For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

SBI Reduces Recurring Deposit Interest Rate By 20-25 bps

|

The rate cut is seen across loans and FD products and this time the largest PSB bank SBI has revised its RD rates lower. The new rates come into force from September 10, 2019.

For its recurring deposits, SBI has tenure in the range of 12 months and 120 months.

SBI Reduces Recurring Deposit Interest Rate By 20-25 bps
 
RD tenure Interest rate (earlier) New rates
1 year 6% 5.8%
1 year to less than 2 years 6.7% 6.5%
2 years to less than 3 years 6.5% 6.25%
3 years to less than 5 years 6.25% 6.25%
5 years and up to 10 years 6.25% 6.25%

Senior citizens will continue to get a higher return by 50 basis point or 0.5%. Earlier the bank has revised its FD rates lower by 20-25 bps while also reduced its MCLR rate by 10 bps across all tenures.

per month and in multiples of Rs. 10 thereafter. Notably there is no upper ceiling on investment. For tenures over 15 months, generally RDs fetch a higher rate of return.

GoodReturns.in

Story first published: Tuesday, September 17, 2019, 14:11 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more