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The country's largest lender State Bank of India (SBI) has increased interest rates on recurring deposits (RD). The rates are effective from 14 June. You can open an RD with SBI for a minimum deposit of 100. The RD account can be opened for a period that ranges between 12 months and 10 years. Just like fixed deposit (FD), senior citizens are offered an additional interest in all tenures.

SBI Recurring Deposit (RD) 

SBI RD interest rates vary between 5.3%-5.5% for the general public and an additional interest rate hike of 50 basis points for senior citizens.

The interest rate on RD for tenure from one year to less than 2 years will fetch you 5.3%. The interest rate on FD for tenure two years to less than three years has been increased by 15 basis points to 5.35 per cent from the earlier 5.20 per cent. For three years to less than five years tenure, the rate is 5.45%. For five years to 10 years tenure, the interest rate is 5.50 per cent.

SBI RD rates effective 14 June 2022

1 year to less than 2 years - 5.30%

2 years to less than 3 years - 5.35%

3 years to less than 5 years - 5.45%

5 years and up to 10 years - 5.5%

 The country's largest lender SBI has raised its deposit and lending rates following the Reserve Bank's repo rate hike. SBI said interest rates have been raised by 0.20 per cent on domestic term deposits of below 2 crore for select tenors.

The revised interest rates on retail domestic term deposits (below 2 crore) come into effect from June 14, 2022, State Bank of India (SBI) said on its website.

For deposits of 211 days to less than 1 year, the lender will offer interest rate at 4.60 per cent, as against 4.40 per cent earlier. Senior citizens will be offered an interest of 5.10 per cent as against 4.90 per cent earlier.

Likewise, for domestic term deposits of 1 year to less than 2 years, customers can earn interest of 5.30 per cent, up by 0.20 per cent. For senior citizens, the interest rate will be higher by similar margin at 5.80 per cent.

On tenor of 2 years to less than 3 years, SBI has raised the interest rate to 5.35 per cent from 5.20 per cent, while senior citizens can earn 5.85 per cent as against 5.70 per cent earlier.

The lender has also revised the interest rates on domestic bulk term deposits of 2 crore and above for select tenors by up to 0.75 per cent.

The Reserve Bank of India (RBI) had last week hiked the repo rate by 0.50 per cent to 4.90 per cent. Repo is the short term lending rate RBI charges to the banks.

SBI has also revised by up to 0.20 per cent the marginal cost of fund based lending rates (MCLR) with effect from June 15, 2022.

SBI has also raised the repo linked lending rate (RLLR) with effect from June 15, 2022, according to its website.

A number of banks have raised rates following RBI's repo rate revision on June 8.

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