SBM launches three new deposit schemes

BANGALORE: The State Bank of Mysore (SBM) launched three new deposit schemes with free accident death insurance cover for savings bank and term deposit accounts on Thursday.May Rose Steele, Director, State Bank of Mysore, launched My Bank Suraksha Savings Account, MyBank Suraskha Savings Plus Account and My Bank Suraksha Time Deposit Account.A memorandum of understanding (MoU) was signed by A K Basu, general manager, SBM and John Pulinthanam, deputy general manager, National Insurance Company Ltd.The MyBank Suraksha Savings Account would provide the depositor a free accident death insurance cover for Rs 2 lakh.The Mybank Suraksha Savings Plus Account provides the depositor a free accident death insurance cover for Rs 5 lakh.The My Bank Account Suraksha Time Deposit Account would provide the depositor a free accident death insurance cover for Rs 5 lakh without any reduction in the rate of interest.