• State Bank of Mysore Fixed Deposit

    State Bank of Mysore is one of five associate banks of the State Bank of India and has its headquarters in Bangalore, India. The bank was established under the patronage of Maharaja Krishna Raja Wadiyar IV in 1913 and was originally called The Bank of Mysore Ltd. The bank was chosen to conduct business for the government and also to conduct treasury operations for them from 1953 to 1960. After this seven year appointment, with the introduction of the State Bank of India (subsidiary Banks) Act 1959, the bank became a subsidiary of the State Bank of India in March of 1960.

    Now SBM is an associate bank with SBI holding 92.33% of its shares. SBM has branches spread all over the country in cities like Bangalore, Mysore, Mumbai, Chennai, Hyderabad and New Delhi. It is also listed on the Bangalore, Chennai and Mumbai stock exchanges as MYSOREBANK. With over 700 branches all over the country, the bank employs over 10,000 people and has 80% of its branches in Karnataka itself.

    State Bank of Mysore Fixed Deposits

    SBM has a strong FD customer base owing to its unique FD products that serve the investment and savings needs of a variety of investors. FDs offered by State Bank of Mysore are a safe savings solution featuring guaranteed returns for a fixed period of time. Depositors are provided varying holding periods and reinvestment or pay out options to choose from in accordance with their funding and income needs.

    Eligibility - Who can open an FD account with State Bank of Mysore?

    Since SBM offers various fixed deposit schemes, the eligibility criteria also varies from scheme to scheme. There are schemes which can be availed by institutions, schools, corporates and individuals who are residents of India. There are some schemes which a non-resident too can apply for. In the case of minors, guardians can apply for fixed deposits.

    What fixed deposit schemes does State Bank of Mysore offer?

    State Bank of Mysore offers a variety of fixed deposit schemes which are targeted at particular individuals. Some of these are:

    • Centenary Liquid Term Deposit

      This fixed deposit scheme by SBM targets high net worth individuals and offers them a higher rate of interest. Anyone can open an FD under this scheme and the minimum amount for this scheme is ₹ 1 Cr. The maximum amount is ₹ 50 Cr. This FD can be held for a period of 7 to 179 days.

    • Mybank Suraksha Time Deposit Account

      This term deposit scheme is only open to resident Indian’s and NRI’s are excluded from it. The minimum deposit for this scheme is ₹ 1 lakh and can go as high as ₹ 1 Cr. The duration that such a fixed deposit can be held for is 1 year to 3 years. This scheme can be applied for and operated by an individual or by more than one person making it a jointly operated scheme.

    • SBM - Tax Saver Scheme

      As the name suggests, this scheme is targeted at those who want to use fixed deposits to gain tax benefits. The maximum amount that can be invested under this scheme is ₹ 1.5 lakhs in one financial year. This deposit has to be made for a minimum period of 5 years and cannot be closed prior to maturity. This scheme offers investors tax exemptions for the invested amounts under section 80C.

      Apart from these prominent schemes, SBM offers regular term deposit schemes where investors can invest in lump sums and hold them for periods ranging from 15 days to 10 years. They even have a scheme called ‘Harsha Deposit’ under which you can deposit money at your convenience without incurring penalties for irregular payments.

      They also offer ‘Reinvestment Deposits’ which can be opened for periods of 6 months to 10 years. Under this scheme the invested amount and the interest earned on it will be paid to the investor only at the end of the duration of the deposit.

    What is the minimum amount required to open an FD account with SBM?

    The minimum deposit that can be made with SBM under a term deposit scheme is ₹ 100 under the Recurring Deposit. This deposit can be made via regular payments every month and can be held for a period of 12 months to 120 months.

    What is the maximum amount that can be deposited in an SBM FD account?

    The maximum amount that can be deposited in an SBM FD account is ₹ 50 Cr. under the ‘Centenary Liquid Term Deposit’ scheme which is designed to benefit high net worth individuals by offering them higher interest rates and shorter durations of 7 to 179 days.

    What is the minimum / maximum period for which funds can be held in as fixed deposits with State Bank of Mysore?

    The minimum and maximum periods that funds can be held for in a fixed deposit with State Bank of Mysore changes according to the scheme the investor chooses to opt for. In case of regular term deposits, the minimum period is 15 days and the maximum period is 10 years.

    In the case of the ‘Centenary Liquid Term Deposit’ the minimum and maximum periods are 7 days and 179 days respectively.

    In case the investor opts for ‘Reinvestment Deposits’ the minimum period is 6 months and the maximum is 10 years.

    What is the procedure to open a fixed deposit account at State Bank of Mysore?

    For those individuals who already have accounts with SBM and have online banking facilities, there are options to open an FD online. However if you don’t have these facilities you can always visit any of the SBM branches to get help in opening an FD with them.

    What are the interest rates offered on State Bank of Mysore fixed deposits?

