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State Bank of Mysore

State Bank of Mysore  was established in the year 1913 as Bank of Mysore Ltd. under the patronage of the erstwhile Govt. of Mysore, at the instance of the banking committee headed by the great Engineer-Statesman, Late Dr. Sir M.Visvesvaraya. Subsequently, in March 1960, the Bank became an Associate of State Bank of India.

The Bank has a widespread network of 593 branches and 28 extension counters spread all over India which includes 6 specialised SSI branches, 4 Industrial Finance  branches, 2 specialised Personal Banking branches, 1 Hi-tech Agricultural Finance branch, 1 Asset Recovery branch and 7 Service branches, offering wide range of services to the customers.

 

The skill and competence of the employees have been kept updated to meet the requirement of our customers keeping in view the changes in the environment. The State Bank of Mysore is gearing itself to meet the emerging competition by continuously innovating its range of products and services and by making use of the technology to improve the customer service.

The Bank is according highest priority by providing excellent service to the customers. The Bank has been awarded highest ratings in a customer service survey, commissioned by the Indian Banks’ Association during 1997. This survey ranking Public Sector Banks on the basis of quality of customer service has adjudged our Bank as “A” category (highest rating) in all the 5 zones represented by the Bank-a feature not shared by any of the other Public Sector Banks in India.

India

being one of the fastest growing countries in Asia, offers unique opportunities to non-resident Indians(NRIs) and Overseas Corporate Bodies (OCB) predominantly owned by non-residents of Indian Nationality or Indian origin for investments in India. One such avenue is to deposit funds with the banks and State Bank of Mysore welcomes you for placing your deposits with them. Located at strategic places all over the country with a network of over 100 correspondents all over the world, State Bank of Mysore provides you with all types of banking services to suit every type of your need. State Bank of Mysore offers several specially designed schemes for non-residents

 

NRI Home loans

 
Eligibility:
  
  •  
Non-Resident Indians holding Indian passport
  •  
Minimum monthly income: Rs.10000/-.
  •  
loan amount: 36 months net take-home pay / net income of Rs. 25 lacs or Rs. 2.5 millions whichever is lower.
  •  
Purpose: Construction / Acquisition of new house / flat / renovation / alteration /extension of existing house.
  •  
Margin: 20% of the total cost of the flat / house should be met by remittance from abroad through normal banking channels or out of funds held in the borrower's NRE / FCNR / NRO account in India.
  •  
Repayment: Can be done out of NRE / FCNR / NRO / NRNR funds.
  •  
Period of Loan: 15 years.
  •  
Rates of interest:

AMOUNT

INTEREST RATE (%)

Upto Rs. 25000/- 12% + interest tax
Rs. 25001/- upto Rs. 2.00 lacs PLR + interest tax
Over Rs. 2.00 lacs upto Rs. 5.00 lacs PLR + 1% + interest tax
Over Rs. 5.00 lacs PLR + 2% + interest tax 

PLR - Prime Lending Rate- 12.5% with effect from 01.05.2000

INTEREST RATES: SCHEMES AND INTEREST RATES ARE PREVAILING NOW AND ARE SUBJECT TO CHANGES FROM TIME TO TIME

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