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.
All changes made to interest rates on the banks FDs are constantly monitored and updated in the table above to enable real-time comparison of maturities based on the latest rates.
The updated list of State Bank Of Mysore FD Rates, for Regular and Senior Citizen, is listed below:
|Tenure||Regular FD Rates||Senior Citizen FD Rates|
|7 days to 45 days||5.50||6.00%|
|46 days to 90 days||6.50||7.00%|
|91 days to 179 days||6.50||7.00%|
|180 days to 210 days||6.50||7.00%|
|211 days to less than 1 year||6.50||7.00%|
|1 year to 455 days||6.90||7.40%|
|456 days to less than 2 years||6.75||7.25%|
|2 years to less than 3 years||6.75||7.25%|
|3 years to less than 5 years||6.50||7.00%|
|5 years and up to 10 years||6.50||7.00%|
Rates offered on short-term holdings by the State Bank of Mysore start at 5.50% for 30 days and increased by 1.00% at 6.50% for 60 and 90-day deposits. This is one of the best vis-a-vis other banks making them great investment options for those looking to maintain liquidity.
For those looking at investment horizons under the one-year mark, the 120-day and 6-month schemes offer an attractive 6.50%, enhanced to 7.00% on a 9-month deposit.
These rates hover around the 7.60% mark which is featured on schemes with tenures 1 year to less than 2 years, which marginally lowered for 2 years to 10 years at 7.50%, keeping returns on long-term holdings at par with other leading banks offering similar schemes.
Rates are more attractive for senior citizens on long-term holdings given a 0.40% increase on existing rates for all the tenures. Rates on the deposit remains with the rates ranging between 5.90% to 8.00%. This makes all deposits attractive to senior customers of SBM.
All rates are on an annual basis with a quarterly compounding frequency.
State Bank of Mysore has revised the rates of interest for fixed deposits on and from 1st August, 2016. For tenure of 7 days to 45 days, the rate has gone down by 0.25%. Previously it was 5.75% and now it is 5.50%. For tenure of 46 days to 90 days, the rate of interest has gone up by 0.25%. Previously, it was 6.25% and currently the rate stands at 6.50%. Tenure of 180 days to 1 year has been divided into two separate tenures now. Tenure of 180 days to 210 days can earn a rate of 6.75% and the tenure of 211 days to less than a year can earn interest rate of 7%.
13th September 2016
Banks are slowly catching up to making revisions as far as the reduction of base rates are concerned, keeping in line with the directives of the Reserve Bank of India.
State Bank of Mysore has made a few changes to its fixed deposit offerings pertaining to the slots of tenures and the rates themselves. From 7 days to 90 days, the active rate of interest is 6.50% as opposed to 6.25% per annum. It is scaled up by 0.50% for the tenure of 91 days to 179 days to reflect a rate of 7% per annum. From 180 days to less than a year, the active rate of interest is 7.5% per annum and a further increase of 0.25% happens for the tenure of 1 year up to 5 years. This is currently the highest rate of interest on offer from the bank. For periods more than 5 years till 10 years, the rate of interest slips back to 7.5% per annum. These rates are for deposits of INR 1 crore or less.
23rd February 2016