If A and B are two matrices such that rank of A=m and rank of B=n then
The matrix AB is actually a matrix that consist the linear combination of A with B the multipliers.
Suppose if B is singular, then when B, being the multipliers of A, will naturally obtain another singular matrix of AB. Similarly, if B is non-singular, then AB will be non-singular. Therefore, the rank(AB)<rank(B).Then now if A is singular, then clearly, no matter what B is, the rank(AB)<rank(A). Therank(AB) is immediately capped by the rank of A unless the the rank of B is even smaller.
Put these two ideas together, the rank of AB must have been capped the rank of A or B, which ever is smaller. Therefore,rank(AB)<min(rank(A),rank(B)).