State Bank of Mysore

The bank issues four kinds of credit cards all in association with VISA. These cards can be used for credit purchases without paying cash:

• Visa Platinum- This card is accepted globally and provides the power to spend as much as the card-holder wants. It also offers insurance on travel and coverage of accidents.
• Visa and MasterCard Gold- This card provides a host of travel and shopping packages globally as well as car rental facility and stay at hotels at a discount.
• Visa Business- This card is provided to only established companies and it is enabled via a special chip. Secure online purchase is another important feature of this card.
• Visa Classic, Visa Electron, MasterCard Classic- This card offers a discount as big as 50% on purchases across Mauritius. It also provides interest free credit on the purchases done by the card-holder.

A credit card statement is generated every month and sent to the customer’s registered email id which shows the list and the nature of transactions done using the card. There is an amount in the statement which is the cumulative amount of your spending and needs to be paid to the bank otherwise there is a fee charged in the form of interest on delayed payments

The following types of Savings accounts are offered by the State Bank of Mysore in which the customer can save surplus money and can also make withdrawals as per requirement. Each account earns an interest rate of 4% p.a. which is paid by way of account credit.

• Mybank Suraksha Savings Account.
• Mybank Suraksha Savings Plus Account
• Saral Savings Bank Account

The interest rates payable on the term deposit schemes which are also called fixed deposit schemes more popularly are higher than those payable on the savings account because the money is held for a longer tenure

• Short-term Fixed Deposit Rates- The fixed deposit interest rates on short-term basis ranges from 7.75% p.a. to the highest of 8.5% p.a.
• Medium and Long-term Fixed Deposit Rates- For 1-3 years the rate stays at 9% mark p.a. but for tenure between 1-3 years it sees a downfall of 0.1% making it 8.9% p.a. on long term holdings.
• Senior Citizen Fixed Deposit Rates- For short-term holdings, the interest rates ranges from 6.5% p.a. to 7.5% p.a. while for long-term deposits, it increases by 0.5% p.a. For 120-day deposit tenure, the interest rates remain unchanged.

Various types of loans are provided by the bank out of which a home loan is also a variety which provides loans for the purpose of buying or building a residential house. The rate of interest is charged on both fixed as well as floating basis. The base rate stands at 10.00% whereas the prime lending rate is 15.00%.

NRIs can avail banking solutions from the State bank of Mysore through different types of account opened and maintained with the bank including:

• NRE Account- This account can be in the form of savings, current. Term-deposits or reinvestment deposit accounts and is maintained in the form of Indian Rupee. All the proceeds in this account are freely repatriable.
• FCNR Accounts- This account can be in the form of term-deposits or reinvestment deposits and can be maintained in the foreign currencies namely US Dollar, Pound Sterling and also Euro. Conversion of the currency to Indian Rupee is possible at the prevailing exchange rate.
• NRO Account- The loans available in this account are in the form of Indian Rupee whereas the repayment of that loan can be in both foreign currency and Indian Rupee. The proceeds in this account are not at all repatriable.

The rapid increase of technology has made people computer-friendly and internet has become a very powerful tool. In keeping with this trend, the State Bank of Mysore also offers banking facilities mentioned below which can be done over the internet and visiting the branch is not required

• Knowing the balance of your account
• Obtaining the account statement
• Issuing of cheques and demand drafts
• Buying a fixed deposit scheme
• Making fund transfers anywhere
• Making payment of your taxes.
• Making payments of your various utility bills which can be your phone bill, electricity bill, water bill, etc.

The bank’s website, can be used if you have any issues with the bank. Alternatively the number 1800-425-2244 can be dialed for the same. The branches of the bank are also equipped to provide any answers you might be looking for.