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Tamilnad Mercantile Bank Savings Account

The Tamilnad Mercantile Bank is a private bank with its headquarters located in Tuticorin, Tamil Nadu. It was established in the year 1921 when it was known as the Nadar Bank. It was set up to provide financial services to the Nadar community, but soon changed its name to the Tamilnad Mercantile Bank in 1962 to appeal to a wider customer base.

The bank provides financial products and services through its 437 branches and 911 ATMs located across the country. In addition, it also has 11 extension counters and 10 regional offices.

The first private bank to computerise branch operations, it provides cutting edge banking technology to make its customers banking experience a convenient and smooth one. Customers can also make use of the e-Passbook service available through the bank’s mobile app to keep track of their account.

Keeping up with its tradition of providing its customers with services that suit their individual needs, they have introduced a number of Savings Accounts with attractive benefits and interest rates so account holders earn through their savings.

Tamilnad Mercantile Bank Savings Account Interest Rate

The Tamilnad Mercantile Bank offers its customers a competitive interest rate so they can earn through their savings. The bank offers a rate of 4% for amounts up to Rs. 1 lakh and 4.25% for amounts above Rs. 1 lakh.

Savings Account Minimum Balance Requirements

Given below are the minimum balance requirements for Tamilnad Mercantile Bank Savings Accounts.

Savings Account Type Minimum Balance required
Savings (AWB) Savings Account

Rural- Rs. 250 (with cheque book), Rs. 100 (without chequebook)

Urban- Rs. 500 (with cheque book), Rs. 250 (without cheque book)

Salary SB Savings Account Nil
SB Premium Savings Account

Urban- Rs. 5, 000

Rural/ semi-urban- Rs. 2,500

Happy Family Banking Savings Account

Metro- Rs. 30, 000

Urban- Rs. 20, 000

Semi-urban- Rs. 15, 000

Rural- Rs. 10, 000

Little Super Star Savings Account Rs. 250
Dynamic Youth Savings Account Rs. 1, 000 (waived for first quarter)
Royal Savings Account Rs. 50, 000
VISA Savings Account Rs. 5, 000
Mahila Subha SB Savings Account

Metro- Rs. 1, 000

Others- Rs. 500

Simple Savings Bank Deposit Account Nil
Small Savings Bank Deposit Account Nil

Opening a Tamilnad Mercantile Bank Savings Account

If you wish to open a Savings Account with the Tamilnad Mercantile Bank, you can now do so online in just 4 simple steps. Just click on the “Open SB/NRE Account Online” tab on the homepage. You will be taken to a page that mentions the steps to follow. You would have to fill in the online application form and print the filled in form, sign it and take it to your nearest branch. You would then have to submit the same with the documents mentioned on the form along with passport sized photographs and your account will be activated shortly.

Alternatively you could download the form online and submit the duly filled in and signed form to the branch along with the requisite documents. Accounts can be opened either singly or jointly. To download the form online, click on the

For those who do not have access to the internet, you can also open an account by collecting the form from a bank branch. You can visit the bank branch and fill in the Savings Account Opening Form and submit it with the documents mentioned, which include a photograph and Know Your Customer (KYC) documents.

Types of Tamilnad Mercantile Bank Savings Accounts

Savings (AWB) Account: The most basic savings account, the account is aimed at helping customers to begin saving and have access to their funds wherever they are. The account provides holders with 20 cheque leaves free as well as free cash remittance up to Rs. 3, 00, 000 a day. Holders will also not have to pay for folio charges for 6 months.

Salary SB Savings Account: A classic salary savings account, all salaried employees earning Rs. 5, 000 and above per month are eligible for this account which provides holders with a free passbook and credit card. Also enjoy free ECS and SMS banking. Avail of sweep in facility when account balance is above Rs. 10, 000. A minimum number of 10 Savings Accounts have to be opened.

