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.
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:
Interest rates for fixed deposits by State Bank of Mysore as on December 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 less than 180 days |
6.25% |
6.75% |
|
6 months to 7 months |
6.35% |
6.85% |
|
More than 7 months to less than 12 months |
6.40% |
6.90% |
|
12 months to less than 5 years |
6.80% |
7.30% |
|
5 years up to 10 years |
6.85% |
7.35% |
*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.
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%.
13 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.
23 February 2016
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