Tamilnad Mercantile Bank offers FD interest rates of 5.25-7.60% p.a. to the general public and 5.25-8.10% p.a. to senior citizens on tenures ranging from 7 days to 10 years. The interest rate on Tamilnad Mercantile Bank Tax Saving FDs is 6.50% p.a. for the general public and 7.00% p.a. for senior citizen depositors for tenures of 5 years to 10 years. The bank also offers various fixed deposit products for NRIs, such as NRO, NRE, and FCNR fixed deposits. Tamilnad Mercantile Bank accepts FCNR fixed deposits in US Dollars (USD), British Pound Sterling (GBP), Euro (EUR), Canadian Dollar (CAD), Australian Dollar (AUD), Japanese Yen (JPY), and Swiss Franc (CHF).
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| TMB Bank Fixed Deposit Rates Highlights | |
| Highest slab rate | 7.60% p.a. (300 days) Special Deposit Scheme (TMB 300) |
| For 1 year | 7.00% p.a. |
| For 2 years | 6.75% p.a. |
| For 3 years | 6.50% p.a. |
| For 4 years | 6.50% p.a. |
| For 5 years | 6.50% p.a. |
| Tax-Saving FD | 6.50% p.a. |
The interest rates are updated as of 20 November 2024
FDs of up to ₹5 lakhs insured by RBI
No hassle of opening a saving account
No documentation
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 to 14 days | 5.25 | 5.25 |
| 15 to 29 days | 5.25 | 5.25 |
| 30 to 45 days | 5.25 | 5.25 |
| 46 to 60 days | 5.25 | 5.25 |
| 61 to 90 days | 5.25 | 5.25 |
| 91 to 120 days | 5.75 | 5.75 |
| 121 to 179 days | 6.25 | 6.25 |
| 180 to 299 days | 6.50 | 6.50 |
| 300 days (TMB300) | 7.60 | 8.10 |
| 301 days to less than 1 year | 6.75 | 6.75 |
| 1 year to less than 400 days | 7.00 | 7.50 |
| 400 days (TMB400) | 7.50 | 8.00 |
| Above 400 days to less than 20 months and 20 days | 7.00 | 7.50 |
| 20 months & 20 days | 7.00 | 7.50 |
| Above 20 months 20 days to less than 2 years | 7.00 | 7.50 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to 10 years | 6.50 | 7.00 |
Note: 1. Additional senior citizen rates will not be applicable to NRO deposits
2. TMB has introduced special deposit scheme on 300 days – TMB SMART300 w.e.f. 11 December 2023
Card limit is 90% of FD Amount
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7%INTEREST ON FD
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 5 years to 10 years | 6.50 | 7.00 |
| Tenure | Interest Rates (% p.a.) |
| 7 to 14 days | 5.25 |
| 15 to 29 days | 5.25 |
| 30 to 45 days | 5.25 |
| 46 to 60 days | 5.25 |
| 61 to 90 days | 5.25 |
| 91 to 120 days | 6.00 |
| 121 – 179 days | 6.25 |
| 180 to 270 days | 6.50 |
| 271 days to less than 1 year | 6.75 |
| 1 year | 7.25 |
| Above 1 year to less than 20 months & 20 days | 7.00 |
| 20 months & 20 days | 7.00 |
| Above 20 months 20 days to less than 2 years | 7.00 |
| 2 years to less than 3 years | 6.75 |
| 3 years to 10 years | 6.50 |
Suggested Read: Comparison of FD interest rates offered by Banks/NBFCs
| Period | Interest Rates (% p.a.) | |
| For deposits below Rs 2 crore | For deposits Rs 2 crore and above | |
| 1 year | 7.00 | 7.25 |
| Above 1 year to less than 400 days | 7.00 | 7.00 |
| 400 days | 7.50 | NA |
| Above 400 days to less than 2 years | 7.00 | 7.00 |
| 2 years to less than 3 years | 6.75 | 6.75 |
| 3 years to 10 years | 6.50 | 6.50 |
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| Currency |
Interest Rates (% p.a.) |
|||||
| Above 1 year | 1 year to less than 2 years | 2 years to less than 3 years | 3 years to less than 4 years | 4 years to less than 5 years | 5 years | |
| USD | 5.50 | 5.25 | 5.25 | 5.25 | 5.25 | 4.50 |
| GBP | 4.03 | 4.03 | 4.03 | 4.03 | 4.03 | 4.08 |
| EUR | 2.50 | 2.50 | 2.50 | 2.50 | 2.50 | 2.55 |
| CAD | 4.25 | 4.25 | 4.25 | 4.25 | 4.25 | 4.25 |
| AUD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| JPY | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 |
| CHF | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
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Premature FD Closure is one of the most important features of fixed deposit schemes offered by TMB except for the tax saving scheme. The following points are noteworthy w.r.t. premature FD closure:
Investors of fixed deposit schemes by the bank have the facility to take loans keeping their FD as collateral to mend a financial imbalance or to meet any financial requirement. This way they don’t have to go through the process of applying for a loan, submitting documents, and waiting for loan approval. A loan for up to 90% of the deposit amount can be taken as a loan.
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Investing in a fixed deposit is a sound choice to make so as to maximize one’s savings. When opening any FD scheme by Tamilnad Mercantile Bank, it is important to get an estimate of the maturity amount customers will get. Online FD Interest Rate Calculator available at Paisabazaar.com is designed to solve this purpose only. Customers need to enter the deposit amount, tenure, and prevailing TMB FD interest rates.
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