Interest for 3 years
Note: All interest rates shown below are as on 22nd Jun 2021
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|15 days - 29 days||3.5%||3.5%|
|1 month - 1 month 15 days||3.75%||3.75%|
|1 month 16 days - 2 months 29 days||4.25%||4.25%|
|3 months - 5 months 26 days||5%||5%|
|5 months 27 days - 11 months 30 days||5.25%||5.25%|
|1 year - 1 year 11 months 30 days||5.75%||6.25%|
|2 years - 2 years 11 months 29 days||5.65%||6.15%|
|2 years 11 months 30 days - 9 years 11 months 29 days||5.5%||5.5%|
Tamilnad Mercantile Bank Limited (TMB) is a bank headquartered at Thoothukudi, Tamil Nadu, India. TMB was founded in 1921 as the Nadar Bank, but changed its name to Tamilnad Mercantile Bank in November 1962 to widen its appeal beyond the Nadar community. The bank has a balance sheet size of Rs. 42,759 Crs as on 31st March 2020. The bank recorded a profit of Rs 408 Crs in FY20
3.5% - 5.75%
3.5% - 6.25%
FD Rate for Seniors
₹ 2 Crores
Flexible tenure & partial withdrawal facility, without the hassle of opening a savings account.
|Investment Amount||For 3 years with interest of 5.5%||For 5 years with interest of 5.5%|
|₹ 1 lakh||₹131570||₹131570|
|₹ 2 lakh||₹263141||₹263141|
|₹ 5 lakh||₹657852||₹657852|
|₹ 10 lakh||₹1315704||₹1315704|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹105904||₹ 101764|
|Total Investment Amount||₹ 100000||₹ 100000|
|Total Interest Gained||₹5904|
|Income Tax on Wealth Gained||₹ 12898||₹ 13092|
|Bank Name||FD Interest Rates|
|Dhanlaxmi Bank||5.4% - 5.9%|
|IDBI Bank||5.3% - 5.8%|
|Bank of India||5.15% - 5.65%|
|Sundaram Finance||6.25% - 6.75%|
|AU Small Finance Bank||6.25% - 6.75%|
|Canara Bank||5.5% - 6%|
|Axis Bank||5.4% - 5.9%|
|Mahindra Finance||6.3% - 6.55%|
|PNB Housing Finance Ltd||6.6% - 6.85%|
|IDFC First Bank||5.75% - 6.25%|
|State Bank of India||5.3% - 5.8%|
|HDFC Bank||5.15% - 5.65%|
|Bank of Baroda||5.1% - 5.6%|
|LIC Housing Finance||5.75% - 6%|
|Tamil Nadu Power Finance||7.75% - 8.25%|
|Jammu & Kashmir Bank||5.3% - 5.8%|
|Bajaj Finance||6.5% - 6.75%|
|Yes Bank||6.25% - 7%|
|RBL Bank||6.3% - 6.8%|
|Punjab and Sind Bank||5.3% - 5.8%|
|Kotak Mahindra Bank||5.1% - 5.6%|
|IndusInd Bank||6% - 6.5%|
|Central Bank of India||5% - 5%|
|DCB Bank||6.5% - 7%|
|Bandhan Bank||5.25% - 6%|
|Fincare Small Finance Bank||6.25% - 6.75%|
|DBS Bank||5.5% - 5.5%|
|Indian Overseas Bank||5.2% - 5.7%|
|Karur Vysya Bank||5.5% - 6%|
|Equitas Small Finance Bank||6.35% - 6.85%|
|City Union Bank||5.5% - 6%|
|SCB Bank||5.35% - 5.85%|
|Karnataka Bank||5.5% - 5.9%|
|South Indian Bank||5.5% - 6%|
|HDFC Ltd Fixed Deposit||6.05% - 6.3%|
|Bank of Maharashtra||4.9% - 5.4%|
|ICICI Housing Finance Company||6.05% - 6.3%|
|ESAF Small Finance Bank||5.75% - 6.25%|
|Indian Bank||5.15% - 5.65%|
|Shriram Finance||8% - 8.4%|
|Federal Bank||5.35% - 5.85%|
|ICICI Bank||5.15% - 5.65%|
|Ujjivan Small Finance Bank||6.75% - 7.25%|
|Post Office||5.5% - 5.5%|
|Punjab National Bank||5.1% - 5.6%|
|Union Bank of India||5.4% - 5.4%|
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Tamilnad Mercantile Bank offers multiple fixed deposits for various tenures with different interest rates to its investors. The interest rates on TMB Bank FD is higher than their savings account. One can invest in Tamilnad Mercantile Bank FDs through both online and offline modes with a minimum investment of INR 1,000. This article covers TMB Bank FD, its features and interest rates in detail.
