The country’s largest lender State Bank of India (SBI) has increased interest rates on recurring deposits (RD). The rates are effective from 15 February 2023. 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 on recurring deposits too.
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SBI Recurring Deposit (RD)
SBI RD interest rates vary between 6.5%-7% 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 6.8%. The interest rate on FD for tenure from two years to less than three years has been increased by 25 basis points to 7% from the earlier 6.75%. For three years to less than five years of tenure, the rate is 6.5%. For five years to 10 years of tenure, the interest rate is 6.5%.
SBI RD rates effective 15 February 2023
1 year to less than 2 years – 6.80%
2 years to less than 3 years – 7%
3 years to less than 5 years – 6.5%
5 years and up to 10 years – 6.5%
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SBI hikes FD rates
SBI has increased the interest rate on certain tenors on retail domestic fixed deposits below ₹2 crore. For the tenor of 1 year to less than 2 years, the interest rate has been hiked from 6.75 percent to 6.80 percent for the general public.
For the tenor of 2 years to less than 3 years, the interest rate has been increased by 25 bps from 6.75 percent to 7 percent for the general public
For 3 years to less than 5 years, SBI has hiked the interest rate by 25 bps from 6.25 percent to 6.50 percent for general customers
For the tenor of 5 years and up to 10 years, the bank has hiked the FD rate by 25 bps from 6.25 percent to 6.50 percent
SBI’s latest FD rates for senior citizens
After the latest hike by the country’s top lender, senior citizens will now get an interest rate ranging from 3.5% to 7.5% on deposits maturing in 7 days to 10 years.
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SBI introduces a special scheme
The bank has also introduced a specific tenor scheme of “400 days” at a rate of interest of 7.10%. The special FD scheme will be valid till 31st March 2023.
SBI has also hiked interest rates by 25 bps to a maximum of 75 bps on bulk fixed deposits starting from ₹2 crores and above.
