Founded on 2nd October, 1913, State Bank of Mysore is a leading nationalized bank, headquartered in Bengaluru which is one of the associate banks of State Bank of India. It provides all the services which a commercial bank does, like, deposits, withdrawals, loans, personal banking, mobile banking, internet banking, etc. The bank has more than 10627 employees working in a total of 976 branches pan India. Saving bank accounts are paid with an interest of 4% per annum.
The bank offers a privileged saving bank product under the name "MyBank Suraksha Saving Account", the features of which are discussed below:
In this account, all the facilities similar to Mybank Suraksha Savings Account are offered to the customers. The two differences are AQB and accidental insurance sum assured. Minimum AQB for the account is Rs 25,000 and an accidental death cover of Rs five lakhs is provided to the customers free of cost subject to annual review.
This account is a no frills account which can be opened with an initial deposit of Rs 10 and needs not to be maintained with any minimum balance. No ATM card is offered with this account. The account is opened in rural branches only for customers above the age of 18 years.