Fixed Deposits, also known as term deposits or bonds, are powerful financial aids that allow you to invest a principal amount for a particular number of years and gain interest on it.
With the interest rates in SBM, FDs serve almost as a savings account with the twist of a longer term and additional features. These added benefits include senior citizen assistance, tax saving services, nomination, etc.
SBM offers different interest rates on Fixed Deposits for various maturity limits. At competitive FD interest rates, SBM also allows you to request for a loan against the deposit scheme.
|State Bank of Mysore FD Rates in India|
|Tenure||General Public FD Rates||Senior Citizen FD Rates|
|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%|
SBM FD rates tend to generate more interest in longer time periods. However, premature withdrawal of funds from an FD or termination of the same is not a general policy and needs to be reviewed by the Bank before it is allowed. A reduced interest or small fine may also be taxed for premature FD termination.
In SBM, fixed deposit rates can vary as per the changing policies of the nation's Central Bank. You can choose a simple or compound FD, opt for accessory benefits, and decide to reinvest the interest that the policy generates to bulk up the final payable amount.