• TamilNad Mercantile Bank Fixed Deposit Rates 2019

    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.

    Tamilnad Mercantile Bank Fixed Deposit

    • 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    • Interest earned during the tenure can be withdrawn on a monthly or a quarterly basis.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.

    Short-term Fixed Deposit Rates By Tamilnad Mercantile Bank

    • The short-term fixed deposit account ranges for a tenure of 15 days to less than 1 year.
    • Interest on short-term FD is from 5.00% per annum to 7.00% per annum for regular citizens as well as senior citizens.
    • The rate of interest is highest for a tenure ranging between 9 months to less than a year with 7.00% per annum.
    • For a period of 46-90 days, the interest earned is 6.00% per annum.

    Medium-term Fixed Deposit Rates -

    • The term of the deposit ranging from 1 year to less than 5 years can be under medium-term deposits.
    • Rate of interest for a medium-term deposit ranges from 7.40% per annum to 7.65% per annum for regular citizens and from 7.50% per annum to 8.00% per annum for regular citizens.
    • Senior citizens earn the highest rate of interest in this category with 8% per annum and for the tenure of 1111 days only.

    Long-term Fixed Deposit Rates -

    • When the term of the deposit ranges from 1112 days to 10 years, it can be termed as a long-term fixed deposit.
    • The rate of interest is 6.90% per annum for regular citizens and 7.40% per annum for senior citizens.

    There are a Number of Other Fixed Deposit Options to Choose From Offered by The Tamilnad Mercantile Bank. They are:

    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.

    Premature Withdrawal Policy For Tamilnad Mercantile Bank

    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.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    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? 5
      , chennai
      Reviewed on Feb 03, 2017
    • Tamilnad Mercantile Bank
      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? 7
      , 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? 5
      , 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? 34
      , chennai
      Reviewed on Jun 21, 2014
    Common Loader Icon
    This Page is BLOCKED as it is using Iframes.