Country's top lender, State Bank of India (SBI), has cut interest rates on recurring deposits (RDs) in select buckets effectively 10th October. SBI RD has terms ranging from 1 year to 10 years. SBI RD interest rates vary between 5.80%-6.25% for general public. After the latest revision, SBI's one-year RD will give 5.80 % interest for general public.

The bank has lowered the interest by 10 basis points for RDs maturing in 2 years. Earlier these recurring deposits were giving an interest rate of 6.50%, but after the latest revision, these RD accounts will fetch lower interest rate at 6.40%.

SBI has kept the rate of interest on medium-term recurring deposits unchanged. For medium-term tenure (2-5 years), SBI will continue giving 6.25% interest.

SBI has kept the rates unchanged for the long-term RDs with maturity between 5 years and 10 years. These RDs will continue fetching you an interest rate of 6.25%.

SBI latest RD interest rates from 1 year to 10 years with effect from 10 October 2019

1 year 5.80%

1 year to less than 2 years 6.40%

2 years to less than 3 years 6.25%

3 years to less than 5 years 6.25%

5 years and up to 10 years 6.25%

SBI also slashed FD rates across select tenors. The new rate of interest came into effect from 10th October 2019.

SBI has also cut interest rate on savings accounts with balance up to 1 lakh to 3.25%, from 3.5%. This will be effective from 1st November 2019.

The bank has also cut its marginal cost of funds based lending rate or MCLR by 10 basis points across all tenors effective 10th October. Now, with the latest cut, SBI's one-year MCLR comes down to 8.05% per annum.

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