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:

  • You will receive the first 20 leaves for free.
  • There is no minimum balance requirement.
  • You can have any number of recurring deposits, fixed deposits, etc with the bank.
  • There is no limit on cash withdrawal at parent and satellite branches by cheque.
  • There is no limit on cash withdrawal and remittance at parent and satellite branches.
  • Rs. 10,000 per day is the third-party limit at the satellite branch. However, the total number of withdrawals in a month must not exceed 10 times.
  • You can make 4 withdrawals for free in a month. After this, charges will apply.
  • You can access anywhere banking, SMS alert facility, mobile banking, internet banking.
  • You can renew the Debit Card without any annual or renewal fees.

Eligibility Norms:

  • Hindu Undivided Family (HUF).
  • Any resident individual, even minors.
  • There is no age bar to open the account.
  • There is no specification for the income of account holders.
  • Any person with Simple Savings Bank Account cannot hold any other savings account in TMB.

2. TMB Small Savings Bank Account

Here is more information:

  • You will receive an ATM Card, SMS alerts, and other benefits.
  • You can open the account adhering to simplified KYC norms.
  • The aggregate of all transfers and withdrawals must not go over Rs. 10,000 in a month.
  • The aggregate of all credits should not go over Rs. 1 lakh in a financial year.
  • You cannot undertake internet banking and mobile banking.
  • There is no facility of a cheque book and Debit Card.
  • Foreign remittances can be credited to the acc. only after completing the KYC formalities.
  • This savings account comes with a 12 months validity. You can extend it for another year on providing necessary documents.

Eligibility Criteria:

  • Any individual who resides in India.
  • There is no minimum balance requirement.
  • The maximum balance in account at any point of time should not go over Rs. 50,000.

3. TMB General Savings Bank Account

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

  • Get anywhere banking, Debit Card and ATM Card.
  • Rs. 1 lakh worth free personal accident insurance cover for those who maintain average balance above Rs. 5,000 in preceding year.
  • Up to Rs. 3 lakhs in a day as free cash remittance. This is subjected to Rs. 5 lakhs in a month as the maximum limit for those with monthly average balance (MAB) the previous year as Rs. 25,000 at the parent branch.
  • Up to Rs. 5 lakhs as free cash remittance per day. This is subject to Rs. 10 lakhs as maximum limit per month for those with Rs. 25,000 and above at parent branch as previous MAB.

Eligibility Norms:

  • Hindu Undivided Family and resident individuals
  • The minimum amount to maintain the account with cheque book is Rs. 1,000 for others and Rs. 500 for rural.
  • The minimum amount to have in the acc. without cheque book is Rs. 300 for rural locations and for others, it is Rs. 500.

4. TMB Little Super Star Savings Bank Account

Here is what you should know:

  • Every year, you can order one free Demand Draft with the upper limit of Rs. 1 lakh. This is for the payment of school/college/hostel fees through the savings account of the parent or minor with the bank.
  • Get 10 free withdrawals in a month and anywhere banking.
  • ATM Card/Debit Card facility.
  • Free NEFT remittance through net banking.
  • 10 leaves free in the personalized cheque book in the first year.
  • No charges in the first year for non-maintenance of MAB.
  • Rs. 2,500 per day limit for NEFT, free of cost.
  • Rs. 1 lakh worth free accidental insurance cover.

Eligibility Criteria:

  • Minors over 10 years of age but below 18 years of age.
  • He/she must be able to write and read English or any other regional language, and be able to draw a uniform signature.
  • Mode of operation is singly by minor or singly by guardian.
  • Minimum MAB is Rs. 250.

5. TMB Classic Salary Savings Bank Account

Here are the details:

  • There is no minimum balance requirement.
  • There should be at least 10 accounts of employees.
  • Employees must have at least Rs. 5,000 per month as take-home salary.
  • Sweep-in facility, anywhere banking, offline trading of shares, ATM/Debit Card.
  • Free cheque book.
  • Get 2 local drafts/DD free per month drawn on the bank branch. The amount must remain below Rs. 10,000.
  • 50% discount on the AMC for the first year on Demat account.

Eligible Applicants:

  • Individuals who are over 18 years of age.
  • Employees of Central and State Governments.
  • Semi-government organizations.
  • PSUs.
  • Educational institutions.
  • Urban development authorities.
  • Universities.
  • Trusts.
  • Charitable institutions.
  • Multinational companies.
  • Partnership firms and SME classified accounts.
  • Selected private limited companies.
  • Public limited companies.

6. TMB Royal Savings Account

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

  • You can choose an account number as per your desire.
  • Get Debit Card/ATM Card and cheque collection facility.
  • Receive personalized cheque books for free without any limit.
  • Rs. 3 lakhs worth personal accident insurance cover for free.
  • Free fund transfer through RTGS and NEFT.
  • Free local draft facility and demand draft.
  • Pay income tax online or offline.
  • Free of cost Travel Currency Cards.
  • No annual maintenance charges for the first year of opening a Demat account. The primary holder gets this benefit in case of a joint account
  • You can open an online or offline share trading account with M/s. Religare Broking Limited.

