SBI shuts 41.2 lakh savings accounts for not keeping minimum balance
7 years ago

SBI shuts 41.2 lakh savings accounts for not keeping minimum balance

Live Mint  

Indore: State Bank of India has closed as many as 41.16 lakh savings accounts between April-January in the current fiscal year for not maintaining the minimum balance, reveals an RTI query. “Due to provisions of penalty on non-maintenance of minimum balance, the bank has closed 41.16 lakh savings bank accounts between 1 April 2017 and 31 January 2018,” the bank replied to an RTI query filed by Chandra Shekhar Gaud from Neemuch in Madhya Pradesh. Even though the reply was furnished by SBI on 28 February 2018, the bank on Tuesday steeply reduced the penal charges on not maintaining the minimum balance. Between April and November 2017, the bank had netted a windfall of Rs1,771.67 crore, more than its second quarter profit, from customers for non-maintenance of minimum balance, according to the finance ministry data.

Balance Bank Charges Minimum Sbi Minimum Balance  shuts  accounts  keeping  balance  lakh  minimum  charges  monthly  412  bank  reduced  savings  sbi  nonmaintenance

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SBI 5-year FD: Know your returns on Rs 5 lakh and Rs lakh 10 lakh investments – India TV
1 month ago

SBI 5-year FD: Know your returns on Rs 5 lakh and Rs lakh 10 lakh investments – India TV

India TV News  

SBI FD Scheme: The State Bank of India is India's largest public sector bank. SBI 5-year FD Return on Rs 10 lakh investment If one deposits Rs 10 lakh in the fixed deposit scheme of SBI, the person can get a return of around Rs 13,80,419 lakh on maturity. SBI 5-year FD interest rate for senior citizens SBI, India's biggest …

At India’s largest bank, all eyes on premium customers
4 months, 1 week ago

At India’s largest bank, all eyes on premium customers

Live Mint  

Mumbai: State Bank of India may be taking the higher road as it joins the scramble for customer funds without resorting to a rate war, but its outlook signals an extended industry struggle for deposit growth. India’s largest bank on Friday tempered its guidance on deposit growth to 10-11% from 12-13% for 2024-25 as customers might have now found more …

SBI raises lending rate by 10 basis points across tenures from August 15: Will loan EMIs go up?
7 months ago

SBI raises lending rate by 10 basis points across tenures from August 15: Will loan EMIs go up?

India TV News  

The State Bank of India, the largest state-owned bank in India, has announced an increase in its lending rates by 10 basis points across tenors, effective from August 15, 2024. Introduced in April 2016 as a replacement for the base rate system, the MCLR is used as a benchmark for setting lending rates unless specific exceptions are approved by the …

SBI and PNB in talks with Karnataka govt for resolution over transaction suspension issue
7 months ago

SBI and PNB in talks with Karnataka govt for resolution over transaction suspension issue

India TV News  

Following Karnataka's unexpected decision to halt all transactions with them, the State Bank of India and Punjab National Bank on Thursday said that they are working with the state to find an "amicable resolution" on the matter. Karnataka govt suspends all transactions with SBI and PNB The Karnataka government had issued an order suspending all transactions with the State Bank …

Which bank is charging how much for not maintaining minimum balance? Check details here
7 months ago

Which bank is charging how much for not maintaining minimum balance? Check details here

India TV News  

New Delhi: There was news recently that government banks collectively charged approximately Rs 8,495 crore from their customers for not maintaining the minimum balance. Full details of SBI, HDFC, ICICI, Yes Bank and PNB here: Here are the details regarding the charges for not maintaining the minimum balance in savings accounts across different banks: State Bank of India Since 2020, …

SBI Q1 2024-25 results: Net profit up 5.04%, net NPAs down by 6.26%, ₹25,000 crore bond fundraise approved
7 months, 2 weeks ago

SBI Q1 2024-25 results: Net profit up 5.04%, net NPAs down by 6.26%, ₹25,000 crore bond fundraise approved

Hindustan Times  

State Bank of India Ltd has announced its first quarter results for the financial year 2024-25 on Saturday, August 3, 2024 and its board has also approved a ₹25,000 crore fundraising through bonds. SBI recorded a net profit of ₹19,680.80 crore in Q1 2024-25, an increase of 5.04% or ₹944.85 crore, compared to ₹18,735.95 crore during Q1 2023-24 or the …

