TMB Tax Saving Fixed Deposit

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How to Apply for Tamilnad Mercantile Bank Tax Saving Deposit

You can visit any Tamilnad Mercantile Bank to open a tax saving deposit. A bank representative will assist you through the process.

TMB Tax Saving FD Interest Calculator

You can use BankBazaar's fixed deposit calculator if you want to calculate the amount which you will get at the time of maturity for opening a TMB Tax Saving FD. You can key in details like deposit amount, fd interest rate, and tenure to know the amount you will receive at the end of the tenure.

Who can open a TMB Tax Saving FD

A TMB Tax Saving FD can be opened by any individual and Hindu Undivided Families (HUFs). They will however need to provide their Permanent Account Number (PAN) to open the term deposit account.

Other Tax Saving Scheme

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10. IB Tax Saving FD

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FAQs on TMB Tax Saving Fixed Deposit

• What is the maximum tenure for an account opened under the Tamilnad Mercantile Bank tax saving deposit scheme?

  The maximum tenure for an account opened under the Tamilnad Mercantile bank tax saving deposit scheme is 10 years.

• Is nomination facility available under the Tamilnad Mercantile Bank tax saving deposit?

  Yes, nomination facility is available under the Tamilnad Mercantile Bank tax saving deposit.

• Is interest earned under the Tamilnad Mercantile Bank tax saving deposit taxable?

  Yes, interest earned under the Tamilnad Mercantile Bank tax saving deposit is taxable.

• Can I transfer the term deposit to another branch of the bank?

  Yes, the term deposit can be transferred from one branch to another under the same name. It must be noted here the transfer of the account to another person is not allowed.

• Is joint deposit permitted under Tax Saving FD?

  Yes, joint deposits are permitted under Tax saving FDs.

• Can I preclose my TMB Tax Saving FD?

  Preclosure of TMB Tax Saving FD is not allowed.

• In case of joint holders, can the tax benefit be availed by both the holders?

  No, the tax benefit goes to the first holder only under Section 80C of the Income Tax Act.