Bank of Maharashtra lowers deposit rates

Mumbai, Nov 8 : Closely following the banking leader SBI, Bank of Maharashtra has revised downwards interest rates on term deposits by 25 basis points, effective from November 16.

The realignment of interest rates was part of effective liquidity management in the current surplus liquidity senario, the Bank said in a release here adding that the rate would be reviewed as soon as there was change in the liquidity in the system.

The Bank said as part of Platinum Jubilee celebrations it was offering reduced interest rates for housing loans under Mahabank Platinum Housing Loan Scheme for loans sanctioned between September 16 and December 31 this year. Home loans upto Rs 30 lakhs would attract eight per cent interest rate for the first two years and move up to 8.5 per cent for the third yer, 9.5 per cent for the fourth year and 9.75 per cent for the fifth year. It would be reset at the end of the fifth year.

Similary for loans above Rs 30 lakhs the rate would be 8.25 per cent for the first two years, nine per cent for the subsequent year and 9.75 per cent for the fourth and fifth year.

The Bank was also offering a first rate of 9.5 per cent per annum for three years for four wheeler loans with the minimum margin required being 15 per cent. The loan amount would be 85 per cent of the cost of the vehicle, subject to ceiling of Rs 10 lakh.

--UNI

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