Tamilnad Mercantile Bank Recurring Deposit Interest Rates

Tamilnad Mercantile Bank Recurring Deposit

Tamilnad Mercantile Bank Recurring Deposit

A Recurring Deposit (RD) is a safe and convenient way of saving money while also earning interest on it. An RD allows you to deposit a fixed amount on a regular basis with your bank, and it is similar to a Fixed Deposit (FD) in that you enjoy a higher rate of interest than a savings account for the same principal amount.

The main difference between an FD and an RD is that a recurring deposit allows you to make ongoing periodic investments in the deposit, whereas in a fixed deposit, you need to deposit the entire lump amount at the time you open the FD account.

Advantages to opening an RD account:

  • Interest Rate earned is generally equal to that of an FD
  • Safe and secure form of investment
  • Ideal for people who cannot deposit a large initial lump sum, but want to deposit small amounts on a regular basis
  • Can be opened with small minimum amount.
  • Lump sum received at maturity, including the interest
  • The rate of interest is higher as compared to an ordinary saving bank account
  • Flexible tenures to suit the budget of the individual
  • Recurring Deposit Interest rate is fixed so you are assured of a fixed return
  • Loan / overdraft facility available with some banks.

Tamilnad Mercantile Recurring Deposit

An RD in Tamilnad Mercantile Bank instills a habit of regular savings, where in you can invest a fixed amount every month for a fixed number of months. You can make these installments to a Tamilnad Mercantile Bank recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance.

Key Features of Tamilnad Mercantile Bank RD Account

  • Allows you to safely deposit small amount of money on a regular basis rather than a bulky one-time payment at opening of the RD.
  • Ideal for people with a regular, steady income who may not be able to spare enough money for the minimum amount to open an FD.
  • Flexible tenure – you can choose tenures which can range from a few months to several years depending on your financial goal
  • Attractive interest rates: Offers a higher rate of interest than a savings bank account—similar to an FD—but with a smaller ongoing investment.
  • Is a safe, low-risk form of investment.
  • Quick liquidity options and access to your funds when you need it; nominal penal charges apply.

Types of Recurring Deposits Offered by Tamilnad Mercantile Bank:

Regular Recurring Deposit:

  • Minimum monthly instalments in sums of Rs. 10.00 or in multiples of Rs. 10.00
  • Deposit period: Account can be opened with monthly instalments of 12, 24, 36, 48, 60, 72, 84, 96 and 120 months.
  • Simple interest is calculated
  • Premature closure allowed, subject to penalty if any.
  • Nomination facility is available.
  • Loans against the deposit can be availed.
  • Depositors can pay the deposit money in advance for any number of instalments.

ERD Online RD:

  • ERD accounts can be opened by the customers having TMB eConnect Internet Banking facility
  • RD to be opened during branch business hours and the account will be opened at the branch to which the operative account is connected.
  • Minimum installment amount: Rs. 100.00 and the maximum is Rs. 5,00,000 per installment in multiples of Rs. 100.
  • Standing Instruction will be created automatically for the ERD, to transfer the installment every month.
  • ERD account will be closed automatically upon maturity and credited to the operative account of the customer from where the installment is debited.
  • Premature Closure is allowed only at branches, subject to penalty if any.

Kids RD

  • A recurring deposit scheme exclusively for kids
  • Ideal scheme for those who wish to meet any of their future needs of funds for education purposes
  • Minimum deposit period: One year; maximum period of savings is 10 years.
  • The minimum monthly deposit: Rs. 58.00 per month. There is no ceiling on the maximum amount.

Navarathnamala RD

  • A recurring