Tamilnad Mercantile Bank Latest FD Interest Rates

Tamilnad Mercantile Bank Latest Fixed Deposit Interest Rates

Domestic & NRO Term Deposits

For all Bulk Deposits above the ceiling amount specified in the table below, refer to the Bulk Deposit table further below.

Period General Public
(Below 2 crore)
w.e.f. 01.09.2022
Senior Citizens
(Below 2 crore)
w.e.f. 01.09.2022
7-14 days 2.75% 2.75%
15-29 days 3.50% 3.50%
30-45 days 3.50% 3.50%
46-60 days 3.75% 3.75%
61-90 days 3.75% 3.75%
91-179 days 4.50% 4.50%
180-270 days 5.00% 5.00%
271 days to less than 1 year 5.00% 5.00%
1 year 5.50% 6.00%
Above 1 year to less than 20 months & 20 days 5.60% 6.10%
20 months & 20 days 5.60% 6.10%
Above 20 months 20 days to less than 2 years 5.60% 6.10%
2 years to less than 3 years 5.75% 6.25%
3 year to 10 years 5.75% 6.25%

* Additional rate of interest payable on term deposits to Senior Citizens shall not apply to NRO Term Deposits
# Additional rate of interest payable on term deposits to Senior Citizens shall not apply for the period less than one year

Bulk Domestic & NRO Term Deposits
For all Higher Value Deposits beyond the ceiling amount specified in the table below, please contact your nearest TMB Branch for availing special offer if any.

Period Bulk Deposits
(2 Crore to 5 Crore)
w.e.f. 01.09.2022
Bulk Deposits
(Above 5 Crores)
w.e.f. 01.09.2022
7-14 days 3.35% 3.35%
15-29 days 3.35% 3.35%
30-45 days 3.50% 3.50%
46-60 days 3.50% 3.50%
61-90 days 3.50% 3.50%
91-179 days 4.00% 4.00%
180-270 days 4.25% 4.25%
271 days to less than 1 year 4.75% 4.75%
1 year 5.45% 5.45%
Above 1 year to less than 20 months & 20 days 5.30% 5.30%
20 months & 20 days 5.30% 5.30%
Above 20 months 20 days to less than 2 years 5.25% 5.25%
2 years to less than 3 years 5.25% 5.25%
3 year to 10 years 5.05% 5.05%

Note:
For acceptance of deposit of 2 crore and above, branches should contact your Treasury Department for their permission
There is no penal interest for premature closure of bulk deposits (2 crore and above) after 7 days of opening.

Interest Rate on NRE Deposits

Period Rate of Interest
Below Rs 2 crore** Below Rs 2 crore Bulk deposits
(Rs crore to 5 crore**)
Bulk deposits
(above 5 crore)#
1 year 5.75 5.5 5.45 5.45
Above 1 year and upto 18 months 5.85 5.6 5.3 5.3
Above 18 months to less than 2 years 5.85 5.6 5.25 5.25
2 years to less than 3 years 6.00 5.75 5.25 5.25
3 years to 10 years 5.85 5.75 5.05 5.05

Terms and conditions:
The above modifications are applicable only for
1. **Fresh Inflow received through our Bank with value date of 07.07.2022 or after
2. Transfer fom other bank NRE accounts with original certificate of Foreign Inward Remittances issued by the respective banks with value date 07.07.2022 or after in the name of depositor only.

It is not applicable for:
1. Fund transferred from our existing SB NRE/NRO accounts
2. Renewal of existing NRE Term Deposits
3. Premature renewal of existing NRE Term Deposits
4. Opening of NRE term deposits with the proceeds of pre-closure/closure of existing FCNR/FCNR plus deposits
5. Transfer from NRE accounts maintained with other banks (self/third party) without production of original certificate of Foreign Inward Remittances issued by the respectives banks with value date 07.07.2022 or after in the name of depositor only
(For these items no. 1 & 5, the existing old rate of interest is only applicable and the revised/increased rate of interest will not be applicable)
If the deposit account is opened through Net Banking/Mobile Banking. The customers shall approach the respective branch/NRI Cell for the eligibility of the increased rate of interest
Contact number for NRI Cell: 9150039414/9150039415

Pre-closure Penalty of all Deposit Schemes
No interest shall be paid on premature withdrawal of deposits upto 14 days from the date of deposit/renewal.
If the depositor opts for premature withdrawal 1% penal interest shall be charged on the rate applicable for the period for which the deposit remained with the bank.

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