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.
Muthukuviyal FD: The tenure for this type of fixed deposits ranges from 12 to 120 months. The option of nomination is available in this scheme.
Cash certificate: This fixed deposit scheme is a popular choice for many people as it gives a flexible term period ranging from 12 months to 10 years and it gives high interest rates.
20:20 deposit: The scheme offered by the TamilNad Mercantile Bank means to provide the highest possible rate of interest in the shortest tenure.
Santhosh FD: This type of fixed deposit scheme is a combination of the Muthukuviyal Fixed Deposit along with the Basic Fixed Deposit plan. It is especially suitable for senior citizens and it offers higher liquidity..
Porkuvial FD: With a fixed tenure of 10 years, this scheme of fixed deposit is meant for people who want to invest for a long time. The interest rate for this FD is 6.90% per annum and 7.40% per annum for regular citizens and senior citizens respectively.
Tax saving FD: TamilNad Mercantile bank also offers the tax-saving fixed deposit. It helps in saving the money subjected to tax under the Section 80C of the Income Tax Act..
Double deposit FD: When it comes to the double deposit FD plan, the working of this scheme is such that the first deposit doubles in a short tenure.
Pearl deposit: Under the Pearl Deposit, the depositor is able to transfer the money earned on interest to any active account.
TMB 777 deposit: The tenure of this type of fixed deposit is fixed at exactly 777 days and it aims to target corporate employees interested in a short-term investment. Interest rate is 7.00% per annum for regular citizens and 7.50% per annum for senior citizens.
The policy for premature withdrawal of fixed deposit is applicable for each and every person holding such an account. It is the same for low value deposits as well as high value.
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.
The penalty will be 1% of the interest rate depending on the term of maturity of the fixed deposit.
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