Established in 1921, Tamilnad Mercantile Bank Limited is one of the leading financial institutions in South India. It offers customised banking services, including a wide range of fixed deposits. The bank has over 536 branches, 1149 ATMs, 334 cash recycle machines, and 12 regional offices.
TMB FD interest rates are quite lucrative, and it can be one of the best investment options, especially for those who are looking for a less risky investment option. Read along to get further insights about the same.
| Minimum Deposit | ₹1,000 |
| Maximum Deposit | No limit |
| Minimum Tenure | 7 days |
| Maximum Tenure | 10 years |
| Interest Rates | 5.25% to 7.50% (including rates for senior citizens) |
| Lock-in Period | 5 years lock-in period for Tax Saving Deposit Scheme |
| Senior Citizen | 5.25% to 7.50% per annum |
| General Citizen | 5.25% to 7.00% per annum |
TMB FD Interest Rates 2024
| Tenure | General Citizen | Senior Citizen |
|---|
Features and Benefits of TMB Fixed Deposit
TMB fixed deposit interest rates range from 5.25% to 7.50% per annum, including the general public and senior citizens. Below are some of the other most important features you need to know before making an FD investment with the bank.
- Most FD schemes of the bank have a minimum deposit requirement of ₹1,000 except its tax-saving FD. Depositors can open a tax-saving FD by depositing only ₹100.
- You can avail overdraft of up to 90% of your FD value, while the interest on the loan will be based on the bank’s norms.
- You can add a nominee to your fixed deposit at the time of opening your FD account or anytime at a later date before maturity.
- Account holders can avail of auto-renewal facilities by which their entire maturity value or only the principal value will get reinvested automatically.
- A deposit amount of up to ₹5 lakhs under any TMB fixed deposit scheme is insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC).
- Tamilnad Mercantile Bank FD comes with a tenure which ranges from 7 days to 10 years.
How to Book TMB FD?
You can book your Tamilnad Mercantile Bank fixed deposit either via. online or by physically visiting your nearest TMB branch.
Online
You can also book attractive TMB FD interest rates right from the convenience of your home through Internet banking and mobile banking.
1. Internet Banking
Listed below are the following steps guiding you to book your FD through internet banking:
- Step 1: Log in to your TMB net banking account using your registered credentials.
- Step 2: Navigate to the fixed deposit section and select the deposit type.
- Step 3: Enter some of the basic details such as maturity period, interest pay-out option etc.
- Step 4: Confirm the details and submit your application.
Upon successful submission of your application, you will get your FD account booked within a few minutes.
2. Mobile Banking
Here is the step-by-step guide to book TMB Bank FD right from the convenience of your smartphone.
- Step 1: Download the “TMB MBank” app on your device.
- Step 2: Navigate to the “Fixed Deposit” section and choose the type of deposit you want to invest in.
- Step 3: Fill out some of the essential details such as the tenure, interest pay-out option, etc.
- Step 4: Confirm the entered details and submit.
Upon successful submission, you can expect your FD to be active within a matter of minutes.
Offline
Apart from booking fixed deposits online, you can also avail the same by physically visiting your bank branch. Simply visit your nearest TMB Bank branch along with the necessary documents and obtain an FD account opening form. Carefully fill out the application form and directly ask the concerned official for any queries, attach all the necessary documents along with the application form and submit.
Upon successful submission, you will receive an acknowledgement receipt, and you can expect your FD application to be processed within an hour.
Documents Required to Book TMB FD
Here is the list of essential documents to avail of the Tamilnad Mercantile Bank fixed deposits:
- TMB FD account opening form
- Proof of Identity (Aadhar card, passport, driving licence etc.)
- Recent passport-size photographs
- PAN card
- Address proof (aadhaar card, electricity bill, utility bills etc.)
Eligibility to Open TMB FD
Here are the minimum eligibility criteria to book and avail of the attractive TMB Bank FD rates.
- Applicant type: Indian residents and Non-resident Indians
- Age: Applicant must be a minimum of 18 years of age, minors are also allowed to maintain an FD under the supervision of their parents.
Types of TMB FD Schemes
Tamilnad Mercantile Bank offers a wide range of fixed deposits catering to various types of requirements for different types of customers with different objectives, the range of tenure mentioned below is inclusive of senior citizen rates. Here are the following types:
1. Domestic Term Deposit
It is the standard fixed deposit scheme available for resident individuals at Tamilnad Mercantile Bank. The rate of interest varies with the tenure, whether it is more than ₹2 crore or less.
