TMB FD Interest Rates

Discover Secure Savings with TMB Fixed Deposits & TMB FD Interest Rates. Tamilnad Mercantile Bank (TMB) is a prominent private sector bank in India known for its diverse financial services. Among its offerings, Fixed Deposits (FDs) stand as a popular investment option for individuals seeking a secure and stable means of saving and growing their funds. TMB provides competitive FD interest rates, and potential investors can benefit from exploring these rates to make informed decisions about their investment portfolios.

Stay updated on the latest Fixed Deposit plans in TMB through official bank channels or by reaching out to TMB directly. Understanding these rates is crucial for those considering Best FD rates in TMB as part of their financial strategy.

TMB FD Interest Rates 2024 (Below 2 Crores)

Understanding the interest rates offered, especially for deposits below 2 crores, is crucial for making a well-informed choice. The below list of FD Interest rates for senior citizens & the general public against the tenure provides you an adequate measure of finance, specifically focusing on deposits under 2 crores.

TMB FD Interest Rates (Above 2 Crores)

The following table displays the interest rates applicable to various FD tenures for Bulk & NRO deposits above Rs. 2 crore. It's essential for anyone considering Fixed Deposits as part of their financial planning to be aware of these rates.

TMB FD Rates for NRE

Tamilnad Mercantile Bank (TMB) offers Fixed Deposit (FD) schemes for Non-Resident External (NRE) accounts. These FDs provide a secure investment option for non-resident Indians, with interest rates varying based on the deposit tenure. The table below shows the interest rates offered by TMB:

TMB FD Rates for FCNR(B)/ FCNR Plus/ RFC (Less than 3 years)

Here are the current annual TMB FD interest rates for FCNR(B), FCNR Plus, and RFC deposit plans.

Features & Benefits of TMB Fixed Deposit

Tamilnad Mercantile Bank (TMB) Fixed Deposits (FDs) offer a range of features and benefits that can appeal to various savers, here’s why:

• Competitive Interest Rates: TMB offers diverse interest rates based on deposit term and age (general vs. senior citizen), with rates reaching up to 7.50% p.a. for senior citizens on 1-year deposits.
• Flexible Tenure Options: Choose a deposit term that aligns with your financial goals, ranging from 7 days to 10 years.
• Assured Returns: FDs provide predictable and guaranteed returns compared to market-linked investments.
• Compound Interest: Earn interest on both your principal amount and accumulated interest for higher returns over longer terms.
• Minimum Investment: Start with a minimum investment as low as ₹100, making it accessible to everyone.
• Premature Withdrawal: Access your funds before maturity with applicable charges to cater to unforeseen needs.
• Online Access: Manage your FD account conveniently through TMB's online banking platform.

TMB FD Account Eligibility

Eligibility for opening a TMB Fixed Deposit (FD) account is direct & simple, for both individuals and businesses with minimal requirements. Here's a breakdown for applicants:

Individual Applicants:

• Indian citizenship or valid Indian visa: Proof of identity and address is required.
• Minimum age: 18 years at the time of maturity.
• Sound financial standing: Stable income or evidence of financial stability preferred.
• Single or joint account: Can be opened individually or jointly with another individual.

Additional Factors:

• Minimum deposit amount: Varies depending on the chosen FD scheme.
• Collateral: May be required for larger deposits or specific schemes.
• Specific scheme eligibility: Certain FD schemes might have additional eligibility criteria like minimum age for senior citizen schemes.

Documents Required To Open Tamilnad Mercantile Bank FD

The documents required to open a Tamilnad Mercantile Bank (TMB) Fixed Deposit (FD) account are fairly straightforward and depend on whether you're an individual or a business entity. Here's a breakdown:

• Identity proof: PAN card, Aadhaar card, voter ID, or driving licence.
• Address proof: Utility bills, ration card, Aadhaar card, or bank statement.
• Passport-size photographs: One or two, depending on the specific scheme.
• Signature sample: Required on the application form.
• Collateral documents: May be required for larger deposits or specific schemes.
• NRE/NRO documentation: Additional proof of residency or citizenship status might be required for Non-Resident External (NRE) or Non-Resident Ordinary (NRO) accounts.
• Specific scheme documents: Certain FD schemes might have additional documentation requirements, such as age certificates for senior citizen schemes.

