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  • TamilNad Mercantile Bank (TMB) Fixed Deposit scheme-Features

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  • The Tamilnad Mercantile Bank Ltd. or TMB brings to customers savings products in the form of fixed term deposit accounts that offer interest at higher rates than current or savings accounts. These deposit accounts are easily accessible, do not require high initial investments and provide returns at rates that are both competitive and attractive. Depositors can invest in these fixed return instruments for very short periods or long terms depending on their funding and investment timelines. These deposits offer many value-added facilities such as renewals, overdrafts and nominations.

    Names of Tamil Mercantile Bank (TMB) Term Deposit schemes

    • Basic Fixed Deposit scheme
    • Muthukuvial FD scheme
    • Cash Certificate Deposit scheme
    • Santhosh Term Deposit scheme
    • Tax Saving FD scheme
    • Pearl Deposit scheme
    • 20:20 Deposit scheme

    Features of TMB Basic FD scheme

    • Range of maturities available: 15 days to 10 years
    • Facility to nominate a beneficiary
    • Interest is calculated as Simple Interest
    • You can secure a loan against this deposit.
    • Monthly or quarterly interest payment

    Features of TMB Muthukuvial Fixed Deposit scheme

    • Reinvestment plan
    • Maturity range: 1 year to 10 years
    • You can avail the nomination facility.
    • Minimum deposit: Rs.1,000
    • Interest is compounded for select tenures
    • Penalty is imposed for premature encashment
    • You can get loans against the Muthukuvial Deposit.

    Features of TMB Cash Certificate scheme

    • Loans can be obtained against the deposit.
    • Maturity band: 1 year to 10 years
    • Scheme comes with an option for nomination
    • Size of the Cash Certificates available: Rs.1,000, Rs.5,000, Rs.10,000, Rs.25,000, Rs.50,000 and Rs.1 lakh
    • Compound interest available for certain maturities
    • You can secure loans against the deposit.
    • Penalty is placed on premature withdrawal of deposits.

    Features of TMB Sathosh Fixed Deposit scheme

    • Santhosh FD scheme is exclusive for senior citizens.
    • It has the features of Savings Account and Muthukkuvial or FD scheme.
    • Higher FD interest rates available
    • 20 personalized cheque leaves for a year available free of cost
    • Scheme comes with Rs.1 lakh worth Accident Insurance cover: Free of cost
    • No minimum balance required in the Savings Account
    • Auto to sweep facility available

    Features of TMB Tax Saving Term Deposit scheme

    • Tax to related benefits as per the guidelines of Section 80 C of the Income Tax Act, 1961
    • PAN Card is compulsory
    • Joint accounts are allowed
    • Range of deposit amount: Rs.100 to Rs.1.50 lakh
    • Range of tenure: 5 years to 10 years
    • Premature encashment or loan applications are not allowed
    • Rate of interest: 6.90% p.a.
    • Senior Citizen rate: 7.40% p.a.
    • TDS is applied on the interest income
    • The deposit can be transferred within TMB’s branches.
    • Options for interest payout: Monthly/Quarterly/Half to yearly/Yearly
    • Interest is compounded on a quarterly basis for yearly and half to yearly interest payout

    Features of TMB Pearl FD scheme

    • Loans are provided against the deposit
    • Quarterly/Half to yearly/yearly interest payout options
    • Maturity range: 1 year to 10 years
    • Scheme comes with an option of interest withdrawal
    • You can avail the nomination facility.
    • Premature encashment comes with a penalty
    • Option for compound interest is available
    • Withdrawals are allowed once in 3 months/6 months/9 months/ 1 year

    Features of TMB 20:20 Term Deposit scheme

    • Reinvestment scheme
    • Period of deposit: 20 months 20 days
    • Regular interest rate: 7.00% p.a.
    • Interest rate for senior citizens: 7.50% p.a.
    • Options for monthly and quarterly interest payments available
    • Minimum amount: Rs.1,000
    • Loan facility and nomination facility available
    • 1% penalty charged for premature closure of 20:20 deposit scheme

    Table showing Interest Payout: Deposits worth Rs.1,000

    Tenure bracket Regular FD rates (per annum) Senior Citizens FD rates (per annum)

