Tamilnad Mercantile Bank (TMB) offering competitive FD interest rates, tailored to earn attractive returns for every individual whether he is a Senior Citizen or a General Public. For the General Public, the FD rates starts from 5.25% to 7.50% p.a. and 5.25% to 8.00% p.a. for Seniors Citizen. The FD tenure is 5 years to 10 years. TMB tax-saving FDs help you to optimize your savings and minimize tax liabilities with rates of 6.50% to 7.00% p.a.
For Non-Resident Indians (NRIs), Tamilnad Mercantile Bank offers specialized FD products including NRO, NRE, and FCNR deposits in major currencies such as USD, GBP, EUR, CAD, AUD, JPY, and CHF and ensure that NRIs have access to secure and flexible savings options whether investing in India or managing finances abroad.
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TMB Bank FD Rates
The Tamilnad Mercantile Bank provides highly profitable fixed deposit (FD) interest rates starting from between 5.25% to 6.5% per annum across parameters. Senior citizens are eligible for additional interest for certain investment tenures. The Tamilnad Mercantile Bank fixed deposit rates for senior citizens start from 5.25% and go up to 7% per annum. Take a look at the table below to know more:-
TMB Bank FD Rates (Deposit Less than βΉ2 Crores)
| Period | General Public (Below 2 crore) | Senior Citizens (Below 2 crore) |
| 7-14 days | 5.25% | 5.25% |
| 15-29 days | 5.25% | 5.25% |
| 30-45 days | 5.25% | 5.25% |
| 46-60 days | 5.25% | 5.25% |
| 61-90 days | 5.25% | 5.25% |
| 91-120 days | 5.75% | 5.75% |
| 121-179 days | 6.00% | 6.00% |
| 180-270 days | 6.00% | 6.00% |
| 271 days to less than 1 year | 6.00% | 6.00% |
| 1 year | 7.25% | 7.75% |
| Above 1 year to less than 20 months & 20 days | 7.00% | 7.50% |
| 20 months & 20 days | 7.00% | 7.50% |
| Above 20 months & 20 days to less than 2 years | 7.00% | 7.50% |
| 2 years to less than 3 years | 6.75% | 7.25% |
| 3 years to 10 years | 6.50% | 7.00% |
Note: The TMB term and fixed deposit interest rates may vary. The above rates were recorded on 10th April 2024.
Bulk Deposit and NRO Term Rates β Tamilnad Mercantile Bank
| Period | Bulk Deposits (Rs.2 crore and above) |
| 7-14 days | 5.25 |
| 15-29 days | 5.25 |
| 30-45 days | 5.25 |
| 46-60 days | 5.25 |
| 61-90 days | 5.25 |
| 91-120 days | 5.25 |
| 121-179 days | 5.5 |
| 180-270 days | 5.75 |
| 271 days to less than 1 year | 5.75 |
| 1 year | 7.75 |
| Above 1 year to less than 20 months & 20 days | 7.00 |
| 20 months & 20 days | 7.00 |
| Above 20 months 20 days to less than 2 years | 7.00 |
| 2 years to less than 3 years | 6.75 |
| 3 years to 10 years | 6.50 |
Note:- The TMB term and fixed deposit interest rates are subject to change. The above rates were recorded on 10th April 2024.
TMB Tax Saving FD Rates
| Tenure | Regular FD Rates per annum |
| 5 years to 10 years | 6.50% |
Tamilnad Mercantile Bank NRI Deposit Rates
TMB NRI fixed deposits are a common option used by NRIs (Non-Resident Indians). It allows them to deposit their earnings into the TMB bank as savings or investments and gain higher interest.
There are two kinds of NRI Deposits:-
- NRE β A bank account that is opened in India in the NRIβs name to deposit foreign earnings
- NRO β A bank account that is opened in India in the NRIβs name for managing the income they earn in India
TMB Fixed Deposit Interest Rates for NRE Deposits
| Interest Rates (% p.a.) | ||
| Period | For deposits below Rs. 2 crore | For deposits Rs. 2 crore and above |
| 1 year | 7.00 | 7.25 |
| Above 1 year to 18 months | 7.00 | 7.00 |
| Above 18 months to less than 2 years | 7.00 | 7.00 |
| 2 years to less than 3 years | 6.75 | 6.75 |
| 3 years to 10 years | 6.50 | 6.50 |
Note: The Interest rates are noted based on 10th April 2024. However, interest rates are subject to market conditions.
