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The interest that is earned can be withdrawn on a monthly or quarterly basis.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 (FD)
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- The interest that is earned can be withdrawn on a monthly or quarterly basis.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 (p.a.) |
1 year only | 7.25% |
More than 1 year to less than 18 months | 7.00% |
More than 18 months to less than 2 years | 7.00% |
2 years to less than 3 years | 6.75% |
3 years to 10 years | 6.50% |
Note: The Tamilnad Mercantile Bank term deposit rates are subject to change as per the discretion of the bank. The rates provided above are effective as of 10 February 2023.
Interest Rates for deposits above Rs.2 crore
Tenure | Rate of Interest (p.a.) |
1 year only | 7.75% |
More than 1 year to less than 18 months | 7.00% |
More than 18 months to less than 2 years | 7.00% |
2 years to less than 3 years | 6.75% |
3 years to 10 years | 6.50% |
Note: The Tamilnad Mercantile Bank term deposit rates are subject to change as per the discretion of the bank. The rates provided above are effective as of 10 February 2023.
FAQs on Tamilnad Mercantile Bank NRI Fixed Deposits
- What is the minimum period of opening an account under the Tamilnad Mercantile Bank NRI Fixed Deposit scheme?
The minimum period of opening an account under the Tamilnad Mercantile Bank NRI Fixed Deposit scheme is 12 months.
- What is the maximum interest rate offered under the Tamilnad Mercantile Bank NRI Fixed Deposit scheme?
The maximum interest rate offered under the Tamilnad Mercantile Bank NRI Fixed Deposit scheme is 5.60%.
- Can I prematurely close my account under the Tamilnad Mercantile Bank NRI Fixed Deposit scheme?
Yes, you can prematurely close your account under the Tamilnad Mercantile Bank NRI Fixed Deposit schemes. A penalty can be charged by the bank under such cases.
- How are the interests for the accounts opened under the Tamilnad Mercantile Bank NRI Fixed Deposit scheme paid out?
Interest can be withdrawn monthly or quarterly, depending on the depositor's preference under the Tamilnad Mercantile Bank NRI Fixed Deposit scheme.
- Will any interest be paid on deposits that are closed under one year of opening a fixed deposit account under the Tamilnad Mercantile Bank NRI Fixed Deposit scheme?
No, If the deposit is closed within one year of the deposit date, no interest will be paid under the Tamilnad Mercantile Bank NRI Fixed Deposit scheme.
- Are interests earned under the Tamilnad Mercantile Bank NRI Fixed Deposit scheme exempted from Indian Income Tax?
Yes, the interest earned under the Tamilnad Mercantile Bank NRI Fixed Deposit Scheme is exempted from Indian Income Tax.
- Are there any special offers available for senior citizens who open an account under the Tamilnad Mercantile Bank NRI Fixed Deposit scheme?
No, there are no special offers available for senior citizens who open an account under the Tamilnad Mercantile Bank NRI Fixed Deposit scheme.
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