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State Bank of India (SBI), has increased interest rate on bulk deposits by 1% point across certain categories, which will be effective from Thursday.
SBI has hiked interest rates by 1% point, across all maturities for deposits above Rs.1 crore. The rates on deposits less than Rs.1 crore were kept unchanged. A hundred basis points make up 1% point.
Now, SBI’s rate on bulk deposits of over Rs. 1 crore with a minimum time period of 1 year is 5.25%. Senior citizens receive an extra 50 basis points added to their interest rate across all maturities.