TMB Bank FD Rates β NRO Deposits
| Tenure | Interest Rates (% p.a.) |
| 7 to 14 days | 5.25 |
| 15 to 29 days | 5.25 |
| 30 to 45 days | 5.25 |
| 46 to 60 days | 5.25 |
| 61 to 90 days | 5.25 |
| 91 to 120 days | 6 |
| 121 β 179 days | 6.25 |
| 180 to 270 days | 6.5 |
| 271 days to less than 1 year | 6.75 |
| 1 year | 7.25 |
| Above 1 year to less than 20 months & 20 days | 7 |
| 20 months & 20 days | 7 |
| Above 20 months 20 days to less than 2 years | 7 |
| 2 years to less than 3 years | 6.75 |
| 3 years to 10 years | 6.5 |
Note: The Interest rates are noted based on 10th April 2024. However, interest rates are subject to market conditions.
TMB Bank FCNR (B) Deposit Interest Rates
The below-mentioned table highlights TMB Bank FCNR (B) deposit Interest rates:-
| Interest Rates (% p.a.) | |||||
| Currency | 1 Year to less than 2 Years | 2 Years to less than 3 Years | 3 Years to less than 4 Years | 4 Years to less than 5 Years | 5 Years |
| USD | 5.8 | 5.5 | 5.4 | 5.3 | 5.3 |
| GBP | 4.03 | 4.03 | 3.98 | 4.08 | 4.08 |
| EUR | 2.5 | 2.5 | 2.45 | 2.55 | 2.55 |
| CAD | 4.75 | 4.75 | 4.75 | 4.75 | 4.75 |
| AUD | 0 | 0 | 0 | 0 | 0 |
| JPY | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 |
| CHF | 0 | 0 | 0 | 0 | 0 |
Note:- The Interest rates are noted based on 7th April 2024. However, interest rates are subject to market conditions.
What are the Benefits and Features of TMB Fixed Deposit Schemes?
If you are wondering why you should consider opening a fixed deposit account in TamilNad Mercantile Bank, check out the benefits and features below:-
- The fixed deposit tenure by TMB starts from 15 days and goes up to 10 years.
- You can withdraw the interest earned monthly or quarterly
- The nomination option is available on the TMB FD schemes.
- You can apply for a loan against the deposited amount ( but not in the case of tax-saving fixed deposits)
Eligibility Criteria for Tamilnad Mercantile Bank Fixed Deposit
Hereβs a list of people who are eligible to open a fixed deposit in Tamilnad Mercantile Bank:-
- Sole Proprietor/Proprietorships
- Individuals
- HUFs
- Limited Companies
- Associations
- Partnerships
- Trusts
What Documents are Essential for a TMB Fixed Deposit?
The essential documents for a Tamilnad Mercantile Bank FD Scheme include:-
- Identity Proof
- Aadhaar Card
- Driving Licence
- Passport
- PAN Card
- Senior citizen ID (if any)
- Voter ID or Photo ID card (government-issued)
- Address Proof:
- Electricity, Telephone Bill or other Utility bills
- Passport
Types of Fixed Deposit Schemes by Tamilnad Mercantile Bank
Tamilnad Mercantile Bank provides seven kinds of FD schemes. We have provided the details of each of these schemes so you can compare and select the most suitable option: β
Basic Fixed Deposit:
The Basic Fixed Deposit scheme offered by Tamilnad Mercantile Bank has the following features:-
- Range of maturities available from 15 days to 10 years.
- Facility to nominate a beneficiary.
- Interest is calculated as Simple Interest.
- Facility to secure a loan against this deposit.
- Option to receive interest payment monthly or quarterly.
Muthukuvial Fixed Deposit:
The Tamilnad Mercantile Bankβs Muthukuvial Fixed Deposit scheme offers the following features:-
- Reinvestment plan
- Maturity ranges from 1 year to 10 years.
- Nomination facility is available.
- Minimum deposit amount: Rs.1,000.
- Interest is compounded for select tenures.
- Penalty for premature encashment.
- Loans can be taken against the Muthukuvial Deposit.
Santhosh Fixed Deposit:
The Santhosh Fixed Deposit scheme offered by Tamilnad Mercantile Bank is exclusively tailored to meet the needs of senior citizens. It offers the best of both worlds β Savings Account and Muthukkuvial or FD scheme.
- Higher FD interest rates available
- 20 personalized cheque leaves for a year available free of cost
- Also comes with Rs.1 lakh worth of accident insurance cover and its free of cost
Tax Saving Fixed Deposit:
Under the βTMB TSD (Malligai)β deposit scheme, customers are offered the option of withdrawing interest at regular intervals β on a monthly, quarterly, half-yearly and annual basis.
- The Tax Saving Deposit Account from Tamilnad Mercantile Bank (TMB) offers an attractive deposit amount with a minimum deposit of Rs.100 and a maximum of Rs.1,50,000 per financial year.
- The tenure of the deposit is 5 years with an interest rate of 5.50% per annum.
