SBI revises bulk deposit rates

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    SBI revises bulk deposit rates
    India's biggest lender, the State Bank of India (SBI) announced on Tuesday that it has revised the interest rate on bulk deposits i.e. of Rs 1 crore and above.
     

    Following the revision, the interest rate on bulk deposits for the tenure of 7 days to 60 days will stand at 8.5 per cent per annum. The new rate will be effective from October 10, 2013.

    "The interest rate for bulk deposits for the tenors 7 days to 60 days will be 8.5% per annum with effect from October 10, 2013", the State Bank of India said in a filing to the Bombay Stock Exchange (BSE).

    Earlier this year, the public sector bank had upped interest rates on domestic deposits of Rs 1 crore and above having a tenor of 7 days to 60 days to 9 per cent from 7.25 per cent for general public.

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