SB Premium Savings Account: Enjoy a number of benefits and privileges with this account, where you receive free cash remittances and personal accident insurance amounting to Rs. 1, 00, 000. Enjoy a fee waiver on a credit card for 2 years and 60 cheques free each year. Avail free ATM cum Debit card without having to pay for renewal or annual charges.

Happy Family Banking Savings Account: Through this account, family members can club their individual savings accounts under the umbrella of “Family ID” and avail the benefits associated with this. A minimum of 3 and maximum of 6 individual accounts can be grouped under this account. The privileges of this kind of account include 50 cheque leaves for every family member every year. Account holders will also be eligible to maintain the minimum balance in only one of the accounts. Each member also receives accidental insurance amounting to Rs. 3, 00, 000 each free of cost.

Little Super Star Savings Account: Designed for children, this account comes with benefits and features targeted at children between 10 to 18 years. Features include a free ATM/Debit card and 10 free withdrawals every month. Account holders also receive 10 cheque leaves free each year and a daily Debit card limit of Rs. 2, 500. Also make netbanking transactions amounting up to Rs. 2, 500 per day at no charge.

Dynamic Youth SB Savings Account: Targeted at students and professionals between 18 -35 years of age, this account provides them with a base to save for their future. The account comes equipped with features such as free ECS and internet banking facilities. Account holders also enjoy a free International ATM plus Debit Card and 40 free cheque leaves a year. They can also avail 5 free Demand Drafts/Pay Orders totalling Rs. 25, 000 a month.

Royal SB Savings Account: Make your banking experience a luxurious one with the Royal Savings Account, where HNI’s can enjoy a free credit card with all fees waived off for the first year. Also enjoy internet and SMS alerts at no charge. Make unlimited NEFT/RTGS transfers at no cost, and pay your taxes without service charges. Also enjoy any branch banking, with cash remittances up to Rs. 20, 00, 000 a month free of charge at satellite and intra-city branches.

Value Increased Savings Account (VISA): With this account, enjoy benefits of a fixed deposit with the privileges of a savings account. Sweep out would be done when account balance crosses Rs. 10, 000, with the amount converted into Fixed Deposits (in multiples of Rs. 5, 000). Receive simple interest on fixed deposits, on which TDS is applicable.

Mahila Subha SB Savings Account: Exclusively for women, this account comes with benefits such as a Debit card and insurance cover for the account holder free of charge. Also enjoy free anywhere banking, TMB eConnect and SMS banking facilities. Holders will also receive 40 free cheque leaves a year and waiver on charges for cash remittances at satellite and parent branches.

Simple Savings Bank Deposit Account: This zero-balance account can be opened by any individual, with holders enjoying 10 free withdrawals every month and no charges for ATM/ Debit card. Holders also enjoy free internet banking and unlimited cash withdrawal and remittances at satellite as well as parent branches.

Small Savings Bank Deposit Account: A basic savings account for those without valid documents necessary to open an account, such accounts are valid for a year and can be extended for 1 year provided the individual submits proof he has applied for documentation. Account holder can avail of SMS alerts and receive an ATM card. At any point, the balance cannot exceed Rs. 1 lakh.


The following parties who are residents of India are eligible to open a Savings Account:

  • Hindu Undivided Families
  • Individuals above the age of 18 (single or joint account)
  • Minors (jointly with a parent or guardian)

Documents Required to Open A Tamilnad Mercantile Bank Savings Account

The following are the documents to be submitted when opening an account with the bank:

  • Identity Proof
  • Address Proof
  • Passport sized photographs

Identity Proof Documents:

Documents that qualify as identity proof are:

  • Passport
  • Valid driver’s license
  • Permanent Account Number (PAN) card
  • Voter ID card
  • Government issued photo identity card
  • NREGA Card

Address Proof documents:

Documents that qualify as address proof are:

  • Passport
  • Valid driver’s license
  • Passbook (other bank)
  • Electricity or phone bills
  • Ration card

In the case of joint holders, applicant and co-applicants will have to furnish the above documents.

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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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