- This account allows one to save tax under Section 80C of the Income Tax Act 1961.
Cash Certificate Deposit:
Cash Certificate Deposit from Tamilnad Mercantile Bank (TMB) offers a range of convenience and flexibility to customers.
- Available in denominations of Rs. 1,000, Rs. 5,000, Rs. 10,000, Rs. 25,000, Rs. 50,000, and Rs. 1,00,000.
- Nominations facility available, allowing customers to choose who will get their money in the event of death.
- Compound interest applicable for a certain period of deposit.
- Facility of premature closing available, subject to a penalty.
- Loans can be obtained against the deposit amount.
Pearl Deposit:
Here are the key features of Pearl Deposit from Tamilnad Mercantile Bank (TMB) in bullet points:-
- Pearl Deposit from Tamilnad Mercantile Bank (TMB) offers a range of deposit periods from 12 months to 10 years.
- Interest can be withdrawn or transferred to any operative account on a quarterly or half-yearly basis.
- Premature closure of the deposit is accepted, subject to penalty, if necessary. No interest will be paid for deposits closed within one year of the date of deposit/renewal.
- Standing instructions for payment transfers or transfer of deposit accounts is possible.
- Loans can be availed against the deposited amount.
- TDS is not applicable.
20:20 Deposit:
Tamilnad Mercantile Bank (TMB) offers a 20:20 Deposit Scheme with a range of benefits.
- Account can be opened with a minimum deposit of Rs 1,000 and in multiples of Rs 1,000 with no maximum.
- A nomination facility is available to leave a bequest to oneβs heirs.
- Interest payment frequency can be opted as monthly or quarterly.
- Premature closing of the account is allowed, subject to certain penalties.
- Depositor can avail loan against 90% of the deposit amount.
TMB Premature Withdrawal of FD
TMB Premature Withdrawal of FD is a facility provided by Tamilnad Mercantile Bank (TMB) to its customers to withdraw the amount from their Fixed Deposit account before the maturity date. This facility is especially useful in emergencies when you need immediate cash to meet urgent requirements.
With the TMB Premature Withdrawal of FD, customers can withdraw the principal amount of their Fixed Deposit without paying any penalty or extra charges. However, the interest rate applicable to such withdrawal is lower than that of a regular FD of the same tenure. This is done to compensate TMB for the premature withdrawal of the FD amount.
Customers can avail of this facility by submitting an application form to the bank, which has to be signed by all the holders of the FD account. The bank will then process the request and disburse the amount, usually within two working days.
TMBβs Premature Withdrawal of FD can greatly help in times of financial crisis. With this facility, customers can meet their urgent financial needs and save on the penalty charges they would incur if they chose to close the FD account before its maturity date.
TMB Loan against FD
TMB Loan against FD is a secured loan facility offered by Tamilnad Mercantile Bank (TMB) for individuals who have a fixed deposit with the bank. It offers loan amounts up to 90% of the FD value at attractive interest rates. The loan repayment tenure can range from 1 to 5 years, and the loan amount can be used for various personal, business or investment purposes.
The salient features of a TMB Loan against FD are:-
- Loan amount up to 90% of the FD value
- Attractive interest rates
- Flexible repayment tenure
- Easy loan disbursal
- No collateral required
- No processing fee
TMB Loan against FD is a convenient and secure way to meet financial requirements. It offers hassle-free loan disbursal and easy repayment options. The loan is offered at competitive rates, making it an ideal option for anyone looking for a secured loan.
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Frequently Asked Questions (FAQ’s):-
Q1. What is the minimum amount required for a savings account in TamilNad Mercantile Bank?
Ans: The minimum balance requirement for rural customers is βΉ500 with a chequebook and βΉ300 without a chequebook for rural customers. For urban customers, the minimum balance requirement is βΉ1000 with a chequebook and βΉ500 without a chequebook.
Q2. What is the highest TamilNad Mercantile FD interest rate provided?
Ans: Presently, the highest interest rate by TMB Bank is at 7.50% for general citizens and 7.75% for senior citizens.
Q3. What is the meaning and benefit of the nomination feature?
Ans: The nomination feature allows the depositor to assign a nominee who will receive the entire fund available in case of the death of the depositor.
Q4. What is the minimum amount necessary to open a bulk deposit account with TMB?
Ans: Opening a bulk deposit account requires a minimum amount of Minimum deposit of βΉ2 crores.
Q5. Is Tamilnad Mercantile Bank a scheduled bank?
Ans: Yes, previously known as the βNadar Bankβ, it became a Scheduled Bank under the RBI Act on May 11th, 1935. It was then renamed Tamilnad Mercantile Bank Ltd. on November 26, 1962.
