State Bank of India raises deposit interest rate

MUMBAI, June 30 (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 ($26,900), the bank said in a statement on Saturday.

The increase is effective from July 1, the state-run lender said in the statement. ($1 = 55.8350 Indian rupees) (Reporting by Henry Foy; Editing by Daniel Magnowski)