Mumbai: Largest public sector bank in the country, State Bank of India (SBI) has increased interest rates on recurring deposits (RD). The rates are effective from 15 February 2023. The lender also increased the interest rates on fixed deposits below Rs 2 crore with effect from February 15, 2023.
One can open recurring deposits with SBI for a minimum deposit of Rs 100. The RD account can be opened for a period that ranges between 12 months and 10 years. Just like fixed deposit (FD), senior citizens are offered an additional interest in all tenures on recurring deposits too.
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The bank has also introduced a ‘400-day’ special tenure deposit scheme with a 7.10% rate for Non-Senior Citizens. While the Senior citizens earn an additional 50 bps interest on top of the standard rates.
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