Here is the State Bank of Mysore RD Calculator to help you know your maturity amount. Just know the Rates of interest in State Bank of Mysore and save more money. Get down the page to see more details of SBM RD account opening process and different SBM deposit rates.
State Bank of Mysore RD Calculator
The candidates with state bank of Mysore rd account can know their maturity amount with the use of SBM recurring deposit calculator on this page. We have given the easy ways to use RD calculator along with some examples in the link. Moreover, the users can know the tenure amount with the State Bank of Mysore RD Calculator online and through manual calculation using the formula.
If you want to know how much money you should invest to get certain maturity amount, you can use the SBM recurring deposit installment calculator. Below are the steps to calculate in the online method. So, follow these steps to get your clarifications easily.
How to Use SBM RD Calculator?
- Click the link provided below to use State Bank of Mysore RD Calculator.
- The RD Calculator for SBM opens on your screen.
- Fill in all the details like SBM rate of interest, the frequency of compound interest, principal amount, and tenure period.
- After checking all the details for correction, click on the calculate button.
- You can observe the State Bank of Mysore Recurring deposit maturity amount on the screen.
- The number of State Bank of Mysore RD Calculator has no limit.
So, to calculate the State Bank of Mysore interest rates, click the below link.
How to Use State Bank of Mysore RD Installment Calculator
- Click the below link to installment calculator for SBM recurring deposit.
- You will see the window of SBM RD Installment calculator.
- Enter your details of rate of interest, tenure period, maturity amount.
- Select the frequency of compounding the interest from the set of quarterly, half-yearly, monthly, and annually.
- After rechecking all the details, click on the calculate button.
- Hence, the installment you need to pay on monthly basis appears on the screen.
- You can use this RD installment calculator any number of times.
So, to use the SBM RD Installment calculator, click the below link.
Additionally, you can also use the below formula to calculate your monthly installment manually.
Formula for State Bank of Mysore RD Investment Amount
R = M / [(1+i)n – 1] / [1 – (1+i) – 1/3]
R – Recurring deposit monthly installment
M = maturity value
i = Rate of Interest divided by 400
n = number of quarters compounded
State Bank of Mysore RD Interest Rates
|SBM RD Rates of Interest|
for SBM Recurring Deposits
|SBM Rate of Interest for
|SBM Rate of interest
for Senior Citizens
|211 Days to below 1 Year||6.5%||7%|
|366 Days to 455 Days||6.9%||7.4%|
|456 Days to 1Year 364 Days||6.95%||7.45%|
|2 Years to 2 Years 364 Days||6.85%||7.35%|
|3 Years to 4 Years 364 Days||6.50%||7.00%|
|5 Years to 10 Years||6.50%||7.00%|
To know the interest rates of other banks, click the below link.
SBM Recurring Deposit – Overview
The State Bank of Mysore Ltd, (SBM) was established in the year 1913. It is one of the five associate banks of State Bank of India. SBM has its headquarters at Bengaluru and has over 1000 branches all over India and a strong base in Karnataka state. It also makes its presence in the rural banking sector and the list of BSE and NSE. SBM offers a number of banking products and financial services in the retail banking division. They include the term deposit services like savings and current accounts, fixed and recurring deposits.
Recurring Deposit in State Bank of Mysore
SBM provides a single scheme of RD with standard features and benefits. Moreover, the interest rates of SBM RD are appealing with the market standards which satisfies you with the savings on your investment. The SBM Recurring Deposit scheme can be opened by depositing a minimum amount of Rs.100 and with multiples of Rs.10. The maximum limit of deposition is not set by the bank. Meanwhile, the SBH term deposit ranges from 12 months to 10 years. Moreover, any premature withdrawal of the Recurring deposit is permitted by State Bank of Mysore.
Steps to Open a Recurring Deposit in State Bank of Mysore
To open a new RD account in State Bank of Mysore, there are two processes. The first process is online and the second is the offline process. Those who possess an account already in the bank can start the recurring deposit in a very easy way. Once you open an RD account in the bank, you can use the above State Bank of Mysore RD Calculator to know your maturity amount. Here are the processes.
How to Open RD Account in SBM Online?
- If you already have an account in SBM, you can open an RD account through internet banking.
- This does not need any documentation.
- Log onto the SBM internet banking account.
- Use the relevant options to open an RD account and make your setting terms.
- Then the RD links to the existing account to debit on monthly basis.
SBM Recurring Deposit Account Opening – Offline
- For the non-account holders to open an RD account, one should walk into the nearest SBM branch.
- Enquire for the procedure for opening an RD account in State bank of Mysore.
- Firstly, you may have to open a savings or current account by submitting necessary documents of ID and address proof.
- The documents are to be attached to the State Bank of Mysore RD account opening form.
To know more details of opening an RD account in SBM, click the below link.
State Bank of Mysore Recurring Deposit Features
- The minimum amount one should deposit in an RD account is Rs.100.
- It can be increased further in the multiples of Rs.10 according to your need of investment.
- The tenure period of the SBM RD has a minimum period of 12 months and with an upper limit of 120 months.
- So, this helps to choose your own term of deposit.
- State Bank of Mysore interest rates are compounded quarterly and paid at the end of the tenure period.
- A user-friendly State Bank of Mysore RD Calculator.
- Any premature withdrawal of State Bank of Mysore Recurring Deposit leads to a penalty payment.
- However, the penalty means the reduction of interest rates at the rate of 1%.
- You can link the installment payment for recurring deposit to the SBM accounts of Debit and savings, current account, OD account.
State Bank of Mysore Recurring Deposit Schemes
The bank of Mysore offers different schemes for its customers to save their money. Every scheme of the bank possesses different rate of interests on the deposit. Here are the two types of schemes offered by SBM which are the Short-term recurring deposit and medium, long-term recurring deposit schemes.
State Bank of Mysore Short-Term Recurring Deposit Interest Rates
The recurring deposit for short term deposit has the minimum tenure of 211 days. The upper limit of the tenure if 2 years which gets an interest of 7.00% for regular deposits. Whereas, the RD account held for 1 year to 455 days bears the rate of interest of 6.90%.
Medium and Long Term RD Interest Rates of SBM
The bank offers medium and long-term deposit tenures for RD in SBM. A medium term RD account can be held for 3 years to less than 5 years. Whereas, a long-term RD holds on for a tenure for 5 years to 10 years and not more than that. This tenure bears an interest rate of 6.50%.
- SBM Rate of Interests on RD for senior citizens gets 0.50% more interest over the general deposits.
- On a short-term RD for 211 days to 1 year, they receive an interest of 7.50%.
- For a tenure period of 2 years to 3 years, senior citizens receive 7.35% of the interest.
- Over the long-term recurring deposit in state bank of Mysore, they get 7.00% of the interest rate on RD in SBM.