Sate-owned Bank of Maharashtra has revised its benchmark prime lending rate downwards by 25 basis points to 12.25 percent p.a. on monthly compounding basis.

The new rates will came into effect July 6 onwards.

Correspondingly, the bank also reduced deposit rates on various domestic term deposits by up to 50 basis points, with effect from July 1.

With new rates into effect, deposits made for 181 to 270 days will earn interest at rate of 6.25 percent against the earlier rate of 6.75 percent. The interest rate on deposits for 271 days to less than 1-yr has been lowered to 6.50 percent (from 6.75 per cent).

The rates on deposits with tenure of up to 1-yr and over 1-yr to less than 3-yrs have been lowered to 7.25 percent (earlier 7.50 percent). The three-year deposit scheme of the bank, marketed under special name - Mahalaxmi Term Deposit, will henceforth earn interest at a revised rate of 7.50 percent.

The interest rate on deposits for 3-years and 5-years has been lowered to 7.50 per cent, as said by the bank in a release.

The rates on term deposits with duration of more than 5 years are at 7.25 percent against the earlier 7.50 percent.

The senior citizen deposits will be entitled to an additional rate of 0.50 percent over and above the normal slab rates for amounts up to or less than Rs 1-crores and with tenure of 91-days and above.