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.
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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News About State Bank of Mysore Fixed Deposit Rates
FD Rates Revised by SBM
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
Fixed Deposit Rates for State Bank of Mysore
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.
I have fixed deposit account with State bank of Mysore and I had been with them because of their good rate of interest like its around 7% per annum with half yearly compounding. Customer service is an average one with them like they don't have much information about banking information, also I can say that they are lacking with some schemes.
A good bank of in-terms banking experience, Products, Services, Technology enabled. Well placed network with Reputation. Easy reach. Quick updates, alerts, Knowledge sharing, CSR Activities. Well focused technologically backed banking system.
Just for tax redemption I opted the fixed deposit and the rate of interest is 9%. Fixed deposit rate is not great as all the banks are in same line.Certainly customer can drop the deposit in middle but State Bank of Mysore would deduce some percentage.
It was not a very good experience with State Bank of Mysore for the fixed deposit. There is no proper response from this bank over the phone calls and they donâ??t attend the calls most of the time. I had to wait for a long time in case if I visit the bank for any kind of queries. It takes nearly 1 to 2 days to open an account from this bank
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1
GANESH PRASAD CV
, bangalore
Reviewed on Jul 14, 2015
They offer better interest rate when compared to other public sector banks. Their customer service is also of good quality. Overall, they SBM weighs more than any other public sector banks!
I saw some institutions providing higher interest, but compounding interval(quarterly/monthly/yearly/etc) makes SBM's return higher eventhough other companies/institutes show little higher rates!
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5
Nelson Philipangel
, bangalore
Reviewed on Jun 02, 2015
The services are good when I availed a fixed deposit from State bank of Mysore which is good. I would say that the services are better than any other private banks in the market. The rate of interest they provided was 9.5% for a lock in period of 1.5 year. The customer support is really good.
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2
VARUN THUKARAM PAWAR
, bangalore
Reviewed on Dec 29, 2014
When I activated fixed deposit account from state bank of mysore I was worried about the interest rate . Luckily I have got very low interest rate . They understand the value of customers which I liked most. Not only mine everyone concern was expecting the same. Each and every happiest moments from bank they are sharing to customers on timely basis
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4
RATHEESH VALLOMPARAMPIL
, thiruvananthapuram
Reviewed on Oct 31, 2014
The bank with best interest rate which was competitive market called as STAT E BANK OF MYSORE. I am banking FIXED DEPOSIT with them for the past 1 year for 5 years as tenure period. Since it was the nationalised bank I would feel they are far better than other nationalised banks.
State bank of Mysore fixed deposit is very good and excellent. I opened fixed deposit by 2006 with State bank of Mysore. Interest rate is 12.6% and I go for branch for cash deposit. Its excellent services in branch and already recommended this account.
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3
UMESHA CHIKKAMARIGOWDA KRISHNAPURA
, bangalore
Reviewed on Aug 05, 2014
I am having a fixed deposit with State bank of Mysore since 2010. I feel it is the most trustable bank and the response is good. Rate of interest is competitively good compared to other nationalized banks. I think housing loan services should be given high priority and need be more attractive. As of now the progress is good and I would suggest the bank to be more customer friendly & flexible.
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2
MARUTHESH PATIGE TALADAHALLI
, bangalore
Reviewed on Jun 16, 2014
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.
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