- Minimum Deposit: ₹1,000
- Maximum Deposit: No upper limit
- Tenure: 7 days to 10 years
- Interest Rate: 5.25% to 7.50% per annum
- Eligibility: Indian residents
2. TMB Pearl Deposit
In this type of term deposit, account holders can withdraw the interest amount. The interest amount can be withdrawn once in every quarter, while the minimum duration must be 1 year. Moreover, you can also avail overdraft against the deposit amount.
- Minimum Deposit: No limit specified
- Maximum Deposit: No upper limit
- Tenure: 1 year to 10 years
- Interest Rate: 7% to 7.50% per annum
- Eligibility: Indian residents
3. TMB Tax Saving Term Deposit
It is a special type of fixed deposit which allows depositors to claim tax deductions under Section 80C of the Income Tax Act. Also, it has a lock-in period of 5 years, during which no premature withdrawal is allowed.
- Minimum Deposit: ₹100
- Maximum Deposit: ₹ 1.5 lakhs
- Tenure: 5 years to 10 years
- Interest Rate: 6.50% to 7.00% per annum (including senior citizens)
- Eligibility: Indian residents
4. NRO Term Deposit
A Non-resident term ordinary fixed deposit is an FD scheme offered to non-residents with a steady source of income from India. The source of income can be from commission, fees, rent, etc.
- Minimum Deposit: No limit specified
- Maximum Deposit: No upper limit
- Tenure: 7 days to 10 years
- Interest Rate: 5.25% to 7.50% per annum
- Eligibility: NRIs
5. NRE Muthukuvial Deposits
A non-resident (External) Account is designed for those non-resident individuals who are earning foreign currency from abroad with an objective to convert it into Indian denominations.
- Minimum Deposit: No limit specified
- Maximum Deposit: No Data Available
- Tenure: 1 year to 10 years
- Interest Rate: 7% to 7.25% per annum
- Eligibility: NRIs
6. FCNR Deposits
Foreign currency non-resident account is a special type of deposit scheme specially designed for NRIs to maintain fixed deposit accounts in India, allowing them to save money earned overseas in foreign currency. Some of the most booked currencies are the US dollar, Euro, Pounds Sterling, Japanese Yen, etc.
- Minimum Deposit: No limit specified
- Maximum Deposit: No limit specified
- Tenure: 1 year to 5 years
- Interest Rate: 5.30% to 5.80% per annum (for USD)
- Eligibility: NRIs
7. RFC Deposit
A Resident Foreign Currency (RFC) deposit is a type of term deposit specially meant for non-resident individuals. It provides an opportunity to maintain their foreign earnings for the NRIs who have returned to the country and have stayed in the country long enough to turn into Indian residents. The deposit amount is fully repatriable if that individual turns NRI again.
- Minimum Deposit: No limit specified
- Maximum Deposit: No limit specified
- Tenure: 1 year to 5 years
- Interest Rate: 5.30% to 5.80% per annum (for USD)
- Eligibility: NRIs
Final Word
Hopefully, you have got some clarity on Tamilnad Mercantile Bank fixed deposit schemes, helping you choose the most suitable one based on your requirements.
Keep in mind to check all sorts of penalties and charges associated with premature withdrawals. Checking all these clauses beforehand can help you plan your finances in such a way that it can prevent you from making premature withdrawals and enjoy high TMB FD interest rates.
FAQ
There are two ways you can check your fixed deposit value in Tamilnad Mercantile Bank: you can check it online by logging into their internet banking portal or by physically visiting your nearest Tamilnad Mercantile Bank to update your FD passbook.
The maximum TMB Bank FD rate is 7% for the general public and 7.5% for senior citizens for a tenure of 1 year.
It entirely depends on the amount of deposit, the rate of interest and the tenure. You can also calculate the same by using the rule of 72. Simply, you will have to divide 72 with the applicable TMB FD interest rates.
The minimum amount required to open a bulk FD in Tamilnad Mercantile Bank is ₹2 crore. A deposit of ₹2 crore and above is considered as a bulk deposit.
There is a minimal penalty charge of 1% on the rate of interest, which is levied for a premature withdrawal of an NRE Term deposit.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
