) announced an increase in recurring deposit (RD) interest rates. The revised interest rates are effective from June 14, 2022. The recurring deposit product allows you to save money by making regular monthly deposits of a fixed amount over a set period of time.
According to the SBI website, “Rate of Interest as applicable to Term Deposits for Public and Senior Citizens.” SBI had announced that it has increased fixed deposit (FD) interest rates by up to 20 bps, effective from June 14, 2022.
Latest SBI RD interest rates
SBI RD rates range from 5.3 to 5.5 percent for regular citizens with tenor between 12 months and 10 years. Senior citizens get an additional 50 basis points.
SBI has hiked RD rate on deposits with a term of one to less than 2 years has been raised by 20 basis points to 5.35 percent, up from 5.10 percent before. The rate for 2-year to less than 3-year deposits was increased to 5.35 percent, up from 5.20. SBI offers 5.45 percent on RDs with maturities of 3 to 5 years and 5.50 percent on RDs with maturities of 5 to 10 years.
Source: SBI website
What are the features of SBI RD
- Minimum deposit amount is Rs. 100/- per month (thereafter in multiples of Rs. 10/-)
- Period of deposit Minimum – 12 months, Maximum – 120 month
- Maximum Deposit Amount: No upper limit
- Penalty charges for non-Deposit of monthly Instalments:
- For a/c with maturity period 5 years and less Rs. 1.50 per Rs. 100/- per month
- For a/c with maturity period above 5 years- Rs. 2.00 per Rs. 100/- per month
- AA service charge of Rs. 10/- will be levied on Recurring Deposit accounts paid out on or after the date of maturity, wherein there is default in payment of three or more consecutive instalments and the account has not been regularized.
- In case six consecutive instalments are not received, the account shall prematurely be closed, and balance paid to the account holder.
- Instructions for disposal of maturity proceeds are accepted at the time of opening of accounts.
- Nomination available in favour of individual only.
- Universal Passbook is issued.
- Loan/OD against deposit is available.
- Transferability allowed among our branches