SBI hikes rates by up to 25 bps on FDs below ₹2 cr; introduces 400 days tenure
2 years, 1 month ago

SBI hikes rates by up to 25 bps on FDs below ₹2 cr; introduces 400 days tenure

Live Mint  

India's largest public sector lender, State Bank of India has hiked interest rates by 5 bps to 25 bps on fixed deposits below ₹2 crore with effect from February 15. General FD rates: SBI has hiked FD rates by 25 bps on 2 years to less than 3 years tenure to 7% from the previous 6.75%. SBI raised FD rates …

SBI hikes interest rates for fixed deposits less than ₹2 crore
2 years, 3 months ago

SBI hikes interest rates for fixed deposits less than ₹2 crore

Hindustan Times  

The State Bank of India, one of the country's biggest lenders, has hiked its fixed deposit rates for some maturity periods on deposits less than ₹2 crore from today. With this, the fixed deposits maturing between seven days to 45 days are offering interest rates of three per cent, while the ones having maturity period between 46 days and 179 …

SBI savings bank account for children: Eligibility, benefits and other details
2 years, 6 months ago

SBI savings bank account for children: Eligibility, benefits and other details

Live Mint  

SBI savings bank account for children: The State Bank of India offers two types of savings accounts for minors - Pehla Kadam and Pehli Udaan. SBI offers Pehla Kadam and Pehli Udaan savings account for children Pehla Kadam and Pehli Udaan, are complete bouquets of banking products, that will not only help children learn the importance of saving money but …

SBI Annuity Deposit: Invest Once in This Scheme to Get High Monthly Returns; See Details
2 years, 9 months ago

SBI Annuity Deposit: Invest Once in This Scheme to Get High Monthly Returns; See Details

News 18  

The State Bank of India, which is the country’s largest public sector lender, offers a host of schemes for those who want a safe and secure future without having to risk their money. What is SBI Annuity Deposit Scheme The SBI annuity deposit scheme is a policy whereby customers can get a monthly income by depositing a one-time lumpsum amount. …

SBI hikes interest rates on fixed deposits: Check new rates here
2 years, 9 months ago

SBI hikes interest rates on fixed deposits: Check new rates here

Live Mint  

The interest rate on fixed deposits has been raised by the country's largest lender, State Bank of India. The new interest rates go into effect today, June 14, 2022, and as a result of the modification, the bank has raised interest rates on deposits of less than ₹2 Cr maturing in 211 days to less than 3 years. SBI will …

SBI says loan demand is bouncing back as its shares outperform peers
2 years, 9 months ago

SBI says loan demand is bouncing back as its shares outperform peers

Live Mint  

Consumer cutbacks due to raging inflation and higher borrowing costs are failing to dent investment plans at Indian businesses tapping the country’s biggest lender, a sign that a recovery in Asia’s third-largest economy is gathering pace. Companies are steadily drawing down from a $71 billion loan pipeline, Dinesh Kumar Khara, chairman of State Bank of India, told Bloomberg News in …

SBI revised interest rates on fixed deposits
3 years, 3 months ago

SBI revised interest rates on fixed deposits

India Today  

The State Bank of India has declared an increase in the interest rate of FDs of more than Rs 2 crore. SBI has frozen its interest rates on FDs under Rs 2 crore. Here is the list of SBI's latest FD rates below Rs 2 crore: FDs between 7-10 days for general customers is 2.9 % to 5.4 %. Duration …

December Alert: For pensioners, investors, salaried employees and credit cardholders
3 years, 3 months ago

December Alert: For pensioners, investors, salaried employees and credit cardholders

Live Mint  

The first day of every month usually brings changes. SBI Credit Card EMI Transaction Expensive Customers purchasing products on SBI’s credit card EMI facility is going to become expensive from 1 December 2021. PNB revises savings account interest rates Punjab National Bank has announced its decision to cut the savings account interest rate from 1 December 2021. PNB has reduced …

SBI cuts home loan interest rate to 6.70%
3 years, 10 months ago

SBI cuts home loan interest rate to 6.70%

India TV News  

State Bank of India on Saturday said it has reduced home loan interest rate to 6.70 per cent. The lender said home loan interest rates are now starting from 6.70 per cent for loans up to Rs 30 lakh and 6.95 per cent for loans above Rs 30 lakh to Rs 75 lakh. "The affordability for the consumer increases immensely …

