received a 'terrain; pull up' warning from the EGPWS on the aircraft. After making an altitude correction; a successful approach and landing was competed.