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%.

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