The country’s largest bank State Bank of India (SBI) has changed the interest rates of Recurring Deposit (RD). Recurring deposit rates are effective from February 15. The benefit of this will be available to those customers who have made recurring deposits.
You can open SBI Recurring Deposit account with a minimum deposit amount of just Rs.100. This account can be opened for a period ranging from 12 months to 10 years. Like Fixed Deposits (FDs), Recurring Deposits also offer additional interest to senior citizens over all tenors.
Interest Rate on SBI Recurring Deposits
Interest rate on Recurring Deposits for tenures ranging from one year to less than 2 years will be given at 5.1 per cent. The interest rate on recurring deposits for tenures ranging from two years to less than three years has been increased by 10 basis points to 5.20 per cent from 5.10 per cent earlier. For the period from three years to less than five years, the rate has been increased to 5.45 per cent. The interest rate has been increased to 5.50 per cent for a period of five years to 10 years.
SBI Recurring Deposit Rates with effect from February 15, 2022-
1 year to less than 2 years – 5.1%
2 years to less than 3 years – 5.2%
3 years to less than 5 years – 5.45%
