State Bank of India or SBI has lowered the interest rate on recurring deposits (RDs) effective from 26 August 2019. SBI RD interest rates vary between 6.25%-6.70% for general public and an additional interest rate hike of 50 basis points for senior citizens. SBI recurring deposits have maturity ranging from 12 months to 120 months. SBI has cut the rate of interest on 1-year recurring deposit by 10 basis points. SBI's one-year RD will give 6.70 % interest for general public and 7.20% for senior citizens. Earlier, the bank was offering 6.8% and 7.3% interest rates for general public and senior citizens, respectively.
SBI latest RD interest rates from 1 year to less than 2 years with effect from 26 August 2019
1 year to less than 2 years-6.70%
SBI latest RD interest rates from 2 years to less than 3 years
The bank has lowered the interest by 20 basis points for RDs maturing in 2 years to less than 3 years. Earlier these recurring deposits were giving an interest rate of 6.70%, but effectively 26 August, these RD accounts will fetch lower interest rate at 6.50%.
2 years to less than 3 years-6.50%
SBI latest RD rates from 3 years to less than 5 years
SBI has also 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 by 35 basis points. The rate of interest offered by SBI is 6.25% for general citizens and 6.75% for senior citizens. Earlier, it was 6.6% for general public and 7.10% for senior citizens.
3 years to less than 5 years- 6.25%
SBI RD rates from 5 years and up to 10 years
SBI has reduced the interest across all slabs of RDs. Recurring deposits with maturity period 5 years and 10 years will now give 6.25% interest to general public and 6.75% to senior citizens. The bank has slashed interest by 25 basis points.
5 years and up to 10 years-6.25%
This is the second rate cut on RDs in less than a month. SBI has cut retail fixed deposit(FD) rates by 10 to 50 basis points and bulk deposits by 30 to 70 basis points across all maturities.
SBI RD account can be started with a minimum monthly deposit of ₹100. However, there is no maximum limit. Generally, banks offer higher rates when the RD tenure is above 15 months. RD interest rates, once determined, do not change during the tenure of the deposit.