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Mar 28, 2012

SBI hikes Int Rate on FDs

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Business News: The State Bank of India (SBI) has hiked the interest rate on the short term fixed deposits up to 1 per cent. Now the deposits of seven to 90 days will attract interest of 10 per cent, and similarly the deposits for a the period 91-197 will get 9.75 per cent and 8 per cent on the fixed deposits for 181 to 1 year. The hike in the interest rate will be effective from 28 March 2012.

However, the impact of hike in the interest rates on fixed deposits weighted high on the shares of the State Bank of India, the indices fell by 1.62 per cent at BSE Sensex on Wednesday.


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