Tamilnad Mercantile Bank Savings Account

What is a Savings Account?

A savings bank account deposit is the most basic type of deposit account offered by all banks. Any savings bank account will earn very nominal interest. It is considered as the next best thing to ‘cash in hand’ in terms of accessibility. Individuals may choose to park the excess cash in hand or at home, which may not be required for daily household expenses. The savings bank account’s key features include nominal interest rates, high flexibility in terms of fund accessibility and withdrawal.

Features and Benefits of Tamilnad Mercantile Bank Savings Account

There is an array of savings bank accounts available with Tamilnad Mercantile Bank. The applicant can fill the online eligibility form and submit it. The accounts which match the requirement and eligibility will be shortlisted and displayed. The applicant can choose the one that suits him/her the best.

Types of Tamilnad Mercantile Bank Savings Accounts

The types of savings accounts in Tamilnad Mercantile Bank are categorized as –

1. Savings (AWB) A/c

This account gives the customers the benefit of having the convenience of withdrawing money anytime anywhere as well as get good interest on the savings.

Features and benefits

• Minimum average balance –
• With Cheque Book: Rural Rs. 250.00 / Others Rs. 500.00
• Without Cheque Book: Rural Rs. 100.00 / Others Rs. 250.00
• First 20 cheque leaves free
• Debit card free.
• Free domestic ATM withdrawals

Eligibility

This savings account can be opened by any individual who falls within the age group of 18 – 65 years.

2. Salary SB A/c

This account is extended to employees who draw salary from through Tamilnad Mercantile Bank.

Features and benefits

• Minimum age criteria – 18 years
• Minimum take home salary – Rs. 5000 per month
• Minimum number of accounts to be opened should be 10 opened by employer
• Initial deposit and minimum balance requirement – Zero
• One cheque book of 20 leaves in a year free
• Free ATM card and credit card (for first year only)
• Free inward transactions for RTGS and NEFT
• Demat account - 50% discount on AMC - First year only ; Facility for off-line trading of shares
• Sweep-in facility available

Eligibility

Employees of State / Central Government, PSUs, Semi-Government Organizations, Urban Development Authorities, Educational Institutions, Universities, Charitable institutions, Trusts, Multi-National Companies, Public Limited Companies, Selected Private Limited companies, all SME classified accounts and partnership firms are eligible to open this account.

3. SB Premium A/c

SB Premium Account comes with certain unique privileges which enable the customer to avail free accessibility of funds by various means including internet banking, online transfers, mobile banking, specialized offers on debit or credit cards etc.

Features and benefits

• Quarterly Average Balance: Metro / Urban - Rs. 5,000.00. Semi-Urban / Rural Rs. 2,500.00.
• Cash Withdrawal at Parent Branch: Free.
• Cash Withdrawal at satellite branches: Free for self cheques presented by the drawer in person.
• For third party withdrawals per transaction: Allowed up to Rs. 10,000.00.
• Cash Remittance: Free (Only for savings in nature and not for trading nature).
• Payment of Anywhere Cheques in clearing / transfer: Free up to Rs. 1,00,000.00 per month. Thereafter Rs. 2.00 per Rs. 1,000.00. No Carry Over.

Eligibility

The eligibility is quite standard in this case, individuals in the age group between 18 – 65 years are allowed to open the account, provided they can maintain the afore-mentioned quarterly minimum balance.

4. Happy Family Banking A/c

This product unites the individual members of a family can group their respective relationships with bank (Savings Account) under a single ID called the 'Family ID'. 

Features and benefits

• Maintain a lower minimum monthly average balance at the family level
• Each family member doesn't need to maintain minimum balance individually
• Free 20 cheque leaves per year for each family member
• Free NEFT / RTGS at Branches
• Free DDs up to Rs. 50,000.00 per day for each account. Above Rs. 50,000.00 charged at Rs. 1.00 per 1,000 on incremental amount (Max Rs. 10,000.00)
• Free ATM cum Debit Cards with nil Annual Maintenance Fee
• Internet and mobile banking
• Free Accidental Insurance Cover for Rs. 3 Lakhs to each
• Mandatory TMB Happy Family Life Insurance Cover

Eligibility

• Minimum 3 accounts of the family Members such as the Lead Member, Spouse, Children, Parents, Grand Children, Son in laws and Daughter in laws and Maximum of 6 accounts
• Resident / Non Resident Indian TMB Savings Account Holders (Existing or new) with the exception of TMB Simple and Small & Pradhan Mantri Jandhan Yojana, Financial Inclusion, SB Institution and 'HUF' Account Holders
• Children aged above 10 Years and up to 18 years forming a part of the Family can open TMB Little Super Star SB account to join in TMB Happy Family
• If the number of members in the TMB Happy Family comes below due to exit of some members, then it will be declassified from TMB Happy Family

5. Little Super Star Savings A/c

This is an account designed for kids, the account can be opened in the name of the child. It is primarily designed to encourage saving for the future of the child. It also inculcates and encourages the concept of saving money from a very young age.

Features and benefits

• inculcate saving habits among Children
• Singly by Minor or Singly by Guardian
• Minimum average balance – Rs. 250/-. Nil penalty for non-maintenance of minimum average balance in the first year
• 10 withdrawals are free in a month
• Free Visa ATM card available

Eligibility

• Children above the age of 10 years to 18 years.
• Minor should be endorsed by a guardian.
• The account can be held in the child’s name.

6. Dynamic Youth SB A/c

The account has enhanced the service offerings for the dynamic and upcoming young generation. The account is suitable for young employed professionals and students.

