SBI raises interest rate on bulk deposits by up to 1.5pc

State Bank of India (SBI) on Thursday raised interest rates by up to 1.5 per cent on bulk deposits of over Rs 1 crore. The interest rate for bulk deposits for the tenors 7-60 days will be 9 per cent.

Fixed deposits between 61 days to less than one year will be 8.25 per cent, SBI statement said.

The new rates would be effective from August 31, it added.

The bank had last revised interest rate on fixed deposits over Rs 1 crore on June 7.

As per the existing rate structure, the bank is paying interest rate of 7.5 per cent on term deposits of 7-180 days.

With PTI inputs