TamilNad Mercantile Bank Fixed Deposit
The Tamilnad Mercantile Bank Ltd. or TMB brings to customers savings products in the form of fixed term deposit accounts that offer interest at higher rates than current or savings accounts.
These deposit accounts are easily accessible, do not require high initial investments and provide returns at rates that are competitive.
Types of Tamil Mercantile Bank (TMB) Term Deposit Schemes
- Basic Fixed Deposit scheme
- Muthukuvial Fixed Deposit scheme
- Cash Certificate Deposit scheme
- Santhosh Term Deposit scheme
- Tax Saving Fixed Deposit scheme
- Pearl Deposit scheme
- 20:20 Deposit scheme
TMB FD Scheme | Important Features |
TMB Basic Fixed Deposit Scheme | Range of maturities available: 15 days to 10 years Facility to nominate a beneficiary Interest is calculated as Simple Interest Monthly or quarterly interest payment You can secure a loan against this deposit |
TMB Muthukuvial Fixed Deposit Scheme | Reinvestment plan Maturity range: 1 year to 10 years Minimum deposit: Rs.1,000 Interest is compounded for select tenures Penalty is imposed for premature encashment |
TMB Cash Certificate Scheme | Maturity band: 1 year to 10 years Size of the Cash Certificates available: Rs.1,000 to Rs.1 lakh Compound interest available for certain maturities Loans can be obtained against the deposit Penalty is placed on premature withdrawal of deposits |
TMB Sathosh Fixed Deposit Scheme | Santhosh FD scheme is exclusive for senior citizens Higher FD interest rates available 20 personalized cheque leaves for a year available free of cost Rs.1 lakh Accident Insurance cover: Free of cost No minimum balance required in the Savings Account |
TMB Tax Saving Term Deposit Scheme | Tax benefits as per Section 80 C of the Income Tax Act, 1961 Range of deposit amount: Rs.100 to Rs.1.50 lakh Range of tenure: 5 years to 10 years Premature encashment or loan applications are not allowed TDS is applied on the interest income |
TMB Pearl FD Scheme | Maturity range: 1 year to 10 years Quarterly/Half to yearly/yearly interest payout options Option for compound interest is available Premature encashment comes with a penalty |
TMB 20:20 Term Deposit Scheme | Reinvestment scheme Period of deposit: 20 months 20 days Minimum amount: Rs.1,000 Options for monthly and quarterly interest payments available 1% penalty charged for premature closure |
TMB FD Interest Rates
Tenure bracket | Regular FD rates (per annum) | Senior Citizens FD rates (per annum) |
Above 14 days to 29 days | 3.5% | 3.5% |
Above 1 month to 45 days | 3.75% | 3.75% |
Above 45 days to 2 months | 4.25% | 4.25% |
Above 2 months to 3 months | 4.25% | 4.25% |
Above 3 months to 6 months | 5.00% | 5.00% |
6 months to 9 months | 5.25% | 5.25% |
Above 9 months to 12 months | 5.25% | 5.25% |
1 year | 5.75% | 6.25% |
Above 12 months to 20 months 20 days | 5.75% | 6.25% |
20 months 20 days | 5.75% | 6.25% |
20 months 21 days to 36 months | 5.75% | 6.25% |
36 months to 1111 days | 5.75% | 6.25% |
1111 days | 5.65% | 6.15% |
Above 1111 days to 10 years | 5.50% | 5.50% |
Premature closure for TMB Deposit Schemes
- 1% penalty is imposed on premature closure of a deposit scheme
- If you break the FD within 14 days of creating the account, you will not receive an interest income.
Eligibility criteria for TMB Fixed Deposit applicants
- Resident of India
- Individuals above the age of 60 (for Santhosh FD scheme)
Documents to be submitted by TMB Term Deposit applicants
- Permanent Account Number (PAN)
- Government to validated identity proof
- Valid residential proof
Top Bank FD
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FAQs on TMB Fixed Deposit Schemes
- What is the maturity range for TMB FD scheme?
The tenure range for the Basic FD scheme is within 15 days and 10 years.
- What is the penalty imposed for premature closure of the deposit?
1% penalty is charged for prematurely breaking a TMB Deposit.
- Who is eligible to apply for the TMB Santhosh Fixed Deposit scheme?
Any resident Indian who is of the age 60 or above can apply for the TMB Santhosh FD scheme.
- What is the minimum deposit amount for Muthukuvial Term Deposit scheme?
You must make an investment of at least Rs.1,000 for this deposit scheme.
- Is PAN compulsory to open a TMB Tax Saving Fixed Deposit scheme?
Yes, an applicant must have a PAN in order to open a Tax Saving FD account.
- What is the tenure range for TMB Cash Certificate scheme?
The tenure range for this scheme is from 1 year to 10 years.
- What is the frequency at which I can receive interest payments on TMB FD scheme?
You can choose to receive the interest payments either on a monthly basis or a quarterly basis.
- What is the maturity period for the 20:20 Deposit scheme?
This scheme comes with a maturity period of 20 months 20 days.
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