Deposit schemes - State Bank of Mysore

Main Navigation- SBM- Working for a better tomorrow

	Deposits
	Home > Deposits

Welcome to State Bank of Mysore's Personal banking.

We meet your needs - of an investment of your surplus funds or to park your hard-earned money, you will find a product just right for you, delivered at a branch close to you.Open an account with any of our branches and realise the advantage of our vast network. Earn high interest on fixed deposits, putting your money to work for you with confidence and security.

Interest Rates-Domestic Deposits

New Deposit Schemes



A unique deposit scheme linked with insurance cover has been introduced. Insurance cover to a maximum of Rs. 5.00 lacs on deposits held for 5 years and more......


In order to provide value added services to our Personal Segment customers, a new specialized auto sweep product for Personal Segment savings bank customers has been introduced.Click on the image for more details

Saral Savings Bank account (No Frills account)

This account comes with very low minimum balances as well as low / nil charges, to cater to the needs of individual from the vast sections of population who are, otherwise, not fulfilling certain conditions of our existing Savings Bank requirements; Details are as under

Purpose	To enable the common man to open / maintain bank account at no cost.
Eligibility	Individuals of 18 years and above.
Available at	Presently in Rural Branches only.
Initial Deposit amount	Rs. 10/-
Minimum balance to be maintained	Zero.
Minimum balance / amount	If the value of business connection including interalia, the other liability products like Recurring Deposit or Term Deposit, exceed Rs. 10,000/- the account will be upgraded to normal SB account.
Rate of Interest	As applicable to Savings Bank from time to time.
Operation of the account and applicable charges	Cheque facility will not be extended on this account. Withdrawals will be made through withdrawal forms. Maximum 4 withdrawals per calendar month. No restrictions on deposits in the account.
Account opening procedure	Extant procedure for opening a SB account will be applicable.
Wheteher ATM card facility / standing instructions / overdraft facility is available?	Not available.
Nomination	As applicable to deposit accounts.
All other rules and regulations relating to SB accounts are applicable.

Tax saving scheme under Sec 80c of the IT act

A Bank Term Deposit Scheme 2006 has been introduced by the Central Government commencing from the financial year 2006-07 wherein time deposits made upto Rs.1.00 lakh for a period of 5 years are exempted from payment of Income tax under Sec 80C

A new deposit scheme combining the features of Current account, Savings Bank a/c, TDR or RID a/c. The product proposes to give liquidity to the depositor with high returns and convenience. It provides the depositor an automatic overdraft facility in Current a/c and automatic withdrawal of Term deposits in units through SB a/c. Depositor has to simultaneously open TDR / RID a/c for Rs.1000/-, SB a/c with balance Rs.500/- and Current a/c.

You can open an account with a deposit as low as Rs.100/- to Rs.300/-(Rs. 250/- for chequebook facility and Rs.100/- without chequebook facility) depending upon the area and earn interest at 3.5% (wef 01/03/2003) per annum. Computerised branches - Rs.500/- and Specialised hi-tech branches - Rs.2000/-

Invest a lumpsum amount for a specific period from 15 days upto 120 months and collect interest at monthly (discounted), quarterly, half- yearly or yearly intervals.

Your investment and interest for the specified period will be paid together at the end of the term. It gives you the highest yield of interest on your savings taking care of your future needs like marriage, house construction, children’s higher education, etc., Period can be from 6 months upto 10 years.

A flexible term deposit scheme. Deposits are accepted in units of Rs.500/- each with a minimum of Rs.5000/- (10 units) for a period of 1-10 years. Partial withdrawals are permitted in units without loss of interest on premature withdrawal for the entire deposit. Loans / Overdrafts can be availed upto 75% on the balance of units held.

Save bit by bit. Spend when the need is big and relax. Minimum monthly instalment is Rs.100/- and is accepted in multiples of Rs.10/- thereafter. Deposits are accepted from 12 months to 120 months.

Save with pleasure at your convenience. No penalty on your irregular remittance. You may enhance your instalment upto 10 times your initial deposit. An ideal deposit scheme for all, whose income is flexible and also for the salaried who may have to incur unexpected expenditure.

Period of Deposit	Rate of Interest p.a. (wef 21/08/2008)
7 days to 14 days **	**
15 days to 45 days	5.00%
46 days to 90 days	7.00%
91 days to 179 days	7.00%
180 days to 299 days	8.50%
300 days	10.50%
301 days to less than 1year	10.25%
1 year and less than 2 years	10.25%
2 years and less than 3 years	9.75%
3 years and less than 5 years	9.50%
5 years and above	9.25%

vcvcvcv

** Minimum deposit for 7-14 days period is Rs.15.00 lacs.

The above rates are applicable for fresh deposits and renewal of maturing deposits.

The Senior citizens would be offered 0.50% p.a. additional rates for all tenures.

MYBANK SURAKSHANA Deposit will also carry an interest rate of 9.25%

The rates of interest offered to staff and retired staff/senior citizens' staff will be 1% above the applicable rate with a cap of 11.00%

The rate of interest under the "SBM TAX SAVER" Scheme is 9.00%

The revised rates are also applicable to deposits accepted under Capital Gains Scheme,1988, Deposits from cooperative banks and NRO Deposits.

vcvcvcv


	Contact your nearest Branch of State Bank of Mysore or
	Chief Manager State Bank of Mysore Personal & Services Banking Department H .O.: K.G.Road, Bangalore - 560009, INDIA Phone: 91 80 22353901 to 22353909 ; 22353473.extn.380 91 80 22353467 Fax: 91 80 22283684 Email: cmpsb@sbm.co.in