SBI revises recurring deposit (RD) rates. Check out the latest rates here

The country’s largest lender State Bank of India (SBI) has revised interest rates on its recurring deposits (RDs) with effect from 9 May 2019, according to the bank’s website. SBI RD interest rates vary between 6.4%-7% for general public and an additional interest rate hike of 0.50 percentage points for senior citizens. SBI recurring deposits has terms ranging from 12 months to 120 months. The rate of interest on SBI’s 1-year recurring deposit remain unchanged at 6.4% for general public and 6.9% for senior citizens.

For the term period of 1-2 years, the interest rate is 7% for general citizens and 7.5% for senior citizens. Earlier, the bank was offering 6.8% and 7.3% interest rates for general public and senior citizens, respectively.

SBI has lowered the rate of interest on medium-term and long term recurring deposits.

For medium-term tenure (3-5 years), SBI has lowered the rate of interest marginally. The rate of interest offered by SBI is 6.75% for general citizens and 7.25% for senior citizens. Earlier, it was 6.8% for general public and 7.30% for senior citizens.

For long-term investments (5-10 years), the rate of interest is 6.6% for others and 7.1% for senior citizens. Earlier, the bank was offering 6.85% and 7.35% interest rates, respectively, to general public and senior citizens.

SBI RD account can be started with a minimum monthly deposit of ₹100 and in multiples of ₹10. However, there is no maximum limit. Generally, banks offer higher rates when the RD tenure is above 15 months. Recurring deposit interest rates, once determined, do not change during the tenure of the deposit.

SBI has cut its marginal cost-based lending rate (MCLR) by 5 basis points on loans of all tenors. The lender has also revised interest rates on its fixed deposits below ₹2 crore, according to the bank's website. The new FD rates came into effect from 9 May 2019.

State Bank of India