TMB FD Calculator

Tamilnad Mercantile Bank (TMB) offers fixed deposit schemes with competitive interest rates, and using the online TMB FD calculator can help you effectively plan your investments.

Tamilnad Mercantile Bank fixed deposit options offer tenures spanning from 7 days to 10 years. Interest rates for general citizens range from 5.25% to 7.25%, while senior citizens can enjoy rates between 5.25% and 7.75% for deposits below ₹2 crore.

Total Investment :

₹

Rate of Interest (p.a) :

Time Period :

Maturity Date	:
Invested Amount	: ₹10,000
Interest Amount	: ₹666
Maturity Amount	: ₹10666

Invested Amount Interest Amount

TMB Fixed Deposit Calculator Online

The TMB Fixed Deposit Calculator can help you accurately calculate potential returns and make informed decisions about your investments. Easily map out your financial strategies using the intuitive
Simply enter your deposit amount, term, and interest rate to swiftly reveal your projected earnings. This simple tool streamlines decision-making, providing precise calculations for both the maturity sum and accrued interest. Seize control of your financial goals with assurance and ease.

How to Use TMB FD Calculator?

Using the TMB FD rate calculator for financial planning is straightforward. Here is a quick overview to assist you in maximising its utility:

Step 1: Access our TMB FD Calculator.
Step 2: Input the interest rate, principal amount, and FD tenure.
Step 3: Instantly view the maturity amount and interest earned.
Step 4: Compare different combinations of tenure and principal to match your financial goals.

TMB FD Interest Rate

Let’s go through the TMB FD rates for Domestic and NRO fixed deposits (FDs) with deposits under ₹2 crore, TMB offers a variety of interest rates.

Period	General Public (Below 2 crore) New w.e.f 14.08.2023	Senior Citizens (Below 2 crore) New w.e.f 14.08.2023
7-14 days	5.25	5.25
15-29 days	5.25	5.25
30-45 days	5.25	5.25
46-60 days	5.25	5.25
61-90 days	5.25	5.25
91-120 days	5.75	5.75
121-179 days	6.00	6.00
180-270 days	6.00	6.00
271–299 days	6.00	6.00
300 days (TMB SMART300 – Special Deposit w.e.f.11.12.2023)	7.25	7.75
301 days to less than 1 year	6.00	6.00
1 year	7.00	7.50
Above 1 year to less than 20 months & 20 days	7.00	7.50
20 months & 20 days	7.00	7.50
Above 20 months 20 days to less than 2 years	7.00	7.50
2 years to less than 3 years	6.75	7.25
3 years to 10 years	6.50	7.00

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*Additional rate of interest payable on term deposits to Senior Citizens shall not apply to NRO Term Deposits
# Additional rate of interest payable on term deposits to Senior Citizens shall not apply for a period less than one year

How is Fixed Deposit Interest Calculated?

You can understand how financial institutions calculate fixed deposit interest by understanding factors like principal amount, interest rate, and duration.

The interest on fixed deposits can be calculated using two different methods:

1. Simple interest FD:

M = P + (P x r x t/100)

Here,
P stands for the initial deposit amount you invest.
r denotes the annual interest rate.
t represents the duration in years.

Example:

Let's consider a deposit of ₹20,000 for a 1-year term at an interest rate of 7.00%. The total maturity amount with simple interest would be:

M = 20,000 + (20,000 x 0.07 x 1/100)

M = ₹20,014 approximately

Please note that this is only a reference example.

2. Compound Interest FD:

A = P (1+r/n) ^ (n * t)

In this instance,

The maturity amount is denoted as A.
Principal is represented by the letter P.
The interest rate is r
The number of compounding cycles every year, denoted by n.
The number is represented by t.

Example:

Let's consider an investment of ₹20,000 for a duration of 1 year with a 7% interest rate compounded quarterly. The formula for this scenario is as follows:

A= 20,000 (1+(0.07/4) ^ (4 * 1)

A= ₹21,420.71 approximately

Please note that the example provided is only for reference purposes.

How Can an FD Calculator Help You?

Use an FD calculator to analyze your finances and predict the growth of your fixed deposit. Input the initial amount, interest rate, and duration to make informed decisions about your investments. This tool factors in compound interest frequency and investment length, making it valuable for comparing different scenarios with varying rates and durations.

Advantages of Using FD Calculator

With these important benefits, you can get the most out of an FD (Fixed Deposit) calculator:

Increase Your Savings: Calculate the potential growth of your fixed deposit by projecting your future income.
Save Time and Effort: Avoid laborious arithmetic and obtain precise results quickly and easily.
Customise Your Plan: You can make significant changes to your financial strategy, such as altering the starting amount, interest rate, and investment duration.
Select the Best Choice: You can quickly evaluate several fixed deposit options to see which one best suits your needs.
Recognise Risks: Gain knowledge about potential issues with various options to help you make more informed selections.
Establish Specific Objectives: Determine your desired income and allocate your investments appropriately.

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Frequently Asked Questions

The highest interest rate on Tamilnad Mercantile Bank FD is 7.25% p.a. for specific schemes like TMB SMART300, while regular FDs offer rates between 6.50% to 7.00% p.a.

The minimum investment for FDs in Tamilnad Mercantile Bank is ₹1,000 for regular FDs and ₹100 for the Tax Saving Scheme.

The lock-in period for the Tax Saving Scheme is 5 years.

Senior citizens enjoy additional rates of 0.5% on both regular FDs and Tax Saving FDs with Tamilnad Mercantile Bank.

The interest on Tamilnad Mercantile Bank FDs is calculated using the compound interest formula based on the chosen scheme, interest rate, tenure, and compounding frequency.

The TMB FD Calculator is generally applicable to most FD types, but compatibility with specific schemes should be confirmed.

To use the TMB FD Calculator accurately, input the desired deposit amount, preferred tenure, and interest rate. Additional details may be required based on the chosen scheme.

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