SBI revises interest rates on recurring deposits, check latest rates

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SBI is offering interest rates ranging between 5.1% to 5.4% on Recurring Deposit investments. 

New Delhi: State Bank of India (SBI), the country’s largest state-owned bank, has revised the interest rate it offers on Recurring Deposit (RD) accounts. For the unversed, Recurring Deposit is a savings scheme in which an investor has to make the payments in instalments. 

With the latest revision, SBI is offering interest rates ranging between 5.1% to 5.4% on Recurring Deposit investments, depending on the tenures. Senior citizens get an additional interest rate hike of 50 basis points on all RD investments.

The latest SBI Recurring Deposit interest rates are applicable from January 15.

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Here are the latest SBI RD rates:  

Recurring Deposit maturing in 1 year to less than 2 years: 5.1% interest rate 

Recurring Deposit maturing in 2 years to less than 3 years: 5.1% interest rate 

Recurring Deposit maturing in 3 years to less than 5 years: 5.3% interest rate 

Recurring Deposit maturing in 5 years and up to 10 years: 5.4% interest rate 

The instalments usually come every month. SBI customers can open a Recurring Deposit account with a minimum deposit of Rs 100, and increase the investment in multiples of Rs 10. 

There’s no upper cap on how much an individual can deposit in a Recurring Deposit account. However, if an investor fixes the instalment, the individual isn’t allowed to change it again, and will have to open another RD account to invest more. 

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Investors can choose between a maturity period of 12 months to 10 years. As in the case of fixed deposits, SBI offers higher interest rates on Recurring Deposit accounts opened by senior citizens.

Investors can open Recurring Deposit openings by either visiting a nearby branch or via netbanking. SBI customers can use their ID and password to log in to their SBI net banking accounts to start investing in a Recurring Deposit.