Bank of Maharashtra FD interest rate: State-owned Bank of Maharashtra has announced a 25 basis points cut in its lending rate linked to the repo rate, in line with the Reserve Bank's key policy rate. The bank's repo-linked lending rate (RLLR) has now been reduced to 8.80 per cent from 9.05 per cent, the BOM said in a statement on Monday.

Amid the threat of US reciprocal tariffs, the Reserve Bank of India (RBI) on Wednesday cut key interest rates by 25 basis points for the second consecutive session. It said the reduced rates will make credit more affordable and enhance the financial well-being of its customers.

It said that since all retail loans offered by the bank are linked to the RLLR, the reduction will benefit customers accessing houses, cars, education, gold and all other retail loan products.

While the home loans offered by the bank start at 7.85 per cent per annum, the interest rate on car loans will be from 8.20 per cent per annum, which it said is the lowest in the banking industry.

Meanwhile, another public sector lender Indian Overseas Bank (IOB) also cut its benchmark lending rate by cutting the repo rate to 6 per cent from 6.25 per cent.

The bank has decided to reduce its RLLR by 25 basis points and pass it on to its customers, IOB said in a statement.

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(With Inputs From PTI)