• Tamilnad Mercantile Bank NRI Fixed Deposits

    Tamilnad Mercantile Bank offers the NRE Fixed Deposit at attractive interest rates. The tenure of the scheme ranges from 12 months to 120 months. The interest that is earned can be withdrawn on a monthly or quarterly basis.

    >Features of TMB NRE Fixed Deposit

    The main features of the NRE Fixed Deposit scheme are mentioned below:

    • Deposits are only accepted for a fixed deposit.
    • Nominees can be added to the account.
    • Premature closure is allowed. However, a penalty may be levied in the case of premature closure.
    • Standing instructions can be provided for the interest that is generated.
    • Loans can be availed against the amount that is available in the account. However, in case a loan is availed, premature closure will not be allowed.
    • TDS is not applicable.
    • The interest that is earned can be withdrawn on a monthly or quarterly basis.
    • Simple interest is eligible.
    • The tenure of the scheme ranges between 1 year and 10 years.
    • You can open an account online.
    • The application form can be downloaded online.

    Interest Rates for deposits less than Rs.2 crore

    Tenure Rate of Interest
    12 months 5.75%
    12 months 1 day – Up to 18 months 5.75%
    18 months 1 day – Less than 2 years 5.75%
    2 years – 3 years 5.65%
    3 years – 10 years 5.50%

    Note: The interest rates that are mentioned above can be changed by the bank at any given time without prior notice.

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