State Bank of India raises deposit interest rate

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

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

(Reporting by Henry Foy; Editing by Daniel Magnowski)