Features and benefits

• Minimum Quarterly Average Balance of Rs. 1,000
• Waiver of minimum balance requirement in the first quarter of opening the account
• Interest is calculated on daily product basis and payable on quarterly basis

Eligibility

Individuals in the age group of 17 to 35 years can open this account. For individuals below 18 years, there is a need for a guardian to endorse the applicant. The individual can be a student, entrepreneur, professional or employee.

7. Royal SB A/c

This savings account is specifically designed for high net-worth individuals.

Features and benefits

• Minimum Monthly Average Balance of Rs. 50,000.00 for Metro Branches, Rs. 40,000.00 for Urban & Semi Urban Branches and Rs. 25,000.00 for Rural Branches
• Waiver of minimum balance requirement in the first month of opening the account
• Interest rate is applicable as per savings account deposit and is calculated on a quarterly basis
• Free Platinum RuPay Debit Card with Unlimited access to Domestic ATMs
• Internet and mobile banking available
• Personalized cheque book and credit card
• Free Personal Accident Insurance Cover for Rs. 3,00,000

Eligibility

High net worth individuals such as doctors, lawyers, chartered accountants, executives working in MNCs, software companies, public / private sector & business people

8. Visa SB A/c

This account is a modern two in one savings plus fixed deposit account where your money gets auto swiped into fixed deposits and yet it is accessible as and when required. This combines the features of fixed deposit which offers higher interest rates and savings bank account which offers the flexibility of withdrawal and easy accessibility to funds.

Benefits and features

Balance from this savings account automatically sweeps into term deposit after a threshold limit of Rs. 5,000. When the payment is required, balance from term deposits automatically sweeps out to savings bank account.

Eligibility

Individuals either jointly or single, Clubs, Associations, Trusts, Hospitals, Schools and Colleges who are eligible to open SB accounts.

Minimum average balance

Quarterly average minimum balance of Rs. 5,000 must be maintained in the savings account. The penalty for non-maintenance of minimum balance is Rs. 100/- + GST applicable every quarter.

9. Mahila Subha SB A/c

This account is specifically designed for modern day women. The account provides Health Insurance coverage of Rs. 30,000/- for her family consisting of herself, husband and 2 dependent children with per illness limit of Rs. 15,000 for a low annual premium of Rs. 500. Maternity Hospitalization for which coverage starts after 9 months from the policy coverage starting date.

Features and benefits

• Health Care Cover Policy for the entire family.
• Free Personal Accident Insurance Cover.
• Free Visa Debit Card.
• Waiver of first year Annual Maintenance Charges for new Demat account opened.
• 40 cheque leaves free Per Year.
• Free - TMB eConnect, TMB M Banking Anywhere Banking Facility, SMS Alerts and E-mail Statements.
• Free Unlimited Cash Remittances at Parent and Satellite Branches.
• Minimum average balance – Metro city Rs. 1000/-; other locations – Rs. 500/-

Eligibility

Women within the age group of 18 – 65 years can avail this account. Self Employed Professionals like Doctors, Entrepreneurs etc., Women with independent source of regular income like rentals etc. Single or in joint names with her spouse and daughters. The principal account holder must belong to target group (Daughters must be aged above 10 Years).

10. Basic Savings Deposit Scheme

Two variants under basic savings deposit scheme -

Simple Savings Bank A/c

• Any Resident Individual including minors & HUF
• No restriction on age of account holder
• Single and Joint Accounts - Domestic Savings Bank Accounts only
• No minimum balance required
• Maximum balance allowed is Rs. 2 Lakh
• Aggregate of all credits in a financial year should not exceed Rs. 2 Lakhs
• Free maximum 10 withdrawals permitted per month
• Internet and mobile banking allowed
• Cheque book with 20 leaves allowed for free

Small Savings Bank A/c

• Balance at any point of time should not exceed rupees fifty thousand
• Internet and mobile banking not allowed
• No availability of debit card and cheque book

11. Pradhan Mantri Jan Dhan Yojana Savings Bank A/c

Initiated by the Government of India, this is a zero-balance account which can be opened by all citizens with minimal paper work. The documentation involves providing Aadhar card. Typically, an introducer would be required in the case of other types of accounts, but under this deposit scheme, there is no requirement for an existing account holder to introduce the applicant.

Features and benefits

• Both rural and urban are to be covered under the scheme
• Bank accounts opened under the scheme are to have an overdraft facility of Rs. 5,000 for Aadhar-linked accounts after satisfactory operation in the account for 6 months
• Issuance of RuPay Debit Card with in-built Rs. 1 lakh personal accident insurance cover provided by HDFC Ergo and a life cover of Rs. 30,000/- provided by LIC
• No minimum balance requirement, no limit on maximum amount
• 4 withdrawals are free in a month
• Internet and mobile banking available

Current Interest Rates on Tamilnad Mercantile Bank Savings Account

Tamilnad Mercantile Bank offers consistent and competent interest rates to ensure that the depositors are benefited from their association with the bank. They are able to achieve this due to their ability to keep the operational cost low in comparison with other banks. Different segments and types of deposits have different rates of interest. There are special rates applicable on high-value deposits and senior citizen deposits.

Currently, the bank offers a 3.25% interest rate for balance up to Rs.10,00,000 and 3.50% for balance above Rs. 10,00,000 across all savings schemes. These rates are applicable from 6th July 2020. However, it may differ based on the amount deposited in the savings account.

About Tamilnad Mercantile Bank Savings Account

Tamilnad Mercantile Bank like all other banks offers the standard set of products and services which includes deposits in the form of savings account, current account, fixed deposit account etc., and loans or advances which include education loan, personal loan, car loan, loan against property, home loan etc. There are various types of savings account deposit, which can be chosen by the customers based on suitability.

Tamilnad Mercantile Bank Savings Account FAQ