|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 2 months 29 days||5.25%||5.25%|
|2 months 30 days - 3 months 28 days||5.75%||5.75%|
|3 months 29 days - 11 months 28 days||6%||6%|
|11 months 29 days - 1 year 11 months 28 days||7%||7.5%|
|1 year 11 months 29 days - 2 years 11 months 28 days||6.75%||7.25%|
|2 years 11 months 29 days - 9 years 11 months 27 days||6.5%||7%|
Note: All interest rates shown above are as on 5th Sep 2023
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
5.25% - 7%
5.25% - 7.5%
FD Rate for Seniors
₹ 2 Crores
Loan against FD
|Investment Amount||For 3 years with interest of 6.5%||For 5 years with interest of 6.5%|
|₹ 50,000||₹ 60,734||₹ 69,141|
|₹ 1 lakh||₹ 1,21,467||₹ 1,38,282|
|₹ 2 lakh||₹ 2,42,934||₹ 2,76,563|
|₹ 5 lakh||₹ 6,07,336||₹ 6,91,409|
|₹ 10 lakh||₹ 12,14,672||₹ 13,82,817|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹ 1,07,229||₹ 1,08,623|
|Total Investment Amount||₹ 1,00,000||₹ 1,00,000|
|Total Interest Gained||₹7,229||₹ 8,623|
|Bank Name||FD Interest Rates|
|Utkarsh Small Finance Bank FD||8.3% - 8.9%|
|Bank of India FD||6.5% - 7.25%|
|Tripura Gramin Bank FD||6.6% - 7.1%|
|Paschim Banga Gramin Bank FD||5.3% - 5.8%|
|Nainital Bank FD||6.25% - 6.75%|
|Indian Overseas Bank FD||6.5% - 7%|
|Jammu & Kashmir Bank FD||6.5% - 7%|
|ESF Bank FD||8% - 8.5%|
|SCB FD||7.1% - 7.6%|
|Capital Small Finance Bank FD||7.15% - 7.65%|
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%.
What is the highest Tamilnad Mercantile Bank FD rate today?
What is the highest interest rate on Tamilnad Mercantile Bank 1 year FD scheme?
What is Tamilnad Mercantile Bank FD scheme interest rate for 5 years?
How many years FD will double in Tamilnad Mercantile Bank?
What is Tamilnad Mercantile Bank FD minimum deposit amount?
What is senior citizen fixed deposit interest rates in Tamilnad Mercantile Bank?
What are the available FD tenures in Tamilnad Mercantile Bank?
What is Tamilnad Mercantile Bank FD ROI for 10 lakh deposit for 1 year?
The interest from the Tamilnad Mercantile Bank FD calculator for 10 lakh deposit for 1 year will be INR 72,290. The maturity value will be INR 10,72,290. You can use Scripbox’s FD Calculator to determine the maturity value of your investment.
How to check the fixed deposit balance in Tamilnad Mercantile Bank?
How many FDs can be opened in Tamilnad Mercantile Bank?