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Tamilnad Mercantile Bank FD Interest Rates

3.50% - 5.50%
Interest rates
3 months - 10 years
Time Period
100 - no limit
Min. - Max amount
QUARTERLY
Compounding

About Tamilnad Mercantile Bank FD

Tamilnad Mercantile Bank Limited (TMB) is an Indian bank based in Thoothukudi, Tamil Nadu. TMB was formed in 1921 as the Nadar Bank, but in November 1962 it changed its name to Tamilnad Mercantile Bank to broaden its appeal beyond the Nadar population. The bank recorded a net profit of 2585 million for the fiscal year 2018–2019.

Tamilnad Mercantile Bank (TMB) has consistently extended the benefits of increased TMB FD rates to clients, assisting investors in multiplying their money while avoiding market swings in the form of fixed deposits. Along with offering competitive FD rates to clients, the bank also provides additional benefits to senior citizens in the form of an additional rate of interest, which allows senior people to earn larger investment returns.

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Started On1921
Head QuartersTamil Nadu
CRISIL RatingNA
CEOK. V. Rama Moorthy
Listed on exchange as
ICRA RatingNA

Tamilnad Mercantile Bank FD Rates 2022

TenureRegular customersSenior citizens
1
2

Features and Benefits of Tamilnad Mercantile FD

  • Fixed deposits offered by Tamilnad Mercantile Bank have a minimum term of 15 days and a maximum term of 10 years.
  • The interest collected throughout the term can be withdrawn monthly or quarterly.
  • On FD plans, the option of nomination is accessible.
  • Loans can be obtained based on the amount deposited (except for the tax-saving FD scheme).

Types of Tamilnad Mercantile Bank FD Schemes

Basic Fixed Deposit

As the name implies, this is the bank's standard FD program, which has no market risk but offers significant returns due to high TMB FD interest rates. Investors can put their money in a savings account for a certain length of time and receive compound interest on it.

Muthukuvial FD

Muthukuvai FD, the bank's flagship investment product, is meant to give clients with greater returns by reinvesting the accumulated interest in the principal amount. This type of interest treatment is known as compounding interest, and it generates higher returns than the old method of simple interest. A cumulative FD is another name for this sort of fixed deposit.

Santosh FD Scheme

TMB's special investment option, Santosh FD, is specifically intended to meet the investing needs of elderly persons, taking into account restrictions like sporadic or no income, etc. The program combines the advantages of a savings account and a fixed deposit account into one.

20:20 Deposit Scheme

The 20:20 Deposit Scheme accomplishes exactly what its name implies: it provides larger returns in a shorter period of 20 months and 20 days. The plan provides a 6.85 percent interest rate for normal residents and a 7.35 percent interest rate for senior citizens.

Tax Saving FD Scheme

TMB expands the tax-saving fixed deposit plan to benefit taxpayers. This program has a 5-year lock-in period during which no withdrawals (partial or full) can be made. Furthermore, the plan does not allow for loans to be granted against deposits deposited.

Pearl Deposit Scheme

Pearl deposit is a long-term fixed deposit program with a minimum period of one year and a maximum duration of 120 months. Senior people are entitled to an extra 0.50 percent interest rate on standard FD rates.

Cash Certificate

TMB's Cash Certificate Scheme is a set face value plan with a variety of features to help investors interested in fixed deposits. With competitive TMB FD interest rates, deposits can be placed for up to ten years. Cash certificates are available in set amounts of Rs. 1,000, 5,000, 10,000, 25,000, 50,000, and 1 lakh.

Term wise Tamilnad Mercantile Bank FD Rates

Short-term deposits

Short-term deposits range from 15 days to 1 year and the interest rates for general customers start from 3.25% to 5.45%, and the same for senior citizens.

Medium-term deposits

The medium-term deposits range from  1 year to 3 years. The interest rates offered are 5.45% to 5.25% for general customers and the same is followed for senior citizens.

Long-term deposits

The long-term deposits range from 3 years to 0 years, and the interest rates offered by the company are 5.15% for general customers and senior citizens.

Tamilnad Mercantile Bank vs Other Banks' FD

NameTenureInterest rate
1
2
3
4
5

How to invest in Tamilnad Mercantile Bank FD?

A Tamilnad Mercantile Bank FD account can be opened through different modes like Mobile App, Internet Banking, and offline.

1) Internet Banking

Follow the below-mentioned steps for opening a Tamilnad Mercantile Bank FD account via internet banking-

  • Sign in to the TMB Bank NetBanking account.
  • In the ‘Fixed Deposits’, choose the type of deposit account.
  • Provide all the required information in the account opening form. Fill out the payment, maturity, interest payout instructions.
  • After verifying the information, click on ‘Submit. On successful processing, a notification will be received.

 2) Mobile App - TMB Bank App

Follow the steps mentioned ahead to open an FD account via Tamilnad Mercantile Bank App-

  • Download the TMB Bank App.
  • In the ‘Fixed Deposits’ section, choose the type of deposit account.
  • Provide all the required information in the account opening form. Fill out the payment, maturity, interest payout instructions.
  • After verifying the information, click on ‘Submit. On successful processing, a notification will be received.

3) Opening Tamilnad Mercantile Bank FD Offline

For opening a Tamilnad Mercantile Bank FD account via offline mode, one has to visit the nearest Tamilnad Mercantile Bank branch. Fill out the Tamilnad Mercantile Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the Tamilnad Mercantile Bank.

 

Eligibility for Tamilnad Mercantile Bank FD

All resident individuals of India are eligible to open a Tamilnad Mercantile Bank FD account.

Documents to Open Tamilnad Mercantile Bank FD

The following documents have to be furnished for opening a Tamilnad Mercantile Bank FD

  • Passport size photographs
  • PAN Card
  • Government ID proof (Aadhar Card, Voter ID, Passport, PAN Card, Driving License)
  • Address proof (Passport, Aadhar Card, and Utility bills)
  • Tamilnad Mercantile Bank Fixed Deposit application form

FAQs

What exactly is the nomination facility?

If the depositor dies and there is a nominee assigned, the whole fund amount of the FD is credited to the nominee's account. Otherwise, the FD is closed and rendered null and invalid.

What is the maximum TMB FD interest rate available?

Currently, the most one may earn on an FD with the bank is for a term of more than one year to less than two years, with the TMB FD rate set at 5.75 percent for ordinary residents and 6.25 percent for senior citizens.

What is the bare requirement for opening a bulk deposit account with Tamilnad Mercantile Bank?

To open a bulk deposit and earn returns on the current TMB FD interest rates, a minimum investment of Rs. 2 crores is required.

How to open this scheme?

To create a fixed deposit account with Tamilnad Mercantile Bank, the first and most important step is to download and print the application form from the bank's official website. The next step is to complete the form and send it, together with any needed papers, to a Tamilnad Mercantile Bank branch near you.

Can I get a loan against this FD?

Investors in the bank's fixed deposit plans have the option of taking out a loan using their FD as collateral to correct a financial imbalance or satisfy a financial need. They will not have to go through the procedure of applying for a loan, submitting paperwork, and waiting for the loan approval in this manner. Loans of up to 90 percent of the deposit amount are available.

Calculate Tamilnad Mercantile Bank FD Interest
Investment Amount
₹25,000.00
Time Period
9 Months
1 Year
2 Years
3 Years
Maturity Amount
Tamilnad Mercantile Bank
@5.75% p.a
Get higher interest rates
online upto 0%
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