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Tamilnad Mercantile Bank Fixed Deposit Rate

What is a fixed deposit?

A fixed deposit is a popular investment intrument that is preferred by many people as it is a safe form of investment that earns a higher rate of interest than a regular savings account. The money is deposited for a specific period of time and earns an interest that is then given to the customer. Fixed deposits are offered to individuals by many banks and Non-Banking Financial Companies (NBFCs). The tenures on fixed deposits range from 7 days to 10 years or more in some cases. The money deposit for this duration earns an interest and is given back to the customer after the tenure has ended. One is guaranteed a return on their investment in a fixed deposit.

You can deposit your chosen amount at Tamilnad Mercantile Bank’s fixed deposit account for a period of time that typically ranges from 15 days to 10 years. The minimum amount that can be deposited in the Tamilnad Mercantile Bank account is Rs.100. The bank offers competitive interest rate on fixed deposits.

Apart from the basic fixed deposit scheme, Tamilnad Mercantile Bank provides a variety of other fixed deposit schemes to choose from. The other schemes are Muthukuvial fixed deposit, Cash certificate, Santhosh fixed deposit, Tax saving fixed deposit, Pearl deposit and 20:20 deposit.

Tamilnad Mercantile Bank’s basic fixed deposit

Tamilnad Mercantile Bank Fixed Deposit Rate

Tamilnad Mercantile Bank’s basic fixed deposit scheme provides deposit periods of 15 days to 10 years. The interest earned on this fixed deposit can be withdrawn monthly or quarterly. Nomination facility is available in this deposit. Simple interest in earned in this deposit based on the period of deposit.

Muthukuvial fixed deposit

made under this scheme have a deposit duration ranging from 12 months (1 year) to 10 years. Nomination facility is available. One needs to deposit a minimum of Rs.1000 and in multiples of Rs.1000. Compound interest is eligible in this scheme based on period of the deposit. Loans can be obtained against this deposit amount.

Cash certificate

Deposit duration is for a minimum of 12 months and for a maximum of 10 years. Cash certificates are available for Rs.1000, Rs.5000, Rs.10,000, Rs.25,000, Rs.50,000 and Rs.1,00,000. Nomination facility is available. Compound rate of interest is applicable, and it is based on the duration of the deposit. Loans can be obtained against this deposit amount.

Tax saving fixed deposit

Under this scheme, there are two variants – Mullai and Malligai. In the Malligai scheme, the customers can withdraw interest earned monthly, quarterly, half yearly or on an annual basis. In the Mullai scheme, the interest is paid at the maturity of the deposit with cumulative interest. The minimum amount that can be deposited is Rs.100 and thereafter, in multiples of Rs.100. The maximum amount that can be deposited is Rs.1,50,000. The duration of the deposit ranges from 5 years to 10 years. Interest amount is taxable. Premature closure is not allowed in this scheme. Loan against this deposit is not allowed.

Pearl deposit

Deposit duration is for a minimum of 12 months and for a maximum of 10 years. The interest earned can be withdrawn or transferred to any operative account every quarterly, half yearly or annually. Nomination facility is available. Compound interest is applicable. Loans can be obtained against this deposit.

20:20 deposit

This deposit provides a high rate of interest in 20 months and 20 days. One can get up to 7% of interest and senior citizens can get 7.50%. The minimum amount to be deposited is Rs.1000. Nomination facility is available. Interest payment is done monthly and quarterly.

Interest Rate on Tamilnad Mercantile Bank’s Fixed Deposit

The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. Tamilnad Mercantile Bank’s Interest Rates typically ranges from 5% to 7.90% per annum.

The defining criteria for a fixed deposit is that the money cannot be withdrawn before maturity, unless on payment of a penalty.

Tamilnad Mercantile Bank Fixed Deposit rates

Following is an overview of Tamilnad Mercantile Bank’s Fixed Deposit Rates as of 01.10.2018

(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the bank. For the latest rates, it is advisable to check with Tamilnad Mercantile Bank directly.)

Domestic & NRO Term Deposits

Period / Interest Rate (p.a.) Regular Citizens / NRO Dep. 
Up to Amount Rs. 99,99,999 
1112d - 10y 6.90% 
1111d 7.65% 
3 years - 1110d 6.90% 
> 20m 20d - < 3 years 7.00% 
20 months 20 days 7.00% 
> 1y to < 20m 20d 7.00% 
1 year 7.40% 
271 days - < 12 months 7.00% 
180 days - 270 days 6.75% 
91 days - 179 days 6.50% 
61 - 90 days 6.00% 
46 - 60 days 6.00% 
30 - 45 days 5.25% 
15 - 29 days 5.00%

Tamilnad Mercantile Bank Fixed deposit for senior citizens

Senior citizens have a special scheme called the Santhosh scheme. It is a combination of Savings bank and fixed deposit in one account. The interest rates are higher than for the normal individual. Free ATM cum debit card is provided with no annual maintenance charges for the first year. No loan can be taken against this deposit.

Senior Citizens Deposits:

Period / Interest Rate (p.a.) Senior Citizens 
Up to Amount Rs. 99,99,999 
1112d - 10y 7.40% 
1111d 8.00% 
3 years - 1110d 7.40% 
> 20m 20d - < 3 years 7.50% 
20 months 20 days 7.50% 
> 1y to < 20m 20d 7.50% 
1 year 7.90% 
271 days - < 12 months 7.00% 
180 days - 270 days 6.75% 
91 days - 179 days 6.50% 
61 - 90 days 6.00% 
46 - 60 days 6.00% 
30 - 45 days 5.25% 
15 - 29 days 5.00% 

How to Calculate Tamilnad Mercantile Bank Fixed Deposit Interest?

Tamilnad Mercantile Bank Fixed Deposit Rates

You can use online resources to calculate the interest accrued on your Tamilnad Mercantile Bank FD. There are several online sites that allow you to instantly calculate the interest earned. All you have to do is enter the FD amount, tenure and rate of interest and the calculator will do the hard number crunching and present you with a breakup of the interest earned and the maturity amount

You can enter as many combinations as you want, and the calculator will give you instant and accurate results.

You can also calculate the interest earned and the maturity value on the principal amount using the following formula.

The following is the formula to calculate the interest earned in a Fixed Deposit account:

Calculate Tamilnad Mercantile Bank FD Rate

A = P x (1 + r/n)nt

I = A - P

Where

A = Maturity Value

P = Principal Amount

r = Rate of Interest

t = Number of Years

n = Compounded Interest Frequency

I = Interest Earned

Tamilnad Mercantile Bank FD Premature Withdrawal Penalty

No interest needs to be paid on premature withdrawal of deposits up to 14 days from the date of deposit. If the depositor wants to prematurely close his fixed deposit, then, a 1% penal interest is charged on the rate applicable for which the deposit remained with the bank.

Tamilnad Mercantile Bank FD – FAQS

1. What is the eligibility for opening an FD account with Tamilnad Mercantile Bank?

A fixed deposit can be opened by Individuals and HUF.

2. For how long can I keep my deposit?

You can open a fixed deposit account for any period ranging from 15 days to 10 years. Upon maturity of your deposit, you are paid your original deposit amount plus the interest accumulated.

3. What are the different fixed deposit schemes offered?

Basic fixed deposit, Muthukuvial fixed deposit, Cash certificate, Santhosh fixed deposit, Tax saving fixed deposit, Pearl deposit and 20:20 deposit are available.

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