SBI collects Rs 300 crore from zero balance accounts for certain services in 5-year: Study
3 years, 11 months ago

SBI collects Rs 300 crore from zero balance accounts for certain services in 5-year: Study

India TV News  

Several banks, including State Bank of India, have been imposing excessive charges on certain services provided to poor persons having zero-balance or Basic Savings Bank Deposit Accounts, a study by the IIT-Bombay has revealed. The study observed that the SBI's decision to levy a charge of Rs 17.70 for every debit transaction beyond four by the BSBDA account holders cannot …

SBI cuts savings bank deposit rates by 5 basis points to 2.70%
4 years, 9 months ago

SBI cuts savings bank deposit rates by 5 basis points to 2.70%

India TV News  

The country's largest lender State Bank of India has reduced interest rate on savings bank deposits by 5 basis points to 2.70 per cent per annum across all brackets. In April, the bank had reduced its savings bank deposits rate by 25 basis points to 2.75 per cent per annum across all slabs. For deposits maturing in seven days to …

SBI cuts savings deposit rates by 5 bps to 2.7%
4 years, 9 months ago

SBI cuts savings deposit rates by 5 bps to 2.7%

Live Mint  

India’s largest lender State Bank of India has reduced its savings deposit interest rate by 5 basis points to 2.7%, according to the bank’s website. The cut has been effective for all deposits from 31 May and is the second reduction in savings deposit rates in FY21 after the last reduction of 25 bps in April. It was the bank’s …

SBI Card reports average daily spends at over ₹175 crore in May
4 years, 9 months ago

SBI Card reports average daily spends at over ₹175 crore in May

Live Mint  

SBI Cards and Payments Services has said that customers continued using their credit cards during lockdown and due to the unique nature of business the average daily spends were in upwards of ₹175 crore during May. Post relaxation of lockdown, average daily spends in the month of May 2020 is trending at over ₹175 crore versus over ₹290 crore for …

Jolt to SBI account holders: Bank reduces interest rate on savings account
4 years, 11 months ago

Jolt to SBI account holders: Bank reduces interest rate on savings account

India TV News  

India's largest bank, the State Bank of India took a decision on Tuesday that is likely to impact crores of its customers across the country. The bank reduced interest rates on savings accounts on Tuesday. Though the image hasn't been hurt, the reduction in interest rates is a development worth taking note of. SBI has decreased interest rate on savings …

SBI cuts savings bank deposits interest rate by 25 bps to 2.75%; reduces lending rate by 35 bps
4 years, 11 months ago

SBI cuts savings bank deposits interest rate by 25 bps to 2.75%; reduces lending rate by 35 bps

Firstpost  

The country’s largest lender SBI on Tuesday said it has cut savings rate by 0.25 percent to 2.75 percent on all deposits New Delhi: The country’s largest lender SBI on Tuesday said it has cut savings rate by 0.25 percent to 2.75 percent on all deposits. In view of adequate liquidity in the system, SBI realigned its interest rates on …

Bank savings accounts: No minimum balance charges for three months
4 years, 11 months ago

Bank savings accounts: No minimum balance charges for three months

Live Mint  

Addressing a press conference today, Finance Minister Nirmala Sitharaman announced that charges for not maintaining 'Average Monthly Balance' in accounts will be waived for three months. Country's largest lender State Bank of India on 11 March waived maintenance of minimum balance requirements for all savings bank accounts. As per the decision announced by Finance Minister Nirmala Sitharaman, debit card holders, …

SBI cuts interest rate on savings bank accounts
5 years ago

SBI cuts interest rate on savings bank accounts

Live Mint  

The State Bank of India, country's largest lender, today rationalised interest rate on all savings bank accounts to a flat 3%, a move affecting 44.51 crore account holders. "Bank has rationalised interest rate on savings bank Account to a flat 3 % pa for all buckets," SBI said. "The charges on maintaining average monthly balance are now waived off on …

