Bank of Maharashtra cuts PLR, deposit rates

Bank of Maharashtra (BoM), today said that it has reduced its benchmark prime lending rate (PLR) by 0.25 per cent to 12.25 per cent.     

This is with effect from July 6, a press release issued here stated.     

The bank has also cut interest rates on its domestic term deposits by up to 0.50 per cent from July 1, the release said.     

For deposits of a duration of 181 days to 270 days, the interest rate has been cut to 6.25 per cent as against the earlier 6.75 per cent while for 271 days to less than one-year, it has been reduced to 6.50 per cent from 6.75 per cent.     

For one-year duration and for between over one-year to less than three-years, the interest rates have been reduced to 7.25 per cent as against the earlier 7.50 per cent, each.

For three-years duration (Mahalaxmi Term Deposit), the new interest rate is 7.50 per cent as against the earlier 8 per cent while for between over three-years and five-years, the interest rate has been reduced to 7.25 per cent from 7.50 per cent, the release said.     

For deposits with a duration of above five-years, the new rate is 7.25 per cent as against the earlier 7.50 per cent.     

Senior citizens will get an additional rate of 0.50 per cent, uniformly across all maturity slabs of 91-days and above up to amount of less than Rs 1-crore only, the release said.