The Reserve Bank of India (RBI) recently reduced the key repo rate by 25 basis points to 6 per cent, prompting several banks to realign their Savings deposit and Fixed Deposit (FD) offerings. While several banks have revised FD interest rates, others have either ended special deposit schemes or launched new ones.
A week after RBI’s rate cut announcement, several banks have also reduced their lending rates that will have a positive impact on the common borrowers. These rate reductions are a reflection of the industry’s attempt to stay competitive while adhering to the central bank’s directives.
Bank of Maharashtra
In line with RBI interest rates reduction, Bank of Maharashtra has reduced its repo-linked lending rate (RLLR) has been reduced from 9.05% to 8.80%.
State Bank of India
State Bank of India has cut its External Benchmark Based Lending Rate (EBLR) by 25 basis points from 8.65 percent to 8.90 effective from 15 April 2025. RBI has also revised its interest rate on home loan to 8.25 percent.
Bank of India
Bank of India has announced a reduction of 25 basis points in its home loan interest rates, benefitting both new and existing customers. With this revision, the home loan rate stands reduced to 7.90% p.a. based on CIBIL score. In addition to home loans, Bank of India has also reduced interest rates by 25 basis points across select existing retail loan products, including vehicle loan, personal loan, loan against property, education loan and Star reverse mortgage loan.