SBI waives minimum balance charges on all savings bank accounts
5 years ago

SBI waives minimum balance charges on all savings bank accounts

Live Mint  

India's largest bank SBI today announced that it will waive charges for non-maintenance of average monthly balance for all 44.51 crore savings bank accounts. Currently SBI savings bank customers need to maintain average monthly balance of ₹3000, ₹2000 and ₹1000 in metro, semi urban and rural areas respectively. India's biggest bank has also rationalised interest rate on savings bank account …

SBI Bank branches to be shut down for customers? Here's what central govt says
5 years, 1 month ago

SBI Bank branches to be shut down for customers? Here's what central govt says

India TV News  

Is the entral government planning to shut down State Bank of India branches across the country and replace them with e-corners? Rubbishing the report, Union Minister of State for Finance Anurag Thakur said Parliament that government has no plans to shut down branches o SBI Bank or reduce the number of the employees of the country’s largest lender. According to …

SBI Alert! Are you SBI FD account holder? Here is important news for you
5 years, 2 months ago

SBI Alert! Are you SBI FD account holder? Here is important news for you

India TV News  

SBI FD rates Alert! According to the information available on SBI's website — sbi.co.in — State Bank of India has slashed its highest FD interest rates from 6.25 per cent to 6.10 per cent. For senior citizens, the new interest rates applicable on such deposits with a term between 1 year to 10 year is now revised to 6.75 percent …

SBI Zero Balance Account: 10 important things you must know about SBI BSBD account
5 years, 2 months ago

SBI Zero Balance Account: 10 important things you must know about SBI BSBD account

India TV News  

SBI Zero Balance Account: Country's largest lender, State Bank of India offers a range of savings accounts to retail customers. SBI zero balance savings account allows a maximum of 4 cash withdrawals free of cost in a month, including ATM withdrawals at own and other bank's ATMs. SBI Zero Balance Account: Other SBI zero balance savings account State Bank of …

This SBI zero balance account can be opened even without KYC documents
5 years, 2 months ago

This SBI zero balance account can be opened even without KYC documents

Live Mint  

The State Bank of India offers a zero balance savings account, which can be opened by customers even without having know-your-customer documents. SBI's Basic Savings Bank Deposit Small Account or SBI small account can be opened by anyone who does not have valid KYC documents, provided he or she is above 18 years of age, the lender said on its …

SBI flexi deposit scheme interest rate, minimum deposit explained in 5 points
5 years, 3 months ago

SBI flexi deposit scheme interest rate, minimum deposit explained in 5 points

Live Mint  

State Bank of India offers various saving schemes to its customers, one of them is flexi deposit scheme. Here is all you need to know about the SBI flexi deposit scheme: 1) The amount required for deposit in a single instance is ₹500 or in multiples thereof, according to SBI’s website. In a financial year, the minimum deposit amount required …

If you are SBI Bank account holder, then this news is important for you!
5 years, 4 months ago

If you are SBI Bank account holder, then this news is important for you!

India TV News  

If you are SBI Bank account holder, then this news is important for you! State Bank of India, the country's largest lender has revised the minimum balance rules that all account holders from November 1, 2019. SBI Bank has revised the minimum balance rules to ensure sufficient balance in the bank accounts of customers. The SBI bank has prescribed certain …

SBI annuity deposit scheme to earn monthly income: 5 things to know
5 years, 4 months ago

SBI annuity deposit scheme to earn monthly income: 5 things to know

Live Mint  

Country's largest lender State Bank of India offers Annuity Deposit Scheme in which the customers can get a fixed amount every month after depositing a one-time lumpsum payment. Here are five things to know about SBI Annuity Deposit Scheme 1) Deposit amount Customers are required to deposit a minimum of ₹25,000 in SBI annuity deposit scheme:. 2) Tenure Maturity options …

SBI Customers Attention! Bank to cut interest rates on its savings account from November 1; check details
5 years, 5 months ago

SBI Customers Attention! Bank to cut interest rates on its savings account from November 1; check details

India TV News  

SBI Bank Customers Alert: Are you SBI customer and have saving account with the bank? Then this news is very important for you as State Bank of India, India's largest public sector bank is all set to reduce the interest rates on deposits in retail savings accounts from November 1, 2019. The bank, in a statement last week said that …

SBI customer attention! Know how much balance you need to keep in savings account or pay hefty penalty
5 years, 5 months ago

SBI customer attention! Know how much balance you need to keep in savings account or pay hefty penalty

