Tamilnad Mercantile Bank Savings Account

Established in the year 1921 as Nadar Bank to provide financial services to the Nadar community, it changed its name as Tamilnad Mercantile Bank in 1962 headquartered at Tuticorin to cater its services to other sections of the society as well. At present, it has about 10 regional offices, 437 branches, 11 extension counters & 911 ATMs. The rate of interest offered by the bank is 4% for amounts up to Rs. 1 lakh & 4.25% for amounts above Rs. one lakh.

Any individual resident above 18 years of age or Hindu undivided Family can open a savings account, either singly or jointly with TMB. Minors are eligible to open an account jointly with parent or guardian.

Identity proof documents such as driving licence, voter ID card, NREGA card, photo ID card issued by Government, PAN card, passport & address proof documents like passport, driving licence, passbook of any other bank, electricity bill, ration card & phone bill along with passport size photograph are to be submitted for opening of account.

Types of Tamilnad Mercantile Bank Savings Accounts:

1. SB Premium Savings Account:

Required to maintain a minimum balance of Rs. 5000 in urban & Rs. 2500 in rural/semi urban areas, this account has many features including free cash remittances, free ATM cum debit card, free 60 cheque leaves per year, personal accidental coverage worth Rs. one lakh & fee waiver for 2 years on credit card.

2. Savings (AWB) Account:

This is a basic savings account provided by the bank providing free features like 20 cheque leaves, folio management for six months and cash remittances limited to Rs. three lakhs per day. The minimum balance to be maintained in the account in urban areas is Rs. 250 without cheque book & Rs. 500 with cheque book facility, whereas it is Rs. 100 & Rs. 500 respectively without and with cheque book facility in rural areas.

3. Salary SB Savings Account:

This zero balance account is meant for the salaried whose monthly earning is Rs. 5000 and above. An organisation has to open minimum 10 salary savings accounts. Facilities like free passbook, credit card, free ECS & SMS banking are provided by the bank. Sweep in is offered to accounts with balance above Rs. 10000.

4. Happy Family Banking Savings Account:

This account is designed for family members, where minimum 3 & maximum 6 individual accounts can be clubbed together. Each member is entitled to benefits like 50 cheque leaves per year & accidental insurance cover worth Rs. 3 lakhs. Any one individual account is required to maintain the minimum balance, which is Rs. 30000 in metro, Rs. 20000 in urban, Rs. 15000 in semi urban & Rs. 10000 in rural areas.

5. Little Super Star Savings Account:

This savings account is meant for children between 10 & 18 years & has free features like debit card with daily limit of Rs. 2500 which can be used for 10 free withdrawals per month, 10 cheque leaves per year & net banking limit of Rs, 2500 per day. A minimum amount of Rs. 250 is required to be maintained in the account.

6. Royal SB Savings Account:

This premium account is designed for HNIs, in which a minimum balance of Rs. 50000 is to be maintained. The benefits the account holder gets with this account include free credit card incurring no fees in the first year, free internet & SMS alerts, free & unlimited NEFT/RTGS transfers, any branch banking, free monthly cash remittances limited to Rs. 20 lakhs at satellite &intra city branches. One can also pay taxes with no service charge.

7. Dynamic Youth SB Savings Account:

This account is designed for youth between the ages of 18 & 35 years, especially for students & professionals, in which a minimum balance of Rs. 1000 is to be maintained in the account. Waiwal of the minimum balance requirement for the first quarter & free facilities like ECS, 5 DDs/Pos limited to Rs. 25000, internet banking, international ATM plus debit card & 40 cheque leaves per year are the other benefits of this account.

8. Value Increased Savings Account (VISA):

This account clubs the savings account with a fixed deposit and sweep out facility in multiples of Rs. 5000 operates when the account balance crosses Rs. 10000. The account attracts simple interest on fixed deposits with TDS. The minimum balance requirement is Rs. 5000.

9. Simple Savings Bank Deposit Account:

Any individual is eligible to open this account & enjoy free benefits like ATM/Debit card, internet banking and 10 monthly withdrawals. This zero balance account also features unlimited cash withdrawals & remittances at satellite & parent branches.

10. Small Savings Bank Deposit Account:

This zero balance account valid for one year is meant for individuals who are unable to produce the required documents. SMS alerts & ATM card are provided. The bank if convinced that the account holder has applied for the documents can extend the account for one more year.

11. Mahila Subha SB Savings Account:

This account, designed for women are featured with free benefits like debit card, anywhere banking, insurance cover, 40 cheque leaves per year. Required to maintain a minimum balance of Rs. 1000 in metros & Rs. 500 in other branches, the account holder stands to benefit from TMB e-connect, SMS banking & waiver on cash remittance fee at satellite & home branch.