State Bank of Mysore (SBM), a Bangalore headquartered bank, is one of the five associate banks of State Bank of India (SBI) and its branches are spread across cities like Mysore, Bangalore, New Delhi, Mumbai, Hyderabad and Chennai. The bank has more than 700 branches across the country. At SBM, you can choose from a wide range of fixed deposit schemes like Centenary Liquid Term Deposit, Mybank Suraksha Time Deposit Account, SBM – Tax Saver Scheme, reinvestment deposits, etc. The interest rates in these schemes fall in the range of 4%-8% per annum based on the period of deposit. Check below for the interest rates on different deposit amounts and periods.
SBM Fixed Deposit Rates
Interest Rates on Deposits Below Rs. 1 Crore (Deposit Rates as on 30th Sep, 2016)
| Period of Deposit | Interest Rate |
|---|---|
| 7-45 Days | 5.50% |
| 46-90 Days | 6.50% |
| 91-179 Days | 6.50% |
| 180-Below 210 Days | 6.75% |
| 211 Days-Below 1 Year | 7.00% |
| 1 Year-Below 2 Years | 7.60% |
| 2 Years-Below 3 Years | 7.50% |
| 3 Years-5 Years | 7.50% |
| Above 5 Years-10 Years | 7.50% |
Interest Rates on Deposits of Rs. 1 Crore-5 Crore (Deposit Rates as on 30th Sep, 2016)
| Period of Deposit | Interest Rate |
|---|---|
| 7-45 Days | 5.50% |
| 46-90 Days | 6.50% |
| 91-179 Days | 6.50% |
| 180-Below 210 Days | 6.50% |
| 211 Days-364 Days | 6.50% |
| 1 Year | 6.75% |
Interest Rates on Deposits More than Rs 5 Crore (Deposit Rates as on 30th Sep, 2016)
| Period of Deposit | Interest Rate |
|---|---|
| 7-45 Days | 5.50% |
| 46-90 Days | 5.50% |
| 91-179 Days | 6.50% |
| 180-364 Days | 6.50% |
| 1 Year-Over 2 Years | 6.75% |
| 2 Years-Over 3 Years | 6.50% |
| 3 Years-5 Years | 6.00% |
SBM Fixed Deposit Interest Calculator
After having a look at the interest rates, you must be doing all sorts of mathematics to check how much you can grow your money, isn’t it folks. You can calculate it by using the fixed deposit calculator, which takes into account the invested capital, interest rate, interest compounding frequency and deposit period to achieve the same.
SBM Fixed Deposit Schemes
Centenary Liquid Term Deposit
- Target customers- High net worth individuals (HNIs)
- Minimum deposit amount-Rs. 1 Cr
- Maximum deposit amount-Rs. 50 Cr
- Minimum deposit period-7 days
- Maximum deposit period-179 days
- No premature withdrawal penalty if deposit held for a minimum period of 7 days
Mybank Suraksha Time Deposit Account
- Available for resident Indians only
- NRIs not allowed to book this scheme
- Minimum deposit amount-Rs. 1 lac
- Maximum deposit amount-Rs. 1 Cr
- Minimum deposit period-1 year
- Maximum deposit period-3 years
SBM-Tax Saver Scheme
- Lock-in period-5 years
- Maximum deposit amount-Rs 1.5 lacs in a financial year
- Offers tax exemption under Section 80C of the Income Tax Act
Reinvestment Deposits
- Minimum deposit period-6 months
- Maximum deposit period-10 years
- Interest payable only at the time of maturity
SBM Fixed Deposit Application Form
You can get access to the fixed deposit application form online as well as offline. In either of the options, you will have to fill in the details of the application form and submit it to the branch officials for processing. As far as online option is concerned, you can download the form from the bank’s website.
