State Bank of Mysore (SBM), which merged with State Bank of India (SBI) 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.
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 27 May 2020 are listed in the table below:
|Tenure||Regular FD Interest Rates (p.a)||Senior Citizen FD Interest Rates (p.a)|
|7 days to 45 days||2.90%||3.40%|
|46 days to less than 179 days||3.90%||4.40%|
|180 days to less than 12 months||4.40%||4.90%|
|12 months to less than 36 months||5.10%||5.60%|
|36 months to less than 60 months||5.30%||5.80%|
|60 months to less than 120 months||5.40%||6.20%|
The above interest rates are for investments less than Rs.2 crore
*Additional premium of 30 basis points over and above the existing 50 basis points is being offered to senior citzens on a tenure of more than 60 months as part of a special ‘SBI Wecare Deposit’ which will available until March 2021.
How to apply for State Bank of Mysore FD: Since the SBI has merged with the SBM, you can apply for a SBI 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 SBI 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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