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.
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
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.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.