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  • State Bank of Mysore Fixed Deposit Rates

    State Bank of Mysore Fixed Deposit Rates

    State Bank of Mysore (SBM) 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. Part of the SBI umbrella, State Bank of Mysore offers customers fixed deposits of varying tenures and interest rates in keeping with market rate movements and the banks own liquidity requirements.

    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.

    Given below are the latest revised interest rates offered per annum on both Regular & Senior Citizens FDs as updated with effect from 28 March 2018:

    Tenure Regular FD Interest Rates (p.a) Senior Citizen FD Interest Rates (p.a)
    7 days to 45 days 5.75% 6.25%
    46 days to 179 days 6.25% 6.75%
    180 days to 210 days 6.35% 6.85%
    211 days to less than 2 years 6.40% 6.90%
    2 years to less than 3 years 6.60% 7.10%
    3 years to less than 5 years 6.70% 7.20%
    5 years to 10 years 6.75% 7.25%

    *The above interest rates are for investments less than Rs.1 crore

    State Bank of Mysore short-term FD rates

    • The interest rate offered on short-term SBM term deposits range from 5.50% p.a. to 6.50% p.a.
    • The best paying rate of 6.50% p.a. in this time frame is for a tenure that ranges from 46 days to less than 1 year
    • For a tenure that varies from 7 days to 45 days is 5.50% p.a.
    • The tenure range for this type of FD scheme is anywhere between 7 days to less than 1 year
    • Short-term FDs are a great option for those who want to earn interest in a relatively short span of time

    State Bank of Mysore medium-term FD rates

    • Medium-term deposits pay a relatively higher rate of return when compared to short-term deposits
    • The highest rate of interest offered for this type of deposit scheme is 6.90% p.a. for a tenure of 1 year to 455 days
    • The investment tenure for medium-term deposits range from 1 year to 3 years
    • The interest rate paid to customers going for this type of FD scheme is 6.50% p.a. to 6.90% p.a.
    • For a tenure of 3 years, the rate of interest paid per annum is 6.50% p.a. `
    • For a time period that ranges anywhere from 456 days to less than 3 years, the bank rate is 6.75% p.a.

    State Bank of Mysore long-term FD rates

    • All long-term fixed deposits pay interest at the rate of 6.50% p.a. across all tenures for these deposits
    • The tenure range offered typically ranges from more than 3 years to 10 years, with 10 being the longest tenure range
    • Those who want to claim deductions for tax saver schemes can also save tax by investing in such a scheme which comes with a lock-in period of 5 years
    • Those who invest in the tax saving scheme will get a benefit of up to Rs.1.5 lakh under Section 80C of the Income Tax Act in the country

    State Bank of Mysore senior citizen FD rates

    • All senior citizens will get an additional interest rate of 0.50% per annum, which is over and above the regular rate of return that is paid by the bank
    • The best interest rate paid to senior citizens is 7.40% p.a. for a tenure that ranges from 1 year to 455 days
    • The second best rate of interest is for a tenure that ranges from 456 days to less than 3 years
    • Those who invest in short-term and long-term deposits will get an interest rate of 7.00% p.a.
    • For investing for a short tenure of 7 days to 45 days, the deposit rate paid for senior citizens will be 6.00% per annum
    • Those who belong to this age group will have to provide the bank valid age proof documents including PAN and Aadhaar card

    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 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 a 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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