SBI Recurring Deposit: State Bank of India (SBI) has brought good news for its customers. The interest rate on Recurring Deposit (RD) for customers has been changed by the bank.
SBI Recurring Deposit: If your account is also in State Bank of India (SBI), then this news is of your use. The country’s largest bank State Bank of India (SBI) has changed the interest rates for customers on Recurring Deposit (RD). The new bank rates have come into effect from February 15.
Recurring can start from Rs.100
The customers who have made recurring deposits will get the benefit of increased Recurring Deposit (RD) rates by the bank. You can open a recurring deposit account in SBI with a minimum deposit of Rs.100. This account can be opened for 12 months to 10 years.
Senior citizens will get more interest
Let us tell you that like Fixed Deposit (FD), in Recurring Deposit (RD) also Senior Citizen gets additional interest every term. After the change, interest on doing RD for 1 to 2 years will be given at the rate of 5.1 percent.
Recurring option up to 10 years
The recurring deposit has increased to 5.20 per cent over a period of two to three years. For a period of three to five years, it is 5.45 percent. For 5 to 10 years, if someone does recurring, then this rate has been increased to 5.50 percent.
New rates to be effective from February 15
- 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%
