New Delhi : State Bank of India (SBI) reduced interest rate on fixed deposits above Rs 1 crore of maturity of up to one year by 0.25% to 7.25%, reports PTI. “Accordingly, the interest rate for bulk deposits above Rs 1 crore for the tenors 7 days to less than 1 year will be 7.25% per annum with effect from June 7, 2013,” it said.

The move comes a month after RBI cut its key policy rate by 0.25%. Another public sector lender Oriental Bank of Commerce (OBC) in May had slashed its fixed deposit rates by up to 1% on select maturities.

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