State Bank of Mysore - Services and Facilities

State Bank of Mysore

State Bank of Mysore has been serving its customer since 1913 and it was initially known as Bank of Mysore Ltd. in benefaction of former Government of Mysore. It was headed by the legendary engineer Dr. Sir M.Vishveshwariah.

During the 1960s, State Bank of Mysore became an associate of the State Bank of India, and SBI, currently, holds about 92.33% of the shares.

There are about 707 branches and 22 extension counters of SBM spread across the nation, including six medium and small enterprises branches, four finance industrial branches, six personal banking branches, three corporate accounts branches, ten agricultural development branches, eight service branches and three government business branches that provide an extensive line-up of services to their customers.

Types of Accounts

• General Savings Bank Account

• Mybank Suraksha

• Saral Savings

• Mybank Suraksha Savings Plus Account

• Mybank Suraksha Time Deposit Account

• NRE / FCNR Accounts

Deposit Services

Deposit services include 3 major deposit schemes, and those are –

1. Term Deposits,

2. Recurring Deposits, and

3. Harsha Deposits.

Advanced Services

It also provides advanced services that make customers’ life easy by increasing their accessibility to a host of features. Some of the advanced services are Internet baking and Mobile banking.

• Internet Banking

The internet banking gateway allows corporate and retail banking customers to manage their accounts via internet, and permits the customers to perform banking activities online. Customers also get to enjoy facilities like online booking of railway tickets, utility bill payments, credit card payments, and attractive offers on online purchases. Isn’t Online Banking just the right facility for next generation banking?

• Mobile Banking

Mobile banking offers customers the opportunity to pay bills or send money to their family or friends any time with secure and simple banking services via their mobile phones. Additionally, customers can transfer funds, request additional services, and pay bills via mobile banking facility.

Types of Loan

State Bank of Mysore offers various types of loans, like Personal loans, Happy home loans, Mortgage loans, Housing loans, Gnanamitra Educational Loan (to students), Auto loans, Corporate loans and My Bank Scholar loans. We shall insinuate below the details of the loans offered by SBM.

• Personal Loan

Employees of central/state government, individuals, multinational companies, public limited companies, and public sectors with minimum 2 years experience ,and people earning salary not less than Rs. 6,000 are eligible for this loan.

• Happy Home Loan

SBM offers a special loan called ‘Happy Home’ in which the customers can buy any desired goodies like coolers, mixers/grinders, mopeds, VCRs, cars, refrigerators, furniture, washing machines, and many more home appliances at low rates of interest.

• Mortgage Loan

Professionals, employees, individuals, and self-employed with monthly income of Rs. 12,000 or Rs. 150,000 per annum are eligible for this loan.

• Housing Loan

As the name suggests, this loan is offered to customers who wish to purchase or construct a new flat or house, renovate or repair existing house, purchase consumer durables or furnishings and purchase built houses… But, the interesting part is that SBM funds up to 85% of value of new houses (applies only to first sale!) under 75lakhs budget, while most of the other banks are now funding only up to 80% of the total value, forcing the buyers to pay min 20% margin money from their end.

• Gnanamitra Educational Loan

This loan allows students with excellent academic record to meet their tuition expenses and also other fees like books, equipments, maintenance cost, and pursuing higher studies at renowned schools and colleges.

• 2-Wheeler and 4-Wheeler Loans

Individuals aged between 21 to 65 years are eligible for this loan; the salaried, self-employed, and professional people with annual income of about 1,00,000 and above are eligible, and SBM also funds up to Rs. 4 lakhs for two-wheeler loans.

• Corporate Loan

SBM provides loan for small business enterprises, wholesale traders, retail traders, self-employed people, and professionals to meet their working resources needs.

• My Bank Scholar Loan

This loan is granted to meritorious/deserving for pursuing courses in India at preferred premier and alleged institutions recognized by SBM.