    Interest rates offered by SBM on its fixed deposits vary from one scheme to another and are even dependent on the period for which you are opening the FD. The interest rates are split into three categories i.e. term deposits of less than ₹ 1 crore, Deposits between ₹ 1 to ₹ 5 crores and Deposits in excess of ₹ 5 crores. Interest rates vary according to the amount invested and range from 7.25% to 9%. Senior citizens get an extra 0.50% interest.

    Does SBM offer tax saver fixed deposits?

    Yes, State Bank of Mysore does offer tax saver fixed deposits under the ‘SBM - Tax Saver Scheme’. This scheme allows investors to invest up to ₹ 1.5 lakhs every year and receive tax exemption for the entire invested amount for each year.

    Are FD accounts with SBM taxable?

    Yes, the interest earned from fixed deposits with SBM are taxable unless the investor has provided forms 1 G and 15 H. The tax applicable will be deducted at source as per provisions of the Income Tax Act, 1961.

    What are the main features of State Bank of Mysore fixed deposit schemes?

    Depending on the scheme opted for, fixed deposits with SBM carry the following features:

    • Nomination facilities
    • Single or jointly held fixed deposits
    • Free accident insurance of ₹ 5 lakhs under the Mybank Suraksha Time Deposit Account
    • No premature withdrawal charges if FD is held for a minimum of 7/15 days
    • Loans against fixed deposits

    Are loans provided against FDs at State Bank of Mysore?

    Yes, if you have opened an FD with SBM then you can take a loan against the FD except if it’s under the ‘Centenary Liquid Term Deposit’ scheme, where no loans are allowed against the FD.

    Does SBM offer senior citizens special rates on their fixed deposits?

    Yes, SBM does offer special interest rates for senior citizens. This interest rate is 0.50% over and above the regular interest applicable for deposits made with SBM.

    Will SBM allow premature withdrawals of fixed deposits?

    Yes, SBM will allow premature withdrawals of fixed deposits but the exact conditions may depend on the FD scheme that you have taken. If you have opened the deposit under the Centenary Liquid Term Deposit scheme then you won’t be charged a penalty for premature withdrawals if the deposit is held for a minimum of 7 days. If the FD is a tax saver FD than no premature withdrawals will be permitted for 5 years. In case your deposit is of an amount between Rs. 1 crore and Rs. 10 crores, if you withdraw in the first 15 days then no interest will be paid. However, if you go on for a premature withdrawal then the interest paid will be 1% less than the applicable rates. For deposits larger than Rs. 10 crores the penalty will be an interest rate which is 2% below the applicable rate.

    Can NRIs open fixed deposits with SBM?

    Yes NIRs can open FDs with SBM through two different types of deposits. The first being an NRE and NRO deposits where the currency for transactions is the Indian Rupee and the other being the FCNR deposits which can be maintained in foreign currencies.

    With an NRE deposit deposits can be opened for 1 to 3 years or 3 years to 10 years. The interest you can hope to earn will be 8.6% per annum in the first case and 8.65% per annum in the second.

    With FCNR deposits the period of the deposits can range from 1 year to 5 years. The FD can be opened in either USD, GBP, EUR, CAD or AUD and the interest you earn will depend on the currency and the duration for which the deposit is opened.

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    State Bank of Mysore Fixed Deposit Reviews

    • State Bank of Mysore
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 6
      , bangalore
      Reviewed on Mar 15, 2017
    • State Bank of Mysore
      State Bank of Mysore
      "Customer Satisfaction Index"
      0.5 3.0/5 "Satisfactory"
      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.
      Was this review helpful? 2
      , belgaum
      Reviewed on Apr 14, 2016
    • State Bank of Mysore
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 6
      , bangalore
      Reviewed on Sep 19, 2015
    • State Bank of Mysore
      0.5 4.0/5 "Great!"
      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
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 14, 2015
    • State Bank of Mysore
      "SBM is the best public sector bank. Better than SBI!"
      0.5 5.0/5 "Blown Away!"
      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!
      Was this review helpful? 5
      , bangalore
      Reviewed on Jun 02, 2015
    • State Bank of Mysore
      "Better than any other bank"
      0.5 4.5/5 "Excellent!"
      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.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 29, 2014
    • State Bank of Mysore
      "Excellent customer service!!!!!!!!"
      0.5 5.0/5 "Blown Away!"
      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
      Was this review helpful? 4
      , thiruvananthapuram
      Reviewed on Oct 31, 2014
    • State Bank of Mysore
      "Service was good"
      0.5 4.5/5 "Excellent!"
      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.
      Was this review helpful? 6
      , bangalore
      Reviewed on Aug 28, 2014
    • State Bank of Mysore
      "Very good and excellent"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 3
      , bangalore
      Reviewed on Aug 05, 2014
    • State Bank of Mysore
      "More improved bank"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jun 16, 2014
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