State Bank of Mysore Fixed Deposit

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.

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SBM offers different interest rates on Fixed Deposits for various maturity limits. At competitive fixed deposit interest rate, SBM also allows you to request for a loan against the deposit scheme.

Features of State Bank of Mysore Fixed Deposit

Investment Amount  Minimum - Rs.100 Maximum- Rs. 50, 00,00,000
Tenure  Minimum - 7 daysMaximum- 10 Years
Interest Rate  Minimum - 5.50 %Maximum- 6.50%

State Bank of Mysore Fixed Deposit Rates 2021

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%

Comparison of FD Rates by Top 10 Financial Institutes

Name Interest Rates Tenure  
Axis Bank 5.75% 5 years to 10 years View Details
Bank of Baroda 5.30% 5 years 1 day to 10 years View Details
Bank of India 5.40% 5 years to 10 years View Details
Canara Bank 5.45% 3 years to 10 years View Details
Central Bank of India 5.35% 5 years to 10 years View Details
HDFC Bank 5.50% 5 years 1 day to 10 years View Details
ICICI Bank 5.50% 5 years 1 day to 10 years View Details
IDBI Bank 5.70% 7 years 1 day to 10 years View Details
State Bank Of India 5.40% 5 years to 10 years View Details
Yes Bank 7.00% 1 year to 10 years View Details

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.

You May also like to Read:   FD Interest Rates SBI    
Written By: PolicyBazaar - Updated: 12 October 2021
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