The Tamilnad Mercantile bank FD rates range from 5.25%-7.00% p.a for general citizens and 5.25%-7.50% p.a for senior citizens. The tenure also ranges from 7 days to 10 years, depending on different banks. The Tamilnad Mercantile bank FD interest rates also vary from time to time. It is 6.50% p.a for the general public, and for the senior citizens, it is 7.00% p.a. for 3 to 10 years.
Apart from that, the bank also offers various other fixed deposit facilities for NRIs like NRO, NRE, and FCNR fixed deposits. The following table gives detailed information about all the Tamilnad Mercantile bank FD interest. Go through it to get detailed information about the various rates.
Several eligibility criteria must be followed by the people willing to open an FD account in Tamilnad Mercantile bank. If the applicants fail to fulfil the established eligibility criteria, then they won’t be able to open a bank account.
Some of those criteria are as follows:
- The bank holders must be residents of India.
- For the Santhosh FD scheme, the individuals must be above 60 years of age.
- Must be NRIs with necessary documents.
- Minors can also create an account but must have an elder guardian who can run the account.
- The ones willing to open the account must belong to Hindu undivided families or HUFs.
These criteria must compulsorily be fulfilled by the people who wish to open an FD account in Tamilnad Mercantile bank.
While creating an FD account in Tamilnad Mercantile bank, the applicants need to submit relevant documents. If they fail to submit the required documents on time, then they might not be able to open the account.
The following documents are required to be produced at the bank during the time of opening an FD account:
- PAN card
- Driving licence
- Aadhaar card
- Senior citizen ID
- Photo ID card (government-issued)
Proof of address:
- Utility bills, for example, electricity bill and telephone bill
The table below shows the fixed deposit rates for FDs of more than 2 crores for Domestic and NRO Term Deposits:
|Tenure||Rate of interest per annum|
The table below shows the fixed deposit rates for fixed deposits of less than 2 crores for NRO and Domestic term deposits:
|Tenure||General citizens||Senior citizens|
|271 days to less than a year||6.00||6.00|
The Tamilnad bank NRE FD rates vary from amount to amount and from time to time. The table below shows the detailed FD rates for NRI accounts:
|Tenure||Interest rates per annum (deposit below 2 crores)||Interest rates per annum (deposit above 2 crores)|
|Above 1 year to 18 months||7.00||7.00|
|Above 18 months to less than 2 years||7.00||7.00|
|2 years to less than 3 years||6.75||6.75|
One of the most important features of the fixed deposit scheme in Tamilnad Mercantile bank is the premature withdrawal of funds. This means that the account holders can’t close the fixed deposit account and can withdraw the money before the maturity period arrives in case of any financial or medical emergency.
But when this is done, the account holders need to pay attention to certain drawbacks that come along with the premature withdrawal of funds. They are as follows:
- A penalty of 1% will be charged on top of the rate of interest for the tenure during which the fixed deposit remained in the bank.
- If any kind of incentives were to be offered, then they would get deducted.
- If the withdrawal is made just 14 days after the creation of the account, then no interest shall be paid.
- These rules also apply to senior citizens as well.
A nominee is a person appointed by the original account holder who is responsible for handling and getting benefits of the account after the death of the original account holder. The nominee then acts as a legal trustee who passes the claimed amount to the account holder’s legal heir’s account.
The nomination facilities can be availed by anyone whom the account holder appoints as a nominee. That person can be a family member of the original account holder, any friend, any close relative, or even someone from outside the family whom the account holder considers to be trustworthy. Even a minor can be appointed as a nominee, but for that, they have to have an elder guardian who can look after the account till he/she attains the required age.
Tamilnad Mercantile Bank Fixed Deposit Rates FAQ’s :-
The interest rates differ from person to person. The Tamilnad Mercantile bank FD interest rate is 6.50% for general citizens and 7.00% for senior citizens.
Yes, the Tamilnad Mercantile bank FD for women allows women to avail of the FD facilities. No one is in any way exempted from this facility.
Yes, Tamilnad Mercantile bank allows customers to create FD accounts online so people can create bank accounts within the comfort of their homes.
A minimum amount of 2 crores is required to open a bulk FD account with Tamilnad Mercantile bank. Any amount below that cannot be used to open a bulk FD account with the above-mentioned bank.
The tenure of the tax saver fixed deposit scheme in Tamilnad Mercantile bank is 5-10 years.