Eligibility Norms:

  • Sole or joint accounts for resident individuals.
  • Hindu Undivided Family.
  • Rs. 50,000 as minimum monthly average balance.

7. TMB Visa Savings Bank Account

Here are more details:

  • Auto sweep facility, thus, it is a combination of SB account and term deposit.
  • The threshold limit for balance sweep out from savings account to FD is Rs. 5,000.
  • You can change this limit anytime, but the same has to be over Rs. 5,000.
  • All Fixed Deposits created from sweep out transactions would for a period of 15 days to 1 year.
  • ATM/Debit Card available.
  • Period of deposit for the VISA FD scheme is 15 days to 1 year. The same for the VISA MKD scheme is 12 months to 120 months.

Eligibility Rules:

  • Individuals can open the account solely or jointly.
  • Trusts, Associations, Clubs.
  • Schools and Colleges.
  • Hospitals.
  • Monthly average balance requirement is Rs. 5,000.

8. TMB Dynamic Youth Savings Bank Account

Here is what you must expect:

  • Rs. 1 lakh worth free personal accident insurance cover for free.
  • Collection of cheques free up to Rs. 25,000 per month.
  • ATM/Debit Card facility.
  • Free 20 leaves in a year (anywhere cheque book facility).
  • You can make fund transfer through NEFT, up to Rs. 5,000.
  • You can open an offline Share Trading Account.
  • If you open a Demat account, 1st year AMC is waived off.
  • Free Demand Draft every month for up to Rs. 25,000.

Eligibility Rules:

  • This savings account is for resident individuals between 17-35 years of age.
  • Rs. 1,000 is the minimum monthly average balance.

9. TMB SB Premium Account

Know the details of this Tamilnad Mercantile Bank Savings Account:

  • Debit Card/ATM Card and anywhere banking facility.
  • You can choose an account number as per your desire.
  • Rs. 2 lakhs worth personal accident insurance cover for free.
  • Waiver of annual maintenance charges (AMC) for the first year of Demat account.

Eligibility Norms:

  • Resident individuals can open sole or joint accounts.
  • HUFs.
  • Minimum monthly average balance is Rs. 10,000 for rural and semi-urban locations, and the same is Rs. 15,000 for metro and urban locations.

10. TMB Mahila Subha Savings Account

Here is more information:

  • The account holder, her husband, and two dependent children can get up to Rs. 30,000 worth health insurance policy, subject to Rs. 15,000 per illness.
  • Rs. 3 lakhs worth free personal accident insurance cover for the primary account holder.
  • ATM/Debit Card facility.
  • 20 cheque leaves per year for free.
  • Anywhere banking available.
  • You can open an offline Share Trading Account.
  • Waiver of AMC on Demat account for the first year.

Eligibility Norms:

  • Women from the age group are 18 years to 65 years.
  • The primary account holders must belong to this age group. Daughter if any, should be older than 10 year of age.
  • The account can be opened solely or jointly with a spouse and daughters.
  • Rs. 5,000 is the minimum MAB.

11. TMB Santhosh Savings Bank Account

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

  • ATM/Debit Card, anywhere banking.
  • Free Interest Certificate.
  • Waiver of AMC on Demat account for the first year.
  • Personalized cheque book with 20 free cheque leaves in a year.

Eligibility Criteria:

  • All resident individuals in age group of 60 years and above (sole or joint account).
  • If it is a joint account, then the primary account holder has to be a senior citizen.
  • There is no limit for minimum and maximum balance.

12. TMB Happy Family Banking Account

Here are the features:

  • Free fund transfer through RTGS and NEFT.
  • For each account, get free DDs of up to Rs. 50,000 every day.
  • Each family member can avail 20 cheque leaves for free per year.
  • ATM/Debit card facility.
  • Free cash remittance in satellite and parent branches.
  • Any other benefits the account holders have from other SB accounts with the bank, will continue to exist over and above the benefits of this acc.
  • Rs. 3 lakhs worth free personal accident insurance cover.
  • Floater policy (health insurance cover) is worth Rs. 2 lakhs every year.
  • LIC Group Term Insurance for each member. The cover is worth Rs. 1 lakh per member.

Eligibility Criteria:

  • Minimum 3 accounts and maximum 6 accounts can be clubbed under this SB account scheme.
  • The accounts clubbed can be of primary member, his/her children, spouse, parents, grandchildren, daughter in laws and son in laws.
  • The combined AMB for rural, semi-urban, urban, and metro is Rs. 10,000, Rs. 15,000, Rs. 20,000, and Rs. 30,000, respectively.

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.