The nation’s biggest private sector lender State Bank of India (SBI) has released a great announcement right away after delivering customers a shock. SBI has raised the interest rate for Recurring deposits (RD).
The new rates were introduced by the bank on the 15th of February, 2023.
You can open an RD by depositing a minimum of 100 Rs in SBI. It is possible to open an RD account for up to 12 months and up to 10 years. As with FD, the elderly can get more interest from RD accounts.
The interest rate on RD is between 6.5 to 7 percent.
SBI’s interest rate for RD for customers who are generally between 6.5 percent and 7 percent. Senior citizens are charged higher rates are 50 basis points more. The interest rate for RD for longer than one year and less than 2 months will be 6.8 percent. In the past, the interest rate on short-term loans was raised in the amount of 0.10 percent from SBI. Bank has increased its interest rate following the repo interest rate that had been raised by the RBI.
If you’ve already been approved for or plan to get loans from a bank.
You’ll have to pay higher interest as well as EMI than you did before. Based on the information posted by the SBI’s official site SBI the bank has raised the Marginal Cost of Funds Based Lending Rate (MCLR) by 0.10 percent to 7.95 percent for a day.
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