Tamilnad Mercantile Bank allows you to open a recurring deposit account with them. You can open the account with a minimum deposit of Rs.10 for a period between 1 year and 10 years. The rate of return offered on the RD accounts is in the range of 6.25% p.a. to 6.40% p.a. for general citizens. Citizens above the age of 60 years are offered additional interest of 0.50% p.a.
Know more about Recurring Deposit
Tamilnad Mercantile Bank RD Rates
The rate of return offered by Tamilnad Merchantile Bank on recurring deposit accounts are listed in the table below:
|Period||Interest rate for General Citizens (p.a.)||Interest rate for General Citizens (p.a.)|
|1 year 1 day to less than 20 months 20 days||6.30%||6.80%|
|20 months 20 days||6.40%||6.90%|
|20 months 21 days to less than 2 years||6.40%||6.90%|
|2 years to less than 3 years||6.40%||6.90%|
|3 years to 10 years||6.25%||6.75%|
Note: The interest rates mentioned in the table are for deposits below Rs.2 crore and are effective from 15 April 2020.
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 Medium Term Recurring Deposit Interest Rates
Medium term recurring deposit accounts are those which have a tenure between 1 year and 3 years.The lender offers interest in the range of 6.30% p.a. to 6.40% p.a. on those RD tenures.
Tamilnad Mercantile Bank Long Term Recurring Deposit Interest Rates
Long term RDs are those which have a tenure above 3 years. These tenures also earn The interest payable is 6.25% p.a. on these tenures.
Tamilnad Mercantile Bank Senior Citizen Recurring Deposit Interest Rates
Senior citizens can earn between 6.75% p.a. to 6.90% p.a. 5.00% to 7.40% per annum on opening a recurring deposit account with Tamilnad Merchantile Bank.
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 7.25% 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.
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