SBI RD has terms ranging from 1 year to 10 years
SBI also slashed the FD rates on long-term deposits
Country’s top lender, State Bank of India (SBI), has cut interest rates on recurring deposits (RDs) from 10th January. SBI RD has terms ranging from 1 year to 10 years. After the latest revision, SBI’s one-year RD will give 6.10 % interest for general public. The bank has lowered the interest by 15 basis points for RDs maturing in 1 year to 10 years. Earlier these recurring deposits were giving an interest rate of 6.25%, but after the latest revision, these RD accounts will fetch lower interest rate at 6.10%.
SBI latest RD interest rates from 1 year to 10 years with effect from 10 January 2020
1 year to less than 2 years 6.10%
2 years to less than 3 years 6.10%
3 years to less than 5 years 6.10%
5 years and up to 10 years 6.10%
SBI RD can be started with a minimum monthly deposit of ₹100. However, there is no maximum limit. RD interest rates, once determined, do not change during the tenure of the deposit.
SBI also slashed the FD rates on long-term deposits.
Last month, the bank cut its external benchmark based rate (EBR) by 25 bps to 7.80% per annum from 8.05% per annum. With it, the bank’s home loan rate also got reduced to 7.90% from 8.15%. The bank has reduced its marginal cost of funds based lending rate (MCLR) eight times in 2019-20 financial year so far. Its one year MCLR currently stands at 7.90%.
