State Bank of Mysore Recurring Deposit
State Bank of Mysore’s retail banking division provides a diverse range of banking products and monetary services, including term deposit services such as pension funds and current accounts, as well as fixed and revolving deposits.
Under the RD portfolio, State Bank of Mysore provides a single package with standard highlights and advantages. The interest rates are attractive and in line with market standards, ensuring substantial reserve funds for your company.
State Bank of Mysore RD Rates – Special Features
- The minimum monthly deposit amount is Rs.100, which can be increased in increments of Rs.10 depending on your speculative requirements.
- The deposit period starts with a year and ends with a limit of 120 months, giving the depositor enough flexibility to choose a term.
- Interest is calculated on a periodic basis and is due along with the principal at the end of the year.
State Bank of Mysore Bank Recurring Deposit Schemes Types
- Debit and savings
- Current account
- OD account
State Bank of Mysore Bank RD Account
Customers of SMB Bank will deposit their surplus savings on a periodic basis for a specified period of time in a recurring deposit. At the time of account opening, a customer must make a deposit into their RD account. During the term of the deposit, the customer makes occasional deposits and withdraws all money in the account.
SBM Bank Recurring Deposit Rates
Interest rates on SBM Bank Recurring Deposits are determined by a variety of factors. The following are some of them:
The interest rate of all banking instruments, including revolving deposits, is affected by changes in the Cash Reserve Ratio (CRR) and repo rate as regulated by the RBI.
Recession – During a recession, the RBI releases funds into the economy, thus injecting liquidity. Banks lower RD prices as a result of high liquidity and low credit demand.
State Bank of Mysore RD Interest Rates 2021
| Tenure | General Rates | Senior Citizen Rates |
|---|---|---|
| 1 year to 1 year 364 days | 5.00% | 5.50% |
| 2 years to 2 years 364 days | 5.10% | 5.60% |
| 3 years to 4 years 364 days | 5.30% | 5.80% |
| 5 years to 10 years | 5.40% | 6.20% |
State Bank of Mysore RD Interest Calculator
The amount of RD maturity you will obtain is calculated by the following three factors.
- The original amount deposited by a customer in SBM is known as the deposit amount. For bigger deposits, a higher interest rate can be given. SBM accepts deposits of as little as 100.
- Interest Rates- SBM pays a higher interest rate on longer-term recurring deposits and a lower interest rate on shorter-term deposits. For deposit volumes, SBM pays the maximum interest rate of 5.40 percent.
- Deposit period- The bank pays a low interest rate on short-term RDs and a higher interest rate on long-term RDs.
RD Account Opening Process at State Bank of Mysore
Existing SBM deposits, new, and OD account holders can easily open an RD account via web banking without submitting any paperwork. Sign in to your web banking account and choose the appropriate option to open the account and set terms. For month-to-month billing ease, the RD would be directly connected to the current record.
Non-record holders should contact their nearest financial branch for more guidance about how to open an RD account. It’s likely that you’ll be asked to open a reserve funds/current record by supplying regular archives with identity and address validation.
Duration of Recurring Deposits with State Bank of Mysore
SBM allows you to open a Recurring Deposit account for a period of one year and a limit of ten years.
FAQs
What is the minimum and maximum term for an online periodic deposit with the State Bank of Mysore?
Ans: The recurring deposit should be for a minimum of 12 months (1 year) and a limit of 120 months (10 years).
Is it possible to apply for a State Bank of Mysore RD account online?
Yeah, you sure will. Your Internet banking keys, which provide a username and password, are what you’ll need. You must already have at least one online mapped purchase with this username.
What is the smallest number that can be deposited into the account per month?
Ans: The minimum monthly payment number that must be deposited is Rs. 100