Tamilnad Mercantile Bank Fixed Deposit Rate

Tamilnad Mercantile Bank’s basic fixed deposit

Tamilnad Mercantile Bank’s basic fixed deposit scheme provides deposit periods of 15 days to 10 years. The interest earned on this fixed deposit can be withdrawn monthly or quarterly. Nomination facility is available in this deposit. Simple interest in earned in this deposit based on the period of deposit.

Muthukuvial fixed deposit

Cash certificate

Deposit duration is for a minimum of 12 months and for a maximum of 10 years. Cash certificates are available for Rs.1000, Rs.5000, Rs.10,000, Rs.25,000, Rs.50,000 and Rs.1,00,000. Nomination facility is available. Compound rate of interest is applicable, and it is based on the duration of the deposit. Loans can be obtained against this deposit amount.

Tax saving fixed deposit

Under this scheme, there are two variants – Mullai and Malligai. In the Malligai scheme, the customers can withdraw interest earned monthly, quarterly, half yearly or on an annual basis. In the Mullai scheme, the interest is paid at the maturity of the deposit with cumulative interest. The minimum amount that can be deposited is Rs.100 and thereafter, in multiples of Rs.100. The maximum amount that can be deposited is Rs.1,50,000. The duration of the deposit ranges from 5 years to 10 years. Interest amount is taxable. Premature closure is not allowed in this scheme. Loan against this deposit is not allowed.

Pearl deposit

Deposit duration is for a minimum of 12 months and for a maximum of 10 years. The interest earned can be withdrawn or transferred to any operative account every quarterly, half yearly or annually. Nomination facility is available. Compound interest is applicable. Loans can be obtained against this deposit.

20:20 deposit

This deposit provides a high rate of interest in 20 months and 20 days. One can get up to 7% of interest and senior citizens can get 7.50%. The minimum amount to be deposited is Rs.1000. Nomination facility is available. Interest payment is done monthly and quarterly.

Interest Rate on Tamilnad Mercantile Bank’s Fixed Deposit

The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. Tamilnad Mercantile Bank’s Interest Rates typically ranges from 5% to 7.90% per annum.

The defining criteria for a fixed deposit is that the money cannot be withdrawn before maturity, unless on payment of a penalty.

Tamilnad Mercantile Bank Fixed Deposit rates

Following is an overview of Tamilnad Mercantile Bank’s Fixed Deposit Rates as of 01.10.2018

(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the bank. For the latest rates, it is advisable to check with Tamilnad Mercantile Bank directly.)

Domestic & NRO Term Deposits

Tamilnad Mercantile Bank Fixed deposit for senior citizens

Senior citizens have a special scheme called the Santhosh scheme. It is a combination of Savings bank and fixed deposit in one account. The interest rates are higher than for the normal individual. Free ATM cum debit card is provided with no annual maintenance charges for the first year. No loan can be taken against this deposit.

Senior Citizens Deposits:

How to Calculate Tamilnad Mercantile Bank Fixed Deposit Interest?

Tamilnad Mercantile Bank FD Premature Withdrawal Penalty

No interest needs to be paid on premature withdrawal of deposits up to 14 days from the date of deposit. If the depositor wants to prematurely close his fixed deposit, then, a 1% penal interest is charged on the rate applicable for which the deposit remained with the bank.

Tamilnad Mercantile Bank Fixed Deposit Rate FAQ