If you recently selected that that you will deposit your money for 2-3 years in state bank of India and you will et 7.25 % interest rates then you are wrong because State Bank of India (SBI) on 5-sep -2009 cuts interest rates on its special 1,000-day deposit scheme by 25 basis points to 7%.The reduction in rates would be effective from September 8. The reduction in rates will bring SBI deposit rate at par with other public sector banks in the industry. The bank has not reduced rates on any other slab.
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