Home / Money / Personal Finance /  SBI revises recurring deposit (RD) interest rates. Check latest rates here

Recurring deposit (RD) account is the best option for investors who wants to save on a monthly basis. Recently State Bank of India (SBI) has slashed interest rates on RDs effectively 10th September. SBI RD has term ranging from 12 months to 120 months. SBI RD interest rates vary between 5.80%-6.25% for general public and an additional interest rate hike of 50 bps for senior citizens. SBI has cut the rate of interest on 1-year recurring deposit by 20 basis points. SBI's one-year RD will give 5.80 % interest for general public. Earlier, the bank was offering 6.00% for one-year RD.

The bank has lowered the interest by 20 basis points for RDs maturing in 2 years. Earlier these recurring deposits were giving an interest rate of 6.70%, but after the latest revision, these RD accounts will fetch lower interest rate at 6.50%.

SBI has also lowered the rate of interest on medium-term recurring deposits. For medium-term tenure (3-5 years), SBI has lowered the rate of interest by 25 basis points. The rate of interest offered by SBI is 6.25%.

SBI has kept the rates unchanged for the long-term RDs with maturity 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 September 2019

1 year 5.80%

1 year to less than 2 year 6.50%

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 lowered FD rates by 20-25 basis points. The bank also announced reduction in its MCLR by 10 bps across all tenors. The new rate of interest came into effect from 10 September 2019.

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.

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