• How to Close Fixed Deposit in Tamilnad Mercantile Bank

    Tamilnad Mercantile Bank offers Fixed Deposit offers fixed deposits at many tenures at a very competitive interest rates. There may be a lot of cases where you can close a fixed deposit- either prematurely or close it once the term is over, instead of renewing it.

    Steps to Close Tamilnad Mercantile Bank Fixed Deposit Account

    Step 1: Fill in the account closure form/fixed deposit liquidation form

    • The first step to closing your Tamilnad Mercantile Bank fixed deposit account, you have to fill up the account closure form.
    • You can visit the bank branch, get the form, and submit it with the required documents.
    • You should submit this to the branch manager or the officer-in-charge.
    • If there are any joint holders, all of them have to sign the account closure form.

    Step 2: Attach your KYC documents

    • All holders of the fixed account will have to attach copies of your KYC documents.
    • These will include a copy of a proof of identity, and proof of address.
    • You need to self attest the documents and then submit them.

    Step 3: Submit your Fixed Deposit Certificate or the Fixed Deposit Receipt

    • When you apply for a fixed deposit, the bank will issue a deposit certificate or receipt. This will show details like your fixed deposit amount, tenure, and rate of interest.
    • You have to show the certificate or receipt when you close the fixed deposit.
    • This has to be signed by all the account holders. The documents will be verified and you will be asked to withdraw the balance amount.

    FAQs on How to Close Tamilnad Mercantile Bank Fixed Deposit

    1. How do I know I am eligible to open a fixed deposit account in Tamilnad Mercantile Bank?

      All HUFs, resident individuals, firms, and NRIs, including minors can open a fixed deposit account with the bank.

    2. Can I deposit additional amount in my fixed deposit account?

      No, you cannot deposit additional amount into your fixed deposit account. If you want to invest more amount, you are should open a new fixed deposit account.

    3. What is the minimum amount required to open a bulk deposit account with Tamilnad Mercantile Bank?

      Minimum deposit of Rs.2 crore must be deposited to open a bulk deposit and earn returns on the prevailing Tamilnad Mercantile Bank fixed deposit interest rates.

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