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.
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