Abstract: This is our first study of the magnetic Rayleigh-Taylor instability at the inner edge of an astrophysical disc around a central back hole. We derive the equations governing small-amplitude oscillations in general relativistic ideal magnetodydrodynamics and obtain a criterion for the onset of the instability. We suggest that static disc configurations where magnetic field is held by the disc material are unstable around a Schwarzschild black hole. On the other hand, we find that such configura…