SBI raises deposit interest rate

State Bank of India, the country's largest lender, has raised its interest rate by 25 basis points to 9% for three to five year tenor deposits of less than Rs. 1.5 million ($26,900), the bank said in a statement today.

State Bank of India, the country's largest lender, has raised its interest rate by 25 basis points to 9% for three to five year tenor deposits of less than Rs. 1.5 million ($26,900), the bank said in a statement on Saturday.

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The increase is effective from July 1, the state-run lender said in the statement.