Tamilnad Mercantile Bank Savings Account: Tamilnad Smart Savings

Looking for a trustworthy bank for your hard-earned money? Look no more! Tamilnad Mercantile Bank (TMB) offers a range of savings account options to suit all your needs. It is a private bank with a head office located in Tamil Nadu, initially known as the Nadar Bank. Later the bank changed its name to attract a wider range of audience. Established in 1921, the bank offers its wide range of services through 437 branches and 911 ATMs located pan-India. Let’s dive straight into everything you need to know about TMB savings accounts, from opening tips to managing your balance.

Overview of Tamilnad Mercantile Bank’s Savings Account Options

TMB Bank caters to diverse saving goals with various accounts like General Savings, Dynamic Youth, Royal Savings, and more. Each account comes with its own set of features and benefits, like competitive interest rates, free cash withdrawals, and online banking convenience.

It’s one of the first private banking operations to begin computerised branch operations ensuring a cutting-edge banking experience to its customers. Like all other banks, TMB offers a standard set of services, including savings accounts, current accounts, fixed deposit accounts, and various types of loans and advances. It provides its customers with the e-Passbook option to track their transactions, easily accessible through the bank’s mobile app. 

Expanding their commitment to personalised offerings, they have launched a diverse range of Savings Accounts packed with valuable perks and competitive interest rates. This empowers you to maximise your savings and reach your financial goals.

Tamilnad Mercantile Bank (TMB) understands that everyone’s savings goals are unique. That’s why they offer a diverse range of savings accounts to cater to different needs and lifestyles. Whether you’re a young professional starting out, a seasoned saver, or a senior citizen prioritising security, TMB has an account tailored for all. 

Quick Tips to Choose the Right Account:

With so many options available, it’s important to consider your individual needs and financial goals when choosing a TMB savings account. Here are some important factors to consider:-

• Minimum balance requirements: Can you maintain the minimum balance to avoid penalty charges?
• Interest rates: What type of return are you looking for on your savings?
• Features and benefits: What additional perks and services are important to you?
• Transaction fees: Do you need to make frequent ATM withdrawals or fund transfers?
• Eligibility criteria: Do you meet the requirements for the specific account you’re interested in?

Please Note: TMB offers a free online account comparison tool on their website to help you choose the right account for your needs. Don’t hesitate to seek guidance from their customer care team if you have any questions or need assistance.

Savings Account at Tamilnad Mercantile Bank: Types, Limit & Eligibility

Tamilnad Mercantile Bank keeps the different saving needs of its customers in mind. Therefore, it offers a wide range of saving account options with attractive features so that its customers can earn through it. Here’s a closer look at their offerings:-

1. Savings (AWB) A/c:

• Perfect for:- Everyday banking needs, beginners, and rural/urban residents.
• Features and Benefits:–
  • Minimum balance: Rs. 500 (rural) or Rs. 1000 (urban).
  • Competitive interest rates.
  • Free cash withdrawals from TMB ATMs and branches.
  • Online banking and mobile app access.
  • Debit card option for cashless transactions.
• Eligibility: All Indian residents (individuals, HUFs) with valid KYC documents.

2. Salary SB A/c:

• Perfect For: Salaried individuals earning Rs. 5,000 and above per month.
• Features and Benefits:
  • Free passbook and credit card.
  • Free ECS and SMS banking.
  • Sweep-in facility when the balance exceeds Rs. 10,000.
  • Higher interest rates compared to Savings (AWB) A/c.
• Eligibility: Salaried individuals with proof of income and employer verification.

3. SB Premium A/c:

• Perfect For: Individuals seeking additional services and benefits.
• Features and Benefits:
  • Free cash remittances.
  • Personal Accident Insurance cover of Rs. 1 lakh.
  • Higher interest rates compared to Savings (AWB) A/c.
  • Priority banking services at select branches.
• Eligibility: All Indian residents (individuals, HUFs) with a minimum balance of Rs. 10,000.

4. Happy Family Banking A/c:

• Perfect For: Joint accounts with family members where all account holders benefit.
• Features and Benefits:
  • Higher interest rates compared to Savings (AWB) A/c.
  • Free accidental death insurance cover for each account holder.
  • Additional benefits and discounts for the entire family.
• Eligibility: All Indian residents (individuals, families) with valid KYC documents for all account holders.

5. Little Super Star Savings A/c:

• Perfect For: Minors below 18 years old with parent/guardian as the joint account holder.
• Features and Benefits:
  • Attractive interest rates.
  • Birthday gifts and rewards for young account holders.
  • Free accident insurance cover for minors.
• Eligibility: Minor with ID proof and parent/guardian with valid KYC documents.

6. Dynamic Youth SB A/c:

• Perfect For: Individuals aged 18-30 looking for exciting rewards and benefits.
• Features and Benefits:
  • Higher interest rates compared to Savings (AWB) A/c.
  • Free ATM transactions across India.
  • Discounts and offers on popular brands and services.
  • Rewards program for points redemption.
• Eligibility: Individuals aged 18-30 with valid KYC documents.

7. Royal SB A/c:

• Perfect For: High-net-worth individuals seeking exclusive services and high returns.
• Features and Benefits:
  • Highest interest rates among TMB savings accounts.
  • Free unlimited ATM transactions worldwide.
  • Free personalised accident insurance cover.
  • Priority banking services and dedicated lounges.
  • Concierge services for travel bookings, dining, etc.
• Eligibility: Individuals with a minimum balance of Rs. 50,000 and proof of high income.