    12 months

    6.90%

    Rs. 17.25

    Rs. 34.80

    Rs. 70.81

    Above 12 months to 20 months 20 days

    7.65%

    Rs. 19.12

    Rs. 38.62

    Rs. 78.72

    20 months 20 days

    6.90%

    Rs. 17.25

    Rs. 34.80

    Rs. 70.81

    Above 20 months 20 days to 36 months

    7.00%

    Rs. 17.50

    Rs. 35.31

    Rs. 71.86

    36 months to 1111 days

    7.00%

    Rs. 17.50

    Rs. 35.31

    Rs. 71.86

    1111 days

    7.00%

    Rs. 17.50

    Rs. 35.31

    Rs. 71.86

    Above 1111 days to 10 years

    7.40%

    Rs. 18.50

    Rs. 37.34

    Rs. 76.08

    *The TMB Term Deposit rates tend to change as per the discretion of the bank. The interest rates are given in this table are valid as of 17 January 2019.

    Premature closure for TMB Deposit schemes

    • 1% penalty is imposed on premature closure of a deposit scheme
    • If you break the FD within 14 days of creating the account, you will not receive an interest income.

    TMB Term Deposit rates: Under Rs.1 crore

    Tenure bracket Regular FD rates (per annum) Senior Citizens FD rates (per annum)

    Above 14 days to 29 days

    6.90%

    7.40%

    Above 1 month to 45 days

    7.65%

    8.15%

    Above 45 days to 2 months

    6.90%

    7.40%

    Above 2 months to 3 months

    7.00%

    7.50%

    Above 3 months to 6 months

    7.00%

    7.50%

    6 months to 9 months

    7.00%

    7.50%

    Above 9 months to 12 months

    7.40%

    7.90%

    1 year

    7.00%

    7.50%

    Above 12 months to 20 months 20 days

    6.75%

    7.25%

    20 months 20 days

    6.50%

    7.00%

    20 months 21 days to 36 months

    6.00%

    6.50%

    36 months to 1111 days

    6.00%

    6.50%

    1111 days

    5.25%

    5.75%

    Above 1111 days to 10 years

    5.00%

    5.50%

    *The TMB Term Deposit interest rates tend to change at the discretion of the bank. The FD rates mentioned in this table are valid as of 17 January 2019.

    Eligibility criteria for TMB Fixed Deposit applicants

    • Resident of India
    • Individuals above the age of 60 (for Santhosh FD scheme)

    Documents to be submitted by TMB Term Deposit applicants

    • Permanent Account Number (PAN)
    • Government to validated identity proof
    • Valid residential proof

    FAQs about TMB Fixed Deposit schemes

    1. What is the maturity range for TMB FD scheme?
    2. The tenure range for the Basic FD scheme is within 15 days and 10 years.
    3. What is the highest TMB FD interest rate?
    4. The highest Fixed Deposit rate available on this scheme is 7.40% p.a. for a tenure from above 9 months to less than 1 year.
    5. What is the penalty imposed for premature closure of the deposit?
    6. 1% penalty is charged for prematurely breaking a TMB Deposit.
    7. Who is eligible to apply for the TMB Santhosh Fixed Deposit scheme?
    8. Any resident Indian who is of the age 60 or above can apply for the TMB Santhosh FD scheme.
    9. What is the minimum deposit amount for Muthukuvial Term Deposit scheme?
    10. You must make an investment of at least Rs.1,000 for this deposit scheme.
    11. Is PAN compulsory to open a TMB Tax Saving Fixed Deposit scheme?
    12. Yes, an applicant must have a PAN in order to open a Tax Saving FD account.
    13. What is the tenure range for TMB Cash Certificate scheme?
    14. The tenure range for this scheme is from 1 year to 10 years.
    15. What is the frequency at which I can receive interest payments on TMB FD scheme?
    16. You can choose to receive the interest payments either on a monthly basis or a quarterly basis.
    17. What is the FD rate applicable for the Tax Saving FD scheme?
    18. You can get an interest rate of 6.90% p.a. for the general public and 7.40% p.a. for senior citizens on Tax Saving Deposit scheme.
    19. What is the maturity period for the 20:20 Deposit scheme?
    20. This scheme comes with the maturity period of 20 months 20 days.

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    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? 4
      , 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? 33
      , chennai
      Reviewed on Jun 21, 2014
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