This government bank gave a shock to the customers, made loans expensive, increased MCLR, new rates applicable from June 17

After the Monetary Policy Committee meeting of RBI in June, many banks have changed the loan interest rates. Although there has been no change in the repo rate this time, the rates remain at 5.25%. Now the public sector Bank of Maharashtra has changed the loan interest rates. Marginal Cost of Funds Based Lending Rates (MCLR) has been increased by 10 basis points (BPS).

The new MCLR is scheduled to come into effect from June 17, 2026. According to the official website of BOM, MCLR for 6 months tenure has been increased to 8.80%, which was earlier 8.70%. The bank has decided to increase MCLR from 8.85% to 8.95% for 1 year. No amendment has been made in any other tenure.

Know MCLR for other tenures

MCLR rates for overnight remain at 7.50%. The rate for one month is 8.30% and for 3 months is 8.55%. The bank has not made any changes in RLLR, the rates remain at 8.05%. Let us tell you that MCLR is the minimum interest rate, below which banks cannot offer loans to customers. It was started by RBI in 2016. This affects the loan and EMI. Due to this decision of BOM, loan interest rates and EMI may increase.

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No change in fixed deposit interest rates

The bank has not made any changes in the interest rates of fixed deposits. On investment of less than Rs 3 crore on callable FD of 7 days to 10 years, interest ranging from 2.60% to 6.65% is being given. The bank is offering the highest interest on tenure of 400 days. 6.20% interest is being given on FD of 365 days i.e. 1 year. Senior citizens are also getting the facility of 0.50% additional interest. Interest rates are maximum 7.15%.

Check new interest rates here