For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

SBI Reduces Recurring Deposit Interest Rate

|

The State Bank of India has slashed the interest rate on RD deposits for select tenures. The bank offers RD deposits for a term between 1 to 10 years. It is to be noted that for medium term deposits, the bank has retained the rate as it is. After the revision, the bank will offer maximum 5.8% return on its RD deposit that was earlier up to 6.25%.

SBI Reduces Recurring Deposit Interest Rate
 
RD term New interest rate Previous rate
1 year 5.8%
1 year to less than 2 years 6.4% 6.5%
2- 5 years 6.25% 6.25%
5-10 years 6.25% 6.25%

On select tenures after the RBI's October monetary policy review, slashed FD rates as well as interest rate on savings account with with balance up to ₹1 lakh to 3.25%, from 3.5%. This will be effective from 1st November 2019.

The bank has also cut its marginal cost of funds based lending rate or MCLR by 10 basis points across all tenors effective 10th October.

GoodReturns.in

Story first published: Saturday, October 12, 2019, 13:18 [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