8. Visa SB A/c:

• Perfect For: Individuals seeking to automatically invest a portion of their savings for higher returns.
• Features and Benefits:
  • Combines savings with automatic fixed deposits linked to the account.
  • Higher interest rates compared to regular savings accounts.
  • Flexible options for deposit frequency and amount.
• Eligibility: All Indian residents (individuals, HUFs) with valid KYC documents.

9. Mahila Subha SB A/c:

• Perfect For:– Women seeking a convenient and low-maintenance savings option.
• Features and Benefits:-
  • Lower minimum balance requirement (Rs. 250).
  • Higher interest rates compared to regular Savings (AWB) A/c.
  • Free accident insurance cover for account holders.
  • Discounts and benefits from partnered businesses.
• Eligibility: Indian women with valid KYC documents.

10. Basic Savings Deposit Scheme:

• Perfect For: Individuals without valid documents or proof of address.
• Features and Benefits:
  • Simplified account opening process with limited KYC requirements.
  • Maximum balance limit of Rs. 1 lakh.
  • Basic banking functionalities like deposits, withdrawals, and transfers.
• Eligibility: All Indian residents without valid KYC documents.

11. Pradhan Mantri Jan Dhan Yojana Savings Bank A/c:

• Perfect For: Unbanked individuals seeking financial inclusion benefits.
• Features and Benefits:
  • Zero minimum balance requirement.
  • Free accident insurance cover.
  • Access to government schemes and subsidies.
  • RuPay debit card for cashless transactions.
• Eligibility: All Indian residents with valid identity proof.

Tamilnad Mercantile Bank: Features & Benefits

The array of savings bank accounts of Tamilnad Mercantile Bank allows the applicant to choose the one that suits their needs the best. Let’s discover some of the prominent features and benefits:-

• Competitive Interest Rates: Earn interest on your savings, with rates up to 4.25%, depending on the account type and balance.
• Free Transactions: Enjoy free ATM withdrawals, cash deposits, and fund transfers within TMB branches and ATMs.
• Online Banking: Manage your account seamlessly with Internet banking and mobile app access. Pay bills, transfer funds, and check your balance anytime, anywhere.
• Debit Card: Get a RuPay or Visa debit card for convenient shopping and bill payments.
• Branch Network: Access your funds through a wide network of over 560 branches across India.

Interest Rates on Savings Accounts at Tamilnad Mercantile Bank

Interest rates vary depending on the account type and balance. Here’s a quick breakdown:-

Minimum Balance Criteria for Savings Account at TMB Bank

Maintaining a minimum balance is crucial to avoid penalty charges. The minimum balance requirements differ based on the account type and location:-

Tamilnad Mercantile Bank Savings Account charges

TNB bank account opening charges are applicable for exceeding free transactions, non-maintenance of minimum balance, and other services. Therefore, it’s important to check the specific fee schedule for your chosen account type.

Tamilnad Mercantile Bank Account: Documents Required

If you want to open a savings bank account with Tamilnad Mercantile Bank, it’s a hassle-free process. Applicants simply need to carry these documents:-

• Identity Proof: Documents like PAN Card, Aadhaar Card, Voter ID, etc. that serve as proof of identity.
• Address Proof: Documents like a Ration Card, Driving License, Electricity Bill, etc. to qualify your current address. 
• Signature Proof: Recent passport-sized photograph with signature.

Steps to Open Tamilnad Mercantile Bank Savings Account?

If you want to open any of the above-listed savings accounts, you can simply visit the nearest branch or apply online. Below, we have highlighted the step-by-step procedure you can follow to open your TNB savings account:-

 Online Procedure

1. Start by going to the official TMB website.
2. Find the “Apply Online” section under the “Accounts” tab or on the homepage.
3. Select the savings account you’re interested in (General Savings, Dynamic Youth, or Royal Savings).
4. Carefully fill out the application form. Enter your personal details, contact information, KYC documents, and nominee details accurately.
5. Scan and upload the required documents (ID proof, address proof, signature proof) in clear PDF format.
6. Review the information and submit the completed form.
7. Now that you have filled out the form, you’ll receive a link or appointment to complete a video KYC process. Be available for the video call with your original documents.
8. Once the video KYC is successful, you’ll receive account details and login credentials for online banking.

 Offline Procedure

1. Search for the nearest TMB branch using their branch locator or map service.
2. Ask for a savings account opening form from the customer service representative.
3. Carefully fill in all sections of the form with accurate information.
4. Attach photocopies of the required documents (ID proof, address proof, signature proof) to the form.
5. Submit the completed form and documents to the bank representative.
6. Once you have submitted the form, the bank will verify your details and documents.
7. After successful verification, your account will be opened, and you’ll receive a welcome kit with account details and a debit card.

Customer Service Contact for TMB Bank 

Tamilnad Mercantile Bank (TMB) is committed to providing excellent customer service. The customer care team can assist you with a wide range of services, including account information and balance inquiries, ATM card and PIN-related issues, fund transfers and transaction inquiries, etc. 

Whether you have a query, need assistance, or want to report an issue, their customer care team is always available to help. Here’s how you can reach them:-

Toll-Free Number:

• +91 9842 461 461 (Available 24×7 for all banking-related inquiries)

Customer Care Working Hours:

• Phone Support: 8:00 AM to 10:00 PM (Monday to Saturday, except 2nd and 4th Saturdays, which are bank holidays)
• Email Support: You can email at – dps[at]tmbank[dot]in. Responses are usually within 24 hours
• For the NRI help desk: Email: nricell@tmbank.in

Important Note: 

• Never share your confidential banking details, such as PIN or OTP, with anyone over the phone or email.
• For reporting lost or stolen cards, call the dedicated numbers immediately.
• If you’re not satisfied with the resolution, escalate your issue to a supervisor.

You May Also Like

FAQs:–