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%|
|181 days - <12 months||6.75%||6.75%|
|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 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.
The bank’s policy for premature withdrawal regarding all deposits is as follows:
20:20 deposit: This scheme is meant to provide highest possible rate of return in the shortest possible time frame.
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.