India TV News  

The country's largest lender State Bank of India has revised the minimum balance rules that all customers should know. The customers who hold savings accounts at metros or semi-urban branches are required to maintain an average monthly balance of Rs 3,000, according to the lender's corporate website - sbi.co.in. 1,000 Penalty Charges Applicable In SBI Metro And Urban Branches Shortfall …

SBI cuts savings bank account interest rate, FD rates
5 years, 5 months ago

SBI cuts savings bank account interest rate, FD rates

Live Mint  

India's biggest bank, State Bank of India or SBI today cut interest rate on savings accounts with balance up to ₹1 lakh to 3.25%, from 3.5%. SBI has also cut interest rate of retail fixed deposits or FDs by 10 basis points for ‘1 year to less than 2 years’ maturity with effect from 10th October, 2019. SBI today also …

SBI ATM charges and free withdrawals: 10 things to know
5 years, 5 months ago

SBI ATM charges and free withdrawals: 10 things to know

Live Mint  

All major lenders, including State Bank of India allows a certain number of ATM transactions every month to its customers. Here are 10 things to know about SBI ATM withdrawal charges: 1) SBI customers who have maintained a monthly average balance of up to ₹25,000 are allowed up to 5 transactions per month free of cost at SBI ATMs and …

SBI account holders attention! Bank asks to maintain this much minimum monthly balance or pay hefty penalty
5 years, 6 months ago

SBI account holders attention! Bank asks to maintain this much minimum monthly balance or pay hefty penalty

India TV News  

SBI bank account holders alert: Are you State Bank of India account holder? To be noted, if someone does not maintain Rs 3,000 as average monthly balance and falls short by 50 per cent the individual will be charged Rs 10 plus GST. SBI account holders of semi-urban branches need to maintain an average monthly balance of Rs 2,000. Meanwhile, …

SBI cuts FD rates twice in 15 days. Latest fixed deposit rates here
5 years, 6 months ago

SBI cuts FD rates twice in 15 days. Latest fixed deposit rates here

Live Mint  

India's biggest bank State Bank of India or SBI has cut interest rates on fixed deposits or FDs, its second revision in about 15 days. SBI has slashed the interest rates by 20 basis points on deposits maturing in 180 days to less than 1 year. SBI latest FD rates for general public effective 10 September 7 days to 45 …

SBI large savings accounts to fetch lower interest rate, short-term loans get cheaper
5 years, 9 months ago

SBI large savings accounts to fetch lower interest rate, short-term loans get cheaper

Live Mint  

The interest rate offered by SBI on large savings accounts will go down from today, after Reserve Bank of India cut its repo rate by 25 basis points to 5.75%. From May 1, SBI had moved to a new interest rate regime on large savings account deposits as well as short-term loans. SBI has linked its interest rate on savings …

SBI cuts home loan rate twice in a month
5 years, 10 months ago

SBI cuts home loan rate twice in a month

Live Mint  

The country’s largest lender State Bank of India today reduced its marginal cost of funds based lending rate, or MCLR, by 5 basis points across all tenors, bringing down the home loan interest rate for its borrowers. From May 1, India’s largest bank State Bank of India moved to a new interest rate regime on large savings account deposits as …

SBI links interest rate of large savings accounts to repo rate: 5 points
5 years, 10 months ago

SBI links interest rate of large savings accounts to repo rate: 5 points

Live Mint  

From May 1, India’s largest bank State Bank of India has moved to a new interest rate regime on large savings account deposits as well as short-term loans. In March, SBI had announced that it will link its interest rate on savings account with balance above ₹1 lakh and short-term loans like overdraft and cash credit facility to Reserve Bank …

To cut costs, SBI may rethink role of branches
5 years, 10 months ago

To cut costs, SBI may rethink role of branches

Live Mint  

State Bank of India is planning to optimise costs by rethinking the role of branches to see what activities and processes currently performed there can be centralised. As part of the exercise, the nation’s largest lender will appoint a consultant to suggest strategies to optimize balance sheet and maximize return on asset and pre-provisioning operating profit, a document seeking bids …

SBI, Bank of Baroda savings accounts: minimum balance rules, penalty explained
5 years, 11 months ago

