Tamilnad Mercantile Bank Savings Account

Tamilnad Mercantile Bank Savings Account
Minimum Average Monthly Balance Depends on the type of savings account
Interest Rate 3.00% to 3.25%
Eligible For All resident individuals of different age groups, and other entities

Tamilnad Mercantile Bank Savings Account is available for resident individuals, and other entities. Minors, youth, women, senior citizens, employees, and other regular customers can open a savings bank (SB) account at this bank. The interest rate starts from 3.00% per annum. There are different SB accounts for simple and basic banking to advanced and premium features. You get the facility of internet banking, mobile banking, Debit Card, SMS alerts, auto sweep, insurance coverage, nomination, discount on Demat account, Fixed Deposit/Recurring Deposit and more.

In this post, we will discuss types and features of Tamilnad Mercantile Bank (TMB) Savings Accounts in detail, and frequently asked questions.

Types of TMB Savings Accounts and Their Features

Here are the types and features of SB account by the bank:

1. TMB Simple Savings Bank Account

Here are the details:

Eligibility Norms:

2. TMB Small Savings Bank Account

Here is more information:

Eligibility Criteria:

3. TMB General Savings Bank Account

Here is more to know about this Tamilnad Mercantile Bank Savings Account.

Eligibility Norms:

4. TMB Little Super Star Savings Bank Account

Here is what you should know:

Eligibility Criteria:

5. TMB Classic Salary Savings Bank Account

Here are the details:

Eligible Applicants:

6. TMB Royal Savings Account

Here is the feature of this Tamilnad Mercantile Bank Savings Account:

Eligibility Norms:

7. TMB Visa Savings Bank Account

Here are more details:

Eligibility Rules:

8. TMB Dynamic Youth Savings Bank Account

Here is what you must expect:

Eligibility Rules:

9. TMB SB Premium Account

Know the details of this Tamilnad Mercantile Bank Savings Account:

Eligibility Norms:

10. TMB Mahila Subha Savings Account

Here is more information:

Eligibility Norms:

11. TMB Santhosh Savings Bank Account

Here is more information about this Tamilnad Mercantile Bank SB Account:

Eligibility Criteria:

12. TMB Happy Family Banking Account

Here are the features:

Eligibility Criteria:

Frequently Asked Questions about TMB Savings Bank Account

Here are the Tamilnad Mercantile Bank Savings Account FAQs:

The PMJDY savings account at TMB provides affordable financial and banking services to economically backward sections of the population. Any resident India over 18 years of age can open this account. There is no income requirement for the account holder. Here are some of the features:

  • RuPay Debit Card (no annual and renewal fee) and Overdraft facility are available.
  • Personal accident insurance of worth Rs. 1 lakh is also there.
  • There is no minimum balance requirement.
  • LIC also provides a life cover of up to Rs. 30,000 for the member.
  • SMS alerts, mobile banking, Rs. 5,000 as an overdraft facility for accounts older than 6 months for Aadhaar linked accounts.
  • No limit for cash remittance at satellite or parent branches.
  • Cash withdrawals allowed at the parent branch. 4 withdrawals are free in a month.
  • A person with this SB account cannot hold another with the bank.
  • The account holder can maintain any number of RDs, FD, etc.

The PMJJBY SB account at TMB gives insurance cover to the account holders who are between 18 years to 50 years of age. Here are the details of the SB account:

  • The insurance coverage is available for an existing and enrolled member even though he/she is up to 55 years of age.
  • The premium every year is only Rs. 333. Premium can be auto-debited or deducted through Standing Instruction
  • Nomination facility is there.
  • No medical results required, but only a health declaration will do for the insurance.
  • Income Tax benefit is possible under Section 80C of the IT Act.
  • In case of death (terms and conditions applicable), risk coverage of Rs. 2 lakhs are available.

The PMSBY savings account at Tamilnad Mercantile Bank provides insurance cover to the account holders between 18 years to 70 years of age. Here is more information:

  • The premium is as low as Rs. 12 per annum.
  • Risk coverage is of Rs. 1 lakh in case of irrecoverable and total loss of 1 foot, 1 eye, or 1 hand.
  • Risk coverage is of Rs. 2 lakhs in case of death or irrecoverable/total loss of 1 foot and 1 eye, both the eyes, or 1 hand and 1 eye.
  • Nomination facility is there.
  • The premium can be auto-debited from the customer’s account.

You can open Simple Savings Bank Account and Small Bank Account at Tamilnad Mercantile Bank with simplified KYC norms. However, it is advisable to complete the KYC process within the specified time limit for longer operations of the accounts.

For Kids or minors, the Little Super Star Account is there. For youth of age 17 years and 35 years, the SB account available is a Dynamic Youth SB account. For senior citizens, the SB account is a Santhosh savings account. For women, the SB account is a Mahila Subha savings account.