• TamilNad Mercantile Bank Fixed Deposit Rates

    Founded in 1921 as the Nadar Bank, in 1962, the name was changed to TamilNad Mercantile Bank. The TamilNad Mercantile Bank was voted as the best bank for three consecutive years from 2013-2015 as it has seen strong growth over the years. The bank is not listed on the NSE and BSE. It offers various financial services, one of which is fixed deposits (FDs). The bank offers higher return on fixed deposits when compared to most banks due to its low operational cost. Special interest rates are offered on deposits of high value.

    Features of Tamilnad Mercantile Bank FD Scheme

    • The tenure for fixed deposits offered by the TamilNad Mercantile Bank is a minimum of 15 days and can go upto 10 years.
    • Interest earned during the tenure can be withdrawn on a monthly or a quarterly basis.
    • The facility of nomination is available and loans can be taken against the amount deposited.
    • Rate of interest is calculated and given for a deposit of less than Rs.1 crore.

    TamilNad Mercantile Bank Domestic & NRO Term Deposit Rates Under Rs. 2 crore

    Tenure Regular FD rates p.a. Senior Citizens FD rates p.a.
    15 days to 29 days 4.25% 4.25%
    1 months to 45 days 4.50% 4.50%
    46 days to 2 months 5.25% 5.25%
    More than 2 months to 3 months 5.25% 5.25%
    More than 3 months to less than 6 months 5.50% 5.50%
    6 months to 9 months 5.60% 5.60%
    More than 9 months to less than 1 year 5.75% 5.75%
    1 year only 6.10% 6.60%
    More than 1 year to less than 20 months 20 days 6.10% 6.60%
    20 months 20 days only 6.10% 6.60%
    More than 20 months 20 days to less than 3 years 6.10% 6.60%
    2 years to less than 3 years 6.00% 6.50%
    3 years to 10 years 5.90% 6.40%

    *The TamilNad Mercantile Bank Domestic term deposit rates are subject to change as per the discretion of the bank. The rates provided above are effective as of 1 June 2020

    Tamilnad Mercantile Bank Savings Account Deposit Interest Rate 2020

    The interest rate, irrespective of the balance amount, for all NRE, NRO, and Non-Resident savings accounts is 3.50% p.a.

    Bulk Domestic and NRO Term Deposits

    Period Interest Rate
    Rs.2 crore to Rs.5 crore Rs.5 crore to Rs.9,99,99,999
    3 years to 10 years 5.55% 5.55%
    2 years to less than 3 years 5.60% 5.60%
    More than 20 months 20 days and less than 3 years 5.70% 5.70%
    20 months 20 days 5.70% 5.70%
    Above 1 year to less than 20 months 20 days 5.80% 5.80%
    1 year 5.80% 5.80%
    271 days to below 12 months 5.50% 5.50%
    180 days to 270 days 5.35% 5.35%
    91 days to 179 days 5.25% 5.25%
    61 days to 90 days 5.00% 5.00%
    46 days to 60 days 5.00% 5.00%
    30 days to 45 days 4.25% 4.25%
    15 days to 29 days 4.00% 4.00%

    Note: The interest rates mentioned in table are effective from 1 June 2020.

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    TamilNad Mercantile Bank Fixed Deposit Reviews

    • Tamilnad Mercantile Bank
      "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? 8
      , chennai
      Reviewed on Feb 03, 2017
    • Tamilnad Mercantile Bank
      Tamilnad Mercantile Bank
      "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? 8
      , pune
      Reviewed on Feb 06, 2016
    • Tamilnad Mercantile Bank
      "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? 6
      , chennai
      Reviewed on Dec 31, 2015
    • Tamilnad Mercantile Bank
      "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? 36
      , chennai
      Reviewed on Jun 21, 2014
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