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Latest SBI Interest Rates On Recurring Deposits, Fixed Deposits

State Bank of India (SBI) hiked it fixed deposit interest rates and recurring deposit interest rates with effect from February 28, 2018.

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Latest SBI Interest Rates On Recurring Deposits, Fixed Deposits

SBI fixed deposit (FD) and recurring deposit (RD) interest rates compared.


State Bank of India (SBI) recently hiked it recurring deposit (RD) rates along with marginal cost-based lending rates and fixed deposit rates. Recurring Deposit is a product that provides a person an opportunity to build up savings through regular monthly deposits of fixed sum over a period of time. On the other hand, fixed deposits (FD) require that a customer makes a fixed investment of a particular amount with the bank for a fixed interest rate until a given maturity date. SBI hiked it fixed deposit interest rates and recurring deposit interest rates with effect from February 28, 2018.

Given below is a comparison of SBI fixed deposit (FD) and recurring deposit (RD) interest rates:

SBI fixed deposit (FD) interest rates:
The interest rates for retail domestic term deposits 'Below Rupees One Crore' have been revised, said SBI on its website, sbi.co.in.

(Also Read: Fixed Deposits Vs Liquid Funds: Which Is A Better Choice For You?)

The revised interest rates are as under:

(All figures in % per annum)
 
TenorsExisting for Public w.e.f. 01.11.2017Revised For Public w.e.f. 28.02.2018Existing for Senior Citizens w.e.f. 01.11.2017Revised for Senior Citizens w.e.f. 28.02.2018
7 days to 45 days
5.25
5.75
5.75
6.25
46 days to 179 days
6.25
6.25
6.75
6.75
180 days to 210 days
6.25
6.35
6.75
6.85
211 days to less than 1 year
6.25
6.4
6.75
6.9
1 year
6.25
6.4
6.75
6.9
Above 1 year to 455 days
6.25
6.4
6.75
6.9
456 days to less than 2 years
6.25
6.4
6.75
6.9
2 years to less than 3 years
6
6.5
6.5
7
3 years to less than 5 years
6
6.5
6.5
7
5 years and up to 10 years
6
6.5
6.5
7

SBI recurring deposit (RD) interest rates (as told by a customer care executive):
 
TenureGeneral publicSenior citizens
1 year6.40% pa6.90% pa
2 year  -less than 3 years6.50% pa 7% pa
3 year - less than 5 years6.50% pa 7% pa
5 year-up to 10 years6.50% pa 7% pa

(Also Read: FD Interest Rates Of ICICI Bank, Kotak Mahindra Bank, SBI, Axis Bank, HDFC Bank)

Recently, SBI raised the key one-year MCLR or benchmark rate to 8.15 per cent from 7.95 per cent.


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