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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Save money while enjoying a higher interest rate with Tamilnad Mercantile Bank Recurring Deposits. Tamilnad Mercantile Bank Recurring Deposit Interest Rates differ for resident and NRI customers. Tamilnad Mercantile Bank Senior Citizen RD Interest Rates are higher.
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A Recurring Deposit (RD) account is one, which lets you deposit a fixed amount every month for a fixed period. Each time you make a deposit the amount is added to the principal, and begins earning interest. The interest amount may also be reinvested into the scheme. Thus at the end of the period - called tenure or term - you get a substantial lump sum amount.
A recurring deposit is similar to a fixed deposit - even interest rates are same with most banks - the only difference being that in a Fixed Deposit you have to deposit a large amount at a time while a recurring deposit lets you make periodic smaller deposits.
About Tamilnad Mercantile Bank Recurring Deposit Rate
Tamilnad Mercantile Bank offers several different types of recurring deposit accounts.
Basic RD
Tamilnad Mercantile Bank E-connect lets you access your funds and transaction information anywhere in world. The ERD facility allows you to open a recurring deposit account online. Here are some of the features -
The cost if education is rising every day. With a view to providing relief to parents, Tamilnad Mercantile Bank offers its customers a Kids Recurring Deposit, which allows them to deposit small amounts periodically with a view to receiving a lump sum payment at the time when it is required for higher education of the children. Some of the features of the scheme include -
This product is a cross between fixed and recurring deposits. Key features include. The interest under the scheme is reinvested into the recurring deposit account as additional instalments.
This scheme is offered in collaboration with Reliance Life Insurance Company. Under this scheme, Tamilnad Mercantile Bank offers its customers life insurance in addition to interest on deposit. Key features include -
The following are the benefits of a Tamilnad Mercantile Bank recurring deposit account -
Tamilnad Mercantile Bank recurring deposit interest rates are effective from June 06, 2018 for Resident Customers
| Tenure | Interest Rate (per annum) |
|---|---|
| 6 Months | 6.25% |
| 9 Months | 6.75% |
| 12 Months | 7.30% |
| 15 Months | 7.30% |
| 24 Months | 7.30% |
| 27 Months | 7.40% |
| 36 Months | 7.40% |
| 39 Months | 7.25% |
| 48 Months | 7.25% |
| 60 Months | 7.25% |
| 90 Months | 6.50% |
| 120 Months | 6.50% |
Senior citizens will higher rate of interest rate on Tamilnad Mercantile Bank recurring deposit account when compared to normal accounts. Below is the interest rate that is currently applicable on Tamilnad Mercantile Bank recurring deposit account.
| Tenure | Senior Citizen Rates (per annum) |
|---|---|
| 6 Months | 6.75% |
| 9 Months | 7.25% |
| 12 Months | 7.80% |
| 15 Months | 7.80% |
| 24 Months | 7.80% |
| 27 Months | 7.90% |
| 36 Months | 7.90% |
| 39 Months | 7.75% |
| 48 Months | 7.75% |
| 60 Months | 7.75% |
| 90 Months | 7.00% |
| 120 Months | 7.00% |
| Tenure | Interest Rates p.a. for NRIs |
|---|---|
| 6 Months | N.A |
| 9 Months | N.A |
| 12 Months | 7.30% |
| 15 Months | 7.30% |
| 24 Months | 7.30% |
| 27 Months | 7.40% |
| 36 Months | 7.40% |
| 39 Months | 7.25% |
| 48 Months | 7.25% |
| 60 Months | 7.25% |
| 90 Months | 6.50% |
| 120 Months | 6.50% |
If you are wondering how much you should deposit in order to earn a certain amount at the end of a certain period – say a year or 3 years – you can utilize the Tamilnad Mercantile Bank recurring deposit Calculator tool available on their website. This tool allows you to enter the desired start and end date – or term – of the recurring deposit and compute the interest as well as maturity amount for various amounts of periodic deposits. By varying the amount of deposit or term, you can compute the amount you will receive on maturity. Then depending on your budget and needs, you can determine the amount you wish to put into the recurring deposit.
While the computations are estimates and actual amounts may vary slightly depending on changing conditions and personal circumstances, the calculator gives you a fair idea about the amount you will receive.
Following are the people who can open and recurring deposit account with Tamilnad Mercantile Bank.
1. What is the minimum amount required to open a recurring deposit with Tamilnad Mercantile Bank?
The minimum opening balance for a regular recurring deposit with Tamilnad Mercantile Bank is Rs. 1000.
2. What is the minimum and maximum deposit period?
The minimum deposit tenure is 6 months and up to a maximum of 10 years.
3. How do I apply for a regular recurring deposit?
You can open a regular recurring deposit online through your Net banking account if you are an existing customer. Alternately, you can visit your nearest branch and submit the recurring deposit account application form.
4. What is the documentation required to open a recurring deposit account?
You will require the following documents:
5. Does the recurring deposit have a lock-in period?
Yes, the recurring deposit account has a minimum lock-in period of one month.
6. I want to close the recurring deposit account, but it has only been one month. What are the charges?
In the case of premature closure within a month, no interest shall be paid and only your principal amount shall be returned.
7. Can I avail an overdraft facility?
Right now, there is no overdraft facility for recurring deposits. However, you may apply for a loan against deposit subject to certain conditions.
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