State Bank of India raises recurring deposit rates. Check latest SBI RD interest rates 2022

State Bank of India (SBI) on Thursday announced an increase of recurring deposit (RD) interest rates on Thursday. The new rates will be effective from June 14. SBI RD rates range 5.3-5.5% with general customers and an additional 50 basis points for senior citizens.

SBI RD rate on deposits of duration 2 years to less than 4 years has been increased by 15 basis points to 5.35% from 5.20% earlier. The rate for on deposits from 1-year to less than 2 years remains 5.3%. SBI offers 5.46% on RD of maturity of 3 years to less than 5 years and 5.50% on RD deposits of duration 5 years to 10 years.

SBI RD rates from 14 June 2022

1 year to less than 2 years: 5.30%

2 years to less than 3 years: 5.35%

3 years to less than 5 years: 5.45%

5 years and up to 10 years: 5.5%

Earlier India’s largest bank raised the Marginal Cost Of Funds Based Lending Rate (MCLR) by 20 basis points on various tenures. The benchmark one-year MCLR was revised upwards to 7.40% from the 7.20%. Most of the consumer loans such as auto, home and personal loans are linked to MCLR. The overnight to three-year tenor MCLRs have been raised to 7.05-7.70 per cent, according to the lender's website. The revised RLLR will be 7.15 per cent plus credit risk premium (CRP), as against the existing 6.65 per cent plus CRP.

Axis Bank also raised interest rates on loans to 7.6% for customers with credit rating of 800 or higher.

Last week mortgage lender Housing Development Finance Corporation (HDFC) Ltd has once again increased the retail prime lending rate (RPLR) on housing loans by 50 basis points, effective Friday, June 10. It was the fourth time that the lender has hiked its home loan interest rates in a little more than a month.

HDFC announced on June 9 that it has increased its Retail Prime Lending Rate (RPLR) on home loans by 50 basis points (bps).