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Karnataka
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Bangalore
SBM increases interest rates on deposits
Staff Reporter
BANGALORE: The State Bank of Mysore (SBM) has increased the interest rate on deposits with effect from Thursday.
A release said the interest rate for deposit from 15 days to 45 days is 5 per cent while it is 7 per cent for a term deposit of 46 days to 179 days. The interest rate will be 8.5 per cent for a term deposit of 180 days to 299 days while for 300 days it would be 10.50 per cent.
For the term deposit that is 301 days to less than two years, it would be 10.25 per cent while the interest rate would be 9.75 per cent for deposit between two years and three years. For deposits that are between three years and less than five years, the rate of interest will be 9.5 per cent while deposits for five years and above will fetch 9.25 per cent.
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