Following are the types of TMB FD schemes:
The scheme is amongst the earliest interest-bearing savings schemes. Following are the features of the scheme:
Muthukuvial Deposit Account is a reinvestment plan that earns a higher rate of interest on savings. Following are the features of the scheme:
Cash certificates is a deposit scheme that is available in different denominations. TMB Bank’s cash certificates are available in the following denominations, INR 1,000, INR 5,000, INR 10,000, INR 25,000, INR 50,000 and INR 1,00,000. Following are the features of the scheme:
The scheme offers tax benefits to its depositors. Deposits up to INR 1,50,000 can be claimed for tax benefit under Section 80C of the Income Tax Act. TMB bank offers the following two types of tax savings schemes:
Under this scheme, the depositors can withdraw interest monthly or quarterly or half-yearly or annually.
Under this scheme, the interest will be paid upon maturity of the deposit. The scheme offers cumulative interest.
The scheme offers deposits for a fixed period with an interest withdrawal option. Following are the features of the scheme:
It is a 20 months and 20 days deposit scheme. Following are the features of the scheme:
One can open a TMB Bank FD account through various modes such as Internet Banking, Mobile App and offline.
The following steps will help an individual to open a TMB Bank FD account through internet banking:
The following steps will guide in opening an FD account through TMB Bank Mobile App:
To open a TMB Bank FD account offline, one has to visit the nearest TMB Bank branch. Fill the TMB Bank FD application form and submit all the necessary documents along with the deposit amount. On successfully processing the application, TMB Bank will provide an FD receipt.
To open a Tamilnad Mercantile Bank fixed deposit scheme, one would need the following documents:
All resident individuals of India are eligible to open an FD account with Tamilnad Mercantile Bank.
Tamilnad Mercantile Bank offers recurring deposits to its depositors. Tamilnad Mercantile Bank recurring deposits have a minimum tenure of one year and a maximum tenure of 10 years. Depositors can open an RD account either by going to the Tamilnad Mercantile Bank branch or online using internet banking. The minimum investment in Tamilnad Mercantile Bank RD is INR 10 and thereafter in multiples of INR 10. The interest rate for regular citizens on Tamilnad Mercantile Bank RDs is in the range of 6.25% to 6.4%, and for senior citizens, it is in the range of 6.75% to 6.9%.
Only investment in Tamilnad Mercantile Bank Tax Saving FD qualifies for tax saving up to INR 1,50,000 per annum. Investment in no other Tamilnad Mercantile Bank FDs qualifies for tax saving under Section 80C of the Income Tax Act. The interest income from Tamilnad Mercantile Bank FD is taxable as per the investor’s income tax slab rates. Moreover, the interest income is subject to a TDS of 10% if the income from Tamilnad Mercantile Bank FD exceeds INR 40,000 per annum. For senior citizens, the limit is INR 50,000 per annum. Also, if the investor doesn’t disclose PAN Card details to the Tamilnad Mercantile Bank, then the TDS rate will be 20%.
To know in how many years Tamilnad Mercantile Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be the number of years Tamilnad Mercantile Bank FD will double. For example, for a tenure of one year, the Tamilnad Mercantile Bank FD interest rate for senior citizens is 6.25%. An investor can double the investment amount by investing for this tenure in Tamilnad Mercantile Bank FD in 11.52 years (72/6.25).
TMB Bank FD interest rates range between 3.5% and 5.75% for regular citizens and between 3.5% and 6.25% for senior citizens. Moreover, Tamilnad Mercantile Bank offers an additional 0.5% interest to senior citizens on their FDs for a tenure above one year. Tamilnad Mercantile Bank pays interest monthly or quarterly as per the choice of the investor.
Tamilnad Mercantile Bank guarantees returns in the form of interest on their FDs. Moreover, the Deposit Insurance Scheme of RBI covers all Tamilnad Mercantile Bank deposits. Also, the scheme covers all Tamilnad Mercantile Bank deposits up to INR 5,00,000. Hence Tamilnad Mercantile Bank FDs are safe for investment.
The minimum investment in Tamilnad Mercantile Bank FD is INR 1,000, and for tax saving, FD is INR 100. However, there is no limit on the maximum amount of investment in Tamilnad Mercantile Bank FD.
Yes, investors can open a Tamilnad Mercantile Bank FD account online through their internet banking facility.
The highest FD rate for Tamilnad Mercantile Bank is 5.75% for a tenure of 1 to 2 years. The highest Tamilnad Mercantile Bank FD rate for senior citizens is 6.25% for a tenure of 1 to 2 years.
All resident individuals are eligible to open a Tamilnad Mercantile Bank FD account.
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