State Bank of Mysore Fixed Deposits:
Fixed Deposits (FDs) are also referred to as term deposits or bonds. It is a gateway through which you can invest your money for a particular time duration. FD not only helps you in saving money but also provides you a profit in the form of interest.
State Bank of Mysore FD can be considered as a savings account with additional advantages. Additional Gains of SBM FD includes senior citizen assistance, tax saving services, nomination, etc. You not only gain Interest on Fixed Deposits but also let you apply for a loan against the deposit scheme.
Eligibility Required to open an FD account with State Bank of Mysore:
In order to open a Fixed Deposit Account in State Bank of Mysore, you must be a citizen Of India. Apart from Fixed Deposit Schemes, there are some other investments that are available for NRI’s as well.
State Bank of Mysore Fixed Deposits Rates:
The rate of Interest on State Bank of Mysore Fixed Deposits depends upon the time period it is invested. If you withdraw your Fixed Deposit Amount before its maturity period ends, then a reduced interest or small fine may be taxed by the Bank Authorities. There is no general policy regarding termination of FD or withdrawal before maturity period, hence if any case happens the decision will be taken by the bank itself.
If you want to invest a Fixed Deposit in State Bank of Mysore then you must take care of the fact that decisions regarding the fixed deposit rates always taken according to the nation’s Central Bank Policies. If any Policy changes then the fixed deposit rates may also change.
State Bank of Mysore FD Rates
|Tenure||Interest Rates for
|Interest Rates for Senior Citizen|
|7 days to 45 days||5.50%||6.00%|
|46 days to 90 days||6.50%||7.00%|
|91 days to 179 days||6.50%||7.00%|
|180 days to 210 days||6.50%||7.00%|
|211 days to 364 days||6.50%||7.00%|
|365 days to 455 days||6.90%||7.40%|
|456 days to 1 year 364 days||6.75%||7.25%|
|2 years to 2 years 364 days||6.75%||7.25%|
|3 years to 4 years 364 days||6.50%||7.00%|
|5 years to 10 years||6.50%||7.00%|
Types of State Bank of Mysore Fixed Deposit:
- State Bank of Mysore Short-Term FD
- Medium and Long-Term FD State Bank of Mysore
- State Bank of Mysore Senior Citizen FD
Let’s Discuss Each:
State Bank of Mysore Short-Term FD Rates:
For customers with the short-term holding of one month, the State Bank of Mysore provides interest at the rate of 5.5% annually. In case the holding extends to 02-03- months, interest rates exceed up to 6.5% annually. This is a better option for those willing to maintain the liquidity.
Moreover, for tenures between four and six months, the returns are pegged at 6.5% per annum, and it is increased to 7% per annum for the deposit period of nine months.
State Bank of Mysore Medium and Long-Term FD Rates:
The rate of Interest for FD of 01 years or less than 02 years hangs around 7.6% annually. If the tenure increases to 02 years or more (up to 10 years), then the rate of interest on the State Bank of Mysore Fixed Deposit decreased by 0.10% to 7.5% annually.
SBM Senior Citizen FD Rates:
In order to beneficiate senior citizens, the State Bank of Mysore offers an extra 0.4% interest on their FDs. Thus, the interest rates for their deposits range from 5.9% to 8% per annum.