• State Bank of Mysore Fixed Deposit Rates

    State Bank of Mysore (SBM), which merged with State Bank of India (SBI) offers a number of fixed deposit (FD) options and comes with a wide range of tenure options and competitive interest rates.

    All changes made to interest rates on the banks FDs are constantly monitored and updated in the table below to enable real-time comparison of maturities based on the latest rates.

    SBM merger with SBI

    State Bank of Mysore (SBM) has entered into a merger with the State Bank of India (SBI) with effect from 6 May, 2017, post which:

    • It has been a part of the SBI wholly
    • This merger happened when the SBI merged with a number of other associate banks in the country.
    • All customers who have a SBM account will have to mention the new IFSC codes and mention their bank name as State Bank of Mysore.

    Interest rates for fixed deposits by State Bank of Mysore as 27 May 2020 are listed in the table below:

    Tenure Regular FD Interest Rates (p.a) Senior Citizen FD Interest Rates (p.a)
    7 days to 45 days 2.90% 3.40%
    46 days to less than 179 days 3.90% 4.40%
    180 days to less than 12 months 4.40% 4.90%
    12 months to less than 36 months 5.10% 5.60%
    36 months to less than 60 months 5.30% 5.80%
    60 months to less than 120 months 5.40% 6.20%

    The above interest rates are for investments less than Rs.2 crore

    *Additional premium of 30 basis points over and above the existing 50 basis points is being offered to senior citzens on a tenure of more than 60 months as part of a special ‘SBI Wecare Deposit’ which will available until March 2021.

    SBM Short-term fixed deposit

    • Short-term fixed deposit’s tenure ranges from 7 days to less than 1 year.
    • The highest rate of interest offered is 6.40% per annum for regular citizens and 4.40% per annum for senior citizens.

    SBM Medium-term fixed deposit

    • The highest rate of interest offered on medium-term deposit is 6.80% per annum for regular citizens and 5.80% per annum for senior citizens.

    SBM Long-term fixed deposit

    • The rate of interest offered for long-term fixed deposit of 5 years to 10 years is 5.40% per annum for regular citizens. Senior citizens get 6.20% p.a. currently as part of a special scheme.

    Know more about State Bank of Mysore fixed deposits

    How to apply for State Bank of Mysore FD: Since the SBI has merged with the SBM, you can apply for a SBI fixed deposit online through the SBI portal. Applying for a term deposit in SBI is a very simple process and can be done online in a matter of seconds. Those who have registered internet banking accounts will be able to open one by logging in with their respective internet banking credentials.

    Tax saver FDs: You can apply for SBI 5-year tax saving term deposit and avail a number of tax benefits under the scheme. A deduction of up to Rs.1.5 lakh can be claimed under this type of deposit scheme. This, however, comes with a mandatory lock-in period of 5 years and the same tenure can also be extended for 10 years.

    NRIs term deposits: There are a number of deposit schemes that are specifically designed for Non-Resident Indians (NRIs) such as NRO, NRE and FCNR term deposits. These pay a very attractive rate of interest and also give NRIs a good way to park funds in their home country, while simultaneously earning a great return on the same. Some of these schemes offer tax-free benefit.

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