State Bank Of Mysore SBM offers a single scheme under the RD portfolio which comes with standard features and benefits.

Recurring Deposit RD Scheme

The minimum monthly deposit amount starts at just Rs.100 which can be increased in multiples of Rs.10 based upon your investment needs.

Deposit term starts at 12 months with an upper limit of 120 months which provides enough flexibility to the depositor to choose a term of his choice.

Interest charges are compounded on a quarterly basis, payable at the end of the term along with the principal amount.

Interest Rates -

The interest rates on Recurring Deposit schemes extended by SBM are slightly higher than the market standards.

The current rate of interest starts at 8.75% that can go up to 8.80% depending on the term of deposit.

Senior citizens get an additional benefit of 0.50% on the prevailing rate.

The rates are subjected to periodic changes based on market conditions and bank’s discretion.

Opening an Recurring Deposit Account -

Existing savings, current and OD account holders with SBM can easily open an RD account via internet banking without any documentation.

Non account holders can walk into the nearest banking branch for details on procedure to open an RD account.

Customer service: 1800 425 2244