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.
Here are the features of TMB FD Interest Rates:
Here are the Tamilnad Mercantile Bank Fixed Deposit Interest Rates for SB Account Deposits:
Here are the Tamilnad Mercantile Bank FD Rates for Domestic and NRO Term Deposit for balance below Rs. 2 crores:
Here are the Tamilnad Mercantile Bank Fixed Deposit Interest Rates on NRE Deposits:
Here are the TMB FD Interest Rates for Bulk Domestic and NRO Term Deposits:
Here are the frequently asked questions on the Fixed Deposit Interest Rates:
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.
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.
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.
No penalty rates apply on premature withdrawals on bulk deposits of Rs. 2 crores and over, if done after 14 days of TD opening.
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.
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