Premature Closure of TMB Fixed Deposit

Prematurely closing your TMB Fixed Deposit (FD) before the end of its term can occur, but it carries certain consequences. Know more about premature closures with best TMB FD interest rates.

• Premature withdrawal within 14 days of deposit or renewal incurs forfeiture of earned interest.
• Withdrawals made after 14 days are subject to a 1% penalty on the applicable interest rate based on the period the deposit remained invested.

Types of TMB Fixed Deposits Schemes

Let’s go through the types of TMB fixed deposits from below:

Muthukuvial Fixed Deposit

The Muthukuvial Fixed Deposit is a special term deposit scheme offered by Tamilnad Mercantile Bank (TMB) with attractive features and benefits. It's known for its reinvestment feature, making it potentially attractive for those seeking to maximise their returns over the long term.

Here are some key features:

• Tenure: 1 year to 10 years.
• Reinvestment option: Interest earned is automatically reinvested into the principal to compound your earnings.
• Interest rates: Competitive rates vary based on deposit term and whether you're a general public or senior citizen.
• Minimum deposit: Rs. 1,000.
• Nomination facility: Available for security and inheritance planning.
• Premature withdrawal: Allowed with applicable penalty charges.
• Loan against FD: Can be used as collateral for availing a loan at a concessional rate.

Tamilnad Mercantile Bank's Cash Certificate

TMB's Cash Certificate is a fixed deposit (FD) scheme with specific features that cater to short-term needs and offer slightly higher interest rates compared to regular FDs.

Here are some key features:

• Short lock-in period: Available for terms ranging from 15 days to 45 days.
• Higher interest rates: Offers slightly higher returns compared to regular FDs for the given term.
• Liquidity limitations: Early withdrawal incurs penalty charges.
• Predefined denominations: Available in fixed amounts like Rs. 1,000, 5,000, 10,000, 25,000, 50,000, and 1 lakh.
• Taxation: Interest earned is taxable as per income tax slab.

Tax Saving Fixed Deposit

Tamilnad Mercantile Bank (TMB) offers a Tax Saving Fixed Deposit (FD) scheme designed to help you save on taxes while earning interest on your investment.

Here are some key features:

• Tax benefit: Eligible for deduction under Section 80C of the Income Tax Act up to Rs. 1.5 lakhs per year.
• Lock-in period: 5 years, mandatory to avail the tax benefit.
• Interest rates: Slightly lower than regular FDs but still competitive.
• Term: 5 years to 10 years.
• Interest payout: Available monthly, quarterly, half-yearly, or annually.
• Minimum deposit: Rs. 100.
• Eligibility: Open to individuals and Hindu Undivided Families (HUFs).

Pearl Deposit

The TMB Pearl Deposit is a unique fixed deposit (FD) scheme designed to encourage regular savings with flexible features and potential for compounding returns.

Here are some key features:

• Recurring deposit scheme: Minimum monthly instalment of Rs. 1,000, allowing for regular saving habits.
• Flexible tenure: Choose a term between 12 and 48 months.
• Compound interest: Interest earned is added to the principal every month, potentially boosting your returns over time.
• Interest payout options: Choose monthly, quarterly, half-yearly, or annual interest payouts to suit your needs.
• Premature withdrawal: Allowed with applicable penalty charges.
• Minimum deposit: Rs. 1,000 for the initial deposit and subsequent monthly instalments.
• Loan against FD: Can be used as collateral for availing a loan at a concessional rate.

20:20 Deposit

The TMB 20:20 Deposit scheme is a unique fixed deposit (FD) offering that combines savings and FD features, providing flexibility and potentially higher returns.

Here are some key features:

• Two Components: Combines a regular savings account with a portion allocated to an FD.
• 20:20 Split: 20% of your balance automatically gets transferred to the FD every month, while 80% remains in the savings account accessible for daily transactions.
• Higher FD Interest: Earn a higher interest rate on the deposited amount in the FD portion compared to the regular savings account interest.
• Flexible Access: Easily access your savings account funds for your daily needs.
• No Lock-in Period: No fixed tenure on the savings account portion, offering complete flexibility.
• Fixed Deposit Term: FD part has a term of 20 months and 20 days, offering longer-term growth.
• Premature Withdrawal: Allowed on both savings and FD parts with applicable charges.
• Loan against FD: Utilise the FD portion as collateral for availing a loan at a concessional rate.