SBI RD also reduced the FD rates for long-term deposits from 1 year to 10 years
State Bank of India (SBI), the country's top lender, has cut interest rates on recurring deposits (RDs) as of January 10th. SBI RD shall have terms ranging from one year to ten years. After the latest revision, the one-year RD of SBI will give interest to the general public at 6.10 per cent.
For RDs maturing in 1 year to 10 years, the bank has lowered the interest by 15 basis points. Earlier these recurring deposits gave a 6.25 percent interest rate, but after the latest revision, these RD accounts will get a 6.10 percent lower interest rate.
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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%
With a minimum monthly deposit of 100 SBI RD can be started. There is no maximum limit though. Once determined RD interest rates do not change during the deposit tenure.
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Last month, from 8.05 per cent per year, the bank cut its external benchmark-based rate (EBR) by 25 bps to 7.80 per cent per annum. With it, the home loan rate of the bank was also reduced from 8.15 percent to 7.90 percent. So far in the 2019-20 financial year, the bank has reduced its marginal cost of funds-based lending rate (MCLR) eight times. Its one-year MCLR is currently 7.90%.
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