|Maturity Slab||Interest Rate ( % p.a.)||Senior Citizen Interest Rate (% p.a. )|
|> 1y to < 20m 20d||7||7.5|
|20 months 20 days||7||7.5|
|> 20m 20d - < 3 years||7||7.5|
|3 years & above||6.9||7.4|
Get The Best Rates for a Tamilnad Mercantile Bank Recurring Deposit
A recurring deposit is one of the easiest ways to save money. With an RD, you can put away a fixed sum of money every month and earn interest on it. At Tamilnad Mercantile Bank, there are 4 recurring deposit schemes on offer. You can avail of a basic RD which bears high interest rates and also has loan offers. You can open an RD for 1 to 10 years as per your convenience. You can also open RDs online. Deposits can be opened with a minimum of Rs. 10 in multiples of Rs. 10. Tamilnad Mercantile Bank also has designed a scheme to specifically help students to save, or parents to save for their children. There are also other schemes that include life insurance and remittance options.
Tamilnad Mercantile Bank Short Term Recurring Deposit Interest Rates
Short term RDs range between 180 days to less than 12 months. These tenures attract interest rates between 7.50% to 7.30% per annum.. Tamilnad Mercantile Bank offers a special rate of 7.50% per annum on deposits made for 1 year. These deposits are ideal to save up for desired retail products, holidays and so on.
Tamilnad Mercantile Bank Medium Term Recurring Deposit Interest Rates
Medium term deposits are 20 months 20 days to less than 5 years. These tenures also earn interest of 7.45% per annum.
Tamilnad Mercantile Bank Long Term Recurring Deposit Interest Rates
Long term deposits range between 5 to 10 years. These tenures also earn interest of 7.45% per annum. You will earn a greater amount of interest on these deposits with a higher interest rate. Plus, you have a longer tenure to earn it. These deposits are a long term investment designed to create wealth through savings.
Tamilnad Mercantile Bank Senior Citizen Recurring Deposit Interest Rates
Senior citizens can earn between 7.50% to 7.95% per annum on recurring deposits. Depending on the tenure chosen, the interest rate will vary. Tamilnad Mercantile Bank offers a special rate of 8.00% per annum on deposits made for 1 year.
Tamilnad Mercantile Bank Kids Recurring Deposit Interest Rates
This scheme is devised to help students save to meet higher costs of education. Parents can also open this deposit to save for their children. With this RD scheme, you will also receive preference for a TMB Education loan. The minimum tenure is 10 years with a deposit of Rs. 58 per month. These is no maximum limit set but the targeted maturity sum should not be less than Rs. 10,000.
Tamilnad Mercantile Bank Navarathnamala Recurring Deposit Interest Rates
This RD scheme is designed for savings and reinvestment. Any citizen of India above the age of 18 is entitled to open this RD. Parents or guardians can also open this deposit for minors. The deposit can be opened for 5 years or 10 years attracting interest of 8.05% per annum. Senior citizens will receive 8.55% per annum. At the end of the deposit, a lump sum amount will be paid out amounting to Rs. 10,000, Rs. 20,000 and multiples thereof. This scheme offers joint accounts, nomination facilities, standing instructions, loans against the deposit and pre-closure options.
Tamilnad Mercantile Bank Siranjeevee Recurring Deposit Interest Rates
Get the added benefit of life insurance cover with the Siranjeevee RD scheme. This offer is brought to you in association with Reliance Life Insurance Co. Ltd. This scheme offers nomination facilities, standing instructions, loans against the deposit and pre-closure options. This deposit is available to anyone above18 years and below 59 years.
More you need to know about Recurring Deposit
- Compare Interest Rates on RD of Tamilnad Mercantile Bank with Other Banks and Institutions
- Check Features and Schemes of Tamilnad Mercantile Bank Recurring Deposit
Read More Articles On RD
News About Tamilnad Mercantile Bank Recurring Deposit Interest Rates
Tamilnad Mercantile Bank Revises Recurring Deposit Interest Rates
Tamilnad Mercantile Bank in a recent announcement revised the interest rates for its recurring deposit accounts. The bank offers four recurring deposit schemes, all of which are great options towards securing a financial future by earning handsome interests on savings. The short term RD interest rate for a span of 180 days stands at 7.5% p.a for regular and senior citizens. For a period between 180 days to 12 months, the interest rates are 7.3% p.a. The one year interest rates stand at 7.50% and 8.0% p.a for regular and senior citizens respectively. For a duration greater than one year and between 20 months & 20 days, the interest rates stand at 7.45% and 7.95% for regular and senior citizens respectively. The same interest rates hold good for regular and senior citizens for any period more than 20 months & 20 days.
9th September 2016
Revised Tamilnad Mercantile Bank Recurring Deposit Interest Rates
The Recurring Deposit interest rates for Tamilnad Mercantile Bank have been revised, with the revision spelling more gains for investors.
Investors will receive returns of 7.30% p.a for deposits amounting up to Rs.15 lakhs for a duration of 181 to 364 days. Investors making deposits up to Rs.15 lakhs for 1 year will receive 7.65% p.a. while senior citizens will receive 8.15% p.a. For deposit tenures between 5 years and 10 years, the interest rate is 7.60% p.a. for regular depositors and 8.10% p.a. for senior citizens (for amounts up to Rs.15 lakhs).
4th August 2016