Tamilnad Mercantile Bank Fixed Deposit Interest Rates
|TMB Fixed Deposit Interest Rates|
|Fixed Deposit Period||7 days to 10 years|
|FD Rate for General Public||2.75% to 5.60%|
|FD Rate for Senior Citizens||2.75% to 6.10%|
|NRE FD Rates||5.15% to 5.60%|
|Domestic and NRO FD Rates||2.75% to 6.10%|
|Bulk Domestic and NRO FD Rates||2.50% to 5.45%|
Tamilnad Mercantile Bank (TMB) Fixed Deposit Interest Rates range between 2.50% to 6.10%. The rates depend on the Term Deposit (TD) amount and period. The bank accepts bulk deposits over Rs. 2 crores as well. Preferential rates apply for senior citizens and high-value denomination deposits. TMB Fixed Deposit (FD) rates for Savings Bank (SB) account deposits are between 3.00% to 3.25%.
In this post, we will discuss features of TMB Fixed Deposit Interest Ratess for the general public, senior citizens, and that for TDs for NRE/NRO/Domestic, and bulk deposits, along with frequently asked questions.
Features of Tamilnad Mercantile Bank Fixed Deposit Interest Rates
Here are the features of TMB FD Interest Rates:
- You can deposit for a fixed period of 7 days to 10 years
- Interest is withdrawable monthly or quarterly
- Standing Instruction is acceptable for the transfer of the interest amount
- Depending on the investment tenure, simple interest is calculated on the TD
- You can get a loan against TMB Fixed Deposits
- A nomination facility is available
- Subject to a penalty of 1% on the agreed rate, premature withdrawal is allowed
Tamilnad Mercantile Bank Savings Account Deposit Interest Rates
Here are the Tamilnad Mercantile Bank Fixed Deposit Interest Rates for SB Account Deposits:
- The rate is 3.00% for a balance of up to 10 lakhs
- The rate is 3.25% for a balance over Rs. 10 lakhs
- The interest is compounded quarterly
- It is calculated on the daily closing balance
Tamilnad Mercantile Bank Domestic and NRO Term Deposit Rates
Here are the Tamilnad Mercantile Bank FD Rates for Domestic and NRO Term Deposit for balance below Rs. 2 crores:
|Tenure of TD||General Public||Senior Citizens|
|7 to 14 days||2.75||2.75|
|15 to 29 days||3.50||3.50|
|30 to 45 days||3.75||3.75|
|45 to 60 days||4.25||4.25|
|61 to 90 days||4.25||4.25|
|91 to 179 days||4.50||4.50|
|180 to 270 days||5.00||5.00|
|271 days to < than 1 year||5.25||5.25|
|Over 1 year but < than 20 months and 20 days||5.60||6.10|
|20 months and 20 days||5.50||6.00|
|Over 20 months and 20 days to < than 2 years||5.50||6.00|
|2 years to < than 3 years||5.50||6.00|
|3 years to 10 years||5.25||5.75|
TMB NRE Deposit Interest Rates
Here are the Tamilnad Mercantile Bank Fixed Deposit Interest Rates on NRE Deposits:
|Tenure||Bulk Deposit Over Rs. 5 Crores||Bulk Deposit Rs. 2 Crores to Rs. 5 Crores||Deposit Less than Rs. 2 crores|
|Over 1 year and up to 18 months||5.45||5.45||5.60|
|Over 18 months and < than 2 years||5.35||5.35||5.50|
|2 years to < than 3 years||5.25||5.25||5.50|
|3 years to 10 years||5.15||5.15||5.25|
Tamilnad Mercantile Bank Bulk Domestic and NRO Term Deposit Rates
Here are the TMB FD Interest Rates for Bulk Domestic and NRO Term Deposits:
|Tenure of TD||Rs. 2 Crores to Rs. 5 Crores||Over Rs. 5 crores|
|7 to 14 days||2.50||2.50|
|15 to 29 days||3.25||3.30|
|30 to 45 days||3.50||3.50|
|45 to 60 days||4.00||4.00|
|61 to 90 days||4.00||4.00|
|91 to 179 days||4.25||4.25|
|180 to 270 days||4.50||4.50|
|271 days to < than 1 year||5.00||5.00|
|Over 1 year but < than 20 months and 20 days||5.45||5.45|
|20 months and 20 days||5.35||5.35|
|Over 20 months and 20 days to < than 2 years||5.35||5.35|
|2 years to < than 3 years||5.25||5.25|
|3 years to 10 years||5.15||5.15|
Tamilnad Mercantile Bank FD Interest Rate FAQs
Here are the frequently asked questions on the Fixed Deposit Interest Rates:
1. What Are the Rules for Quoting PAN u/s 206AA, IT Act?
The customers have to mandatorily quote their PAN Card/number under Section 206AA, IT Act. This is necessary if the interest on TMB fixed deposits exceeds Rs. 10,000 for the financial year. If not, then the depositor has to pay a higher rate of income tax of 20%.
The PAN quoting is mandatory in Form 15G/15H for non-deduction of TDS (tax at source) or again a higher rate of income tax at 20% is applicable. The customer has to, thus, submit a photocopy of his/her PAN Card at the bank when opening the fixed deposit account.
2. How is the Interest Calculated for TMB FDs?
For TMB fixed deposits, you can withdraw interest either monthly or quarterly. Simple interest is eligible. But the interest for savings account interest is compounded quarterly. Also, for SB account deposits, the rate is calculated on the daily closing balance.
3. What Are Norms for TMB Domestic and NRO Deposits?
The additional interest rate on TD for senior citizens is not applicable on NRO deposits. The specialized rates will also not apply for senior citizens who opt to keep TD for 3 to 10 years.
4. What Are Norms for Bulk Domestic and NRO FDs?
No penalty rates apply on premature withdrawals on bulk deposits of Rs. 2 crores and over, if done after 14 days of TD opening.
5. How Much is the Penalty for Preclosure of TMB Fixed Deposits?
There is no payable interest on premature withdrawal of fixed deposits up to 14 days from the opening/renewal date of the TD. Also, if the customer pre-closes the FD, he/she will have to bear 1% penalty interest on the applicable rate for the tenure for which the FD was active with the bank.