State Bank of Mysore is a subsidiary of SBi and it is a nationalized bank. It offers a competitive rate of interest to its customers on various Recurring Deposit schemes assisting its customers to get more savings. The minimum deposit required for opening an Recurring Deposit account with State Bank of Mysore is 100 rupees and it can be increased further by the multiples of 10 after that. There is no maximum limit on the amount that can be deposited in a State Bank of Mysore Recurring Deposit account. The deposit term ranges from 12 months- 10 years and the premature withdrawal of funds is possible for State Bank of Mysore Recurring Deposit accounts.
|Tenure Of Recurring Deposit||ROI (% p.a.)||ROI For Senior Citizens (% p.a.)|
|211 days to less than 1 year||6.5||7|
|1 year to 455 days||6.9||7.4|
|456 days to less than 2 years||6.75||7.25|
|2 years to less than 3 years||6.75||7.25|
|3 years to less than 5 years||6.5||7|
|5 years and up to 10 years||6.5||7|
The short-term Recurring Deposit account has a tenure ranging from 211 days-1 years and the interest rate applicable on these deposits is 7%. For customers who hold Recurring Deposit for a short duration of 1 year-455 days, the rate of interest offered by the Bank is 6.9%
State Bank of Mysore also offers medium and long-term Recurring Deposit. The medium-term tenure ranges from 3-5 years and the interest rate applicable on medium-term Recurring Deposit is 6.5%. The tenure of long-term Recurring Deposit ranges form 5-10 years and the interest rate applicable is 6.5% as well.
State Bank of Mysore also offers senior citizens with an additional interest rate of 0.5%. Senior citizens receive an interest rate of 7.5% for the short term Recurring Deposit and for a medium-term Recurring Deposit ranging from 1-3 years, the interest rate applicable is 7.35%. For a medium and long-term deposit ranging 3-10 years, the interest rate applicable is 7%
What is the penalty amount for premature withdrawal?
On premature withdrawal, the interest charged is 1% less than the rate applicable on the deposit period with the bank.
Is there any interest earned on the overdue account?
State Bank of Mysore is not legally required to pay interest on an overdue Recurring Deposit account