The country’s largest lender State Bank of India (SBI) has increased the interest rates on its Recurring Deposit ( RD ).
Along with this, its effect will be visible on the account opened for a period between 12 months to 10 years. The new rates are effective from 15 February 2023. Apart from this, SBI has also announced to increase the interest rates on its FDs.
SBI’s new recurring deposit rates
RD account can be opened for a period between 12 months to 10 years and can be started with a deposit of just Rs 100. The interest available in this is between 6.5 percent to 7 percent. The RD interest rate available during different tenures is as follows.
You will get 6.8% interest rate on RD for a period of one year to less than 2 years. The interest rate on FDs for a tenure of two years to less than three years has been increased by 25 basis points to 7% from 6.75% earlier. For tenure of three years to less than five years, the rate is 6.5%. The interest rate is 6.5% for a tenure of five years to 10 years.
| investment time | RD interest rate |
| 1 year to less than 2 years | 6.8% |
| From 2 years to less than three years | 7% |
| From 3 years to less than 5 years | 6.5% |
| 5 years to less than 10 years | 6.5% |
FD rate has also increased
For information, let us tell you that the State Bank of India has increased the interest rates on fixed deposits (FDs) of less than Rs 2 crore from 5 bps to 25 bps. According to the new rates, on FDs ranging from 7 days to 10 years by State Bank of India, general citizens are getting interest ranging from 3.00 percent to 7.00 percent and senior citizens from 3.50 percent to 7.50 percent.
