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    TamilNad Mercantile Bank Fixed Deposit Rates
     and 2 other FDs
    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    15 Days to 10 Years
    5% - 7.5% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    6.90% - 7.00% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.75% - 8.6% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.72% - 8.65% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    TamilNad Mercantile Bank Fixed Deposit Rates is Rated as "Great!" by 4 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Fixed Deposit BYTES FROM OUR KITCHEN

    TamilNad Mercantile Bank Fixed Deposit Rates

    TamilNad Mercantile Bank was founded in 1921 as the Nadar Bank. In 1962, the name was changed to TamilNad Mercantile Bank. The TamilNad Mercantile Bank is not listed on the NSE and BSE but it has seen strong growth over the years and was voted as the best bank for three consecutive years from 2013-2015. It offers various financial services of which one is Fixed Deposit (FD). The bank claims to offer higher return on Fixed Deposits than most banks because of its low operational cost. They also offer special interest rates on high value deposits.

    Given below are the latest revised interest rates offered per annum on both Regular & Senior Citizens FDs as updated with effect from January 1, 2018: 

    Term Period Interest rate for regular citizens Interest rate for senior citizens
    15 days - 29 days 5.00% 5.00%
    30 days - 45 days 5.25% 5.25%
    46 days- 90 days 6.00% 6.00%
    91 days - 179 days 6.50% 6.50%
    180 days 6.75% 6.75%
    181 days  - <12 months 6.75% 6.75%
    1 year 6.90% 7.40%
    1 year - 3 years 7.00% 7.50%
    3 years and above 6.90% 7.40%

    *The above interest rates are for investments less than Rs.1 crore

    TamilNad Mercantile Bank Fixed Deposit Rates

    TamilNad Mercantile Bank offers attractive interest rates on Fixed Deposit accounts than its competitors due to its low cost of operation. It also offers attractive rates of return when an account holder deposits a large sum of money in the Fixed Deposit account.

    TamilNad Mercantile Bank short-term Fixed Deposit Rates

    • A TamilNad Mercantile Bank short-term Fixed Deposit account can be held for a term ranging from a period of 15 days to less than a year. The interest gained on the fund deposited is 5.00%.  
    • This type of account is suitable for people who are looking to earn some money on interest rates quickly.
    • If you select the term period for the short-term Fixed Deposit account to be anywhere between 180 days and less than a year, you will earn an interest rate of 6.75% which is the highest for this type of account.
    • The interest rate offered for period of 46-90 days is 6.00%.
    • The interest rate for a short term Fixed Deposit for regular citizens and senior citizens is the same.

    TamilNad Mercantile Bank medium-term Fixed Deposit rates

    • A TamilNad Mercantile Bank medium-term Fixed Deposit account can be held from a maturity term ranging from 1 to 5 years.
    • This type of account is suitable for people who want to keep their money in the bank neither for a very short amount of time nor for a very long time.
    • The interest rate offered by the bank for regular and senior citizens on a medium-term fixed deposit is different.
    • The interest rate for a medium term fixed deposit offered by the bank ranges from 6.9-7% for a regular citizen and 7.4-7.5% for a senior citizen. The interest rate for both the regular and senior citizens decreases when the maturity period is 3 or more than 3 years.

    TamilNad Mercantile Bank long-term Fixed Deposit rates

    • The long-term fixed deposit account is for people who want to keep their money for more than 5 years.
    • The interest rate for a long-term Fixed Deposit account is 6.90 % for regular citizen and 7.40% for senior citizen which is constant for any maturity term.
    • If you are looking at rate of return from your funds in the Fixed Deposit account, you should go for short or medium-term Fixed Deposit account rather than the long-term Fixed Deposit account.

    TamilNad Mercantile Bank FD Premature Withdrawal Policy:

    The bank’s policy for premature withdrawal regarding all deposits is as follows:

    1. If the account holder withdraws funds from the fixed deposit account prematurely before two weeks of the maturity date, he or she will be charged interest as penalty.
    2. The fee charged is equivalent to 1% of the interest rate that is applicable depending upon the maturity term of the TamilNad Mercantile fixed deposit account.

    Types of FD accounts offered by TamilNad Mercantile Bank  

    • Basic FD: The deposits to this FD can be made from a period of 15 days to 120 months. Loans are also provided against investments in this plan.
    • Muthukuviyal FD: The deposits to this account can be made for a term of 12 to 120 months. Nomination facility is also available in this scheme.
    • Porkuvial FD: For people who want to keep their money in the bank for the long haul, this is an ideal scheme. The term period is 10 years.
    • Cash certificate: This scheme is a popular choice for many people as it gives high rate of return and the term period is also very flexible, ranging from 12 months to 10 years.
    • Santhosh FD:  This plan is a combination of the Basic FD and Muthukuviyal FD plans. It is especially suitable for senior citizens.
    • Double deposit FD: The advantage of depositing funds in the double deposit FD plan is that the first time deposit gets doubled in a very short amount of time. This plan is also suitable for senior citizens to deposit their funds in.
    • Tax saving FD: The tax saving FD is a very popular scheme offered by the TamilNad Mercantile bank. It helps save the account holder money in tax.
    • Pearl deposit: The thing which makes the pearl deposit plan different than others is that the account holder can transfer the interest amount to any active account from it.

    20:20 deposit: This scheme is meant to provide highest possible rate of return in the shortest possible time frame.

    TamilNad Mercantile Bank Fixed Deposit Reviews

    • Tamilnad Mercantile Bank Fixed Deposit
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have two fixed deposit accounts with this bank. Customer service is excellent. Within five minutes they created the fixed deposit account and linked it to my savings account. Also i can track all the my savings, fixed deposit and recurring accounts in netbanking.
      Was this review helpful? 3
      , chennai
      Reviewed on Feb 03, 2017
    • Tamilnad Mercantile Bank Fixed Deposit
      "Easy to open the FD account!"
      0.5 5.0/5 "Blown Away!"
      I have two Fixed deposit accounts with Tamilnad Mercantile bank. I just submitted the documents for opening the account. The tenure is of 2 years and I paid initial amount of 50K. After completing the period, I have to sign the papers and they used to transfer the amount to my savings account.
      Was this review helpful? 6
      , pune
      Reviewed on Feb 06, 2016
    • Tamilnad Mercantile Bank Fixed Deposit
      "happy with the rate.."
      0.5 2.0/5 "Expected more"
      I preferred TamilNad Mercantile bank for fixed deposit because they are offering very high interest rate. Customer service is good but in terms of technology they are lacking somewhat. Office environment can be changed and they can implement new things.
      Was this review helpful? 4
      , chennai
      Reviewed on Dec 31, 2015
    • Tamilnad Mercantile Bank Fixed Deposit
      "Quite satisfied but needs improvement"
      0.5 2.5/5 "Just OK"
      I started a fixed deposit with TMB couple of years ago and I am still maintaining the FD. There was no documentation required to create an FD as I was holding a savings account of TMB. I would suggest the bank to improve the customer service and introduce an online facility to start, manage the fixed deposit.
      Was this review helpful? 32
      , chennai
      Reviewed on Jun 21, 2014
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