Mumbai: The largest public sector bank in the country, State Bank of India (SBI) has hiked the interest rate it offers on Recurring Deposit (RD) accounts. SBI is offering interest rates ranging between 5.1% to 5.4% on Recurring Deposit investments, depending on the tenures.
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Recurring Deposit is a savings scheme in which an investor has to make the payments in installments. Customers can open a Recurring Deposit account with a minimum deposit of Rs 100, and increase the investment in multiples of Rs 10. There’s no upper cap on how much an individual can deposit in a Recurring Deposit account. Investors can choose between a maturity period of 12 months to 10 years.
Here are the latest SBI RD rates:
Recurring Deposit maturing in 1 year to less than 2 years: 5.1% interest rate
Recurring Deposit maturing in 2 years to less than 3 years: 5.1% interest rate
Recurring Deposit maturing in 3 years to less than 5 years: 5.3% interest rate
Recurring Deposit maturing in 5 years and up to 10 years: 5.4% interest rate
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