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State Bank of India has raised interest rates on bulk deposits of above ₹1 crore by 100 basis points or one percentage point.
Bulk deposits for seven to 45 days will now fetch 4.75 per cent compared with 3.75 per cent earlier.
For 46-210 days, the rate now is 4.85 per cent; for 211-365 days, 5 per cent; and for one year to 10 years, 5.25 per cent.
The new rates are effective from today.
The bank had reduced its interest rates on deposits below ₹1 crore by 25 basis points earlier this month.
For seven to 45 days, depositors will now get 5.25 per cent. For the next slab of up to two years, the deposit rate is 6.25 per cent. And for all deposits between two and 10 years, the rate is 6 per cent.
Also read: Centre wants RBI rate cut before March - Finance Ministry sources
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