SBI, Bank of Baroda savings accounts: minimum balance rules, penalty explained

Live Mint  

New Delhi: Regular savings accounts require customers to maintain a minimum average balance. State Bank of India, Bank of Baroda and other leading banks have fixed their monthly minimum average balance requirements according to the location of a customer's account. Here are the MAB requirements and penalty charges levied for non-maintenance of balance by SBI, and Bank of Baroda : …

SBI revises interest rate of large savings accounts, cuts home loan rates
5 years, 11 months ago

SBI revises interest rate of large savings accounts, cuts home loan rates

Live Mint  

India’s biggest bank State Bank of India or SBI has cut its benchmark lending rates by 5 basis points across all tenors, making home, auto and other loans linked to the benchmark rate cheaper. From 1st May, the interest rate on large SBI savings accounts and other short-term loans like overdraft will also get revised. Starting 1 May, SBI will …

SBI zero-balance savings accounts benefits, eligibility: 5 things to know
6 years, 2 months ago

SBI zero-balance savings accounts benefits, eligibility: 5 things to know

Live Mint  

New Delhi: State Bank of India offers several zero-balance savings accounts, on which the monthly average balance rule is not applicable. These are five types of SBI zero-balance savings accounts 1. Basic Savings Bank Deposit : These accounts can be opened by any individual provided he/she has valid KYC documents. Other benefits of savings accounts opened under PMJDY include, accidental …

SBI tax savings fixed deposit account: 5 things to know
6 years, 3 months ago

SBI tax savings fixed deposit account: 5 things to know

Live Mint  

New Delhi: State Bank of India offers a fixed deposit or term deposit scheme called the SBI Tax Savings Scheme, 2006. SBI Tax Savings Scheme offers tax benefits of up to ₹ 1.5 lakh under Section 80C of the Income Tax Act. The minimum deposit in an SBI Tax Savings Scheme, 2006, fixed deposit plan is ₹ 1,000 or multiples …

SBI offers unlimited free ATM withdrawals to these account holders. Details here
6 years, 3 months ago

SBI offers unlimited free ATM withdrawals to these account holders. Details here

Live Mint  

New Delhi: State Bank of India offers a fixed number of ATM transactions free of cost every month to its customers. The bank currently allows unlimited free transactions at State Bank of India Group ATMs to its customers who have maintained an average balance above ₹ 25,000 in their savings bank account in the previous month. Regular savings bank account …

SBI reaps profit as 32 per cent of total 300 million people open accounts with them under Jan Dhan Yojana
6 years, 4 months ago

SBI reaps profit as 32 per cent of total 300 million people open accounts with them under Jan Dhan Yojana

Op India  

Pradhan Mantri Jan-Dhan Yojana enrolled around 300 million people from the lower-income groups in the banking system in 1 year. Of the almost 32 crore bank accounts opened by all banks under the Pradhan Mantri Jan-Dhan Yojana scheme, as high as 10.5 crores or a third of them were opened by State bank of India. Pradhanmantri Jan Dhan Yojana enrolled …

SBI clarifies on minimum balance charges, claims lowest in industry
6 years, 7 months ago

SBI clarifies on minimum balance charges, claims lowest in industry

Live Mint  

New Delhi: India’s biggest bank State Bank of India or SBI has said that its charges or penalty for not maintaining the average monthly balance in savings bank accounts is among the lowest in the industry. In a tweet, SBI said: “With reference to recent news reports, the bank would like to reiterate that effective April 2018, the average monthly …

Customers pay Rs 5,000cr to banks in FY18 for breaching minimum balance
6 years, 7 months ago

Customers pay Rs 5,000cr to banks in FY18 for breaching minimum balance

India TV News  

As many as 21 public sector banks and three major private sector lenders collected a whopping Rs 5,000 crore from customers for non-maintenance of minimum balance in their accounts in 2017-18, according to banking data. India's largest lender State Bank of India, which suffered a staggering net loss of Rs 6,547 crore during 2017-18, led the pack in penalising its …

SBI hikes fixed deposits rates by up to 0.25 percentage points
6 years, 9 months ago

SBI hikes fixed deposits rates by up to 0.25 percentage points

Live Mint  

Mumbai: The country’s largest lender State Bank of India has hiked retail fixed deposit rates by up to 25 basis points across select tenures, a sign that interest rates are headed northwards. SBI had last revised its interest rates on 23 March by 10-25 bps for retail deposits of over two years and also in 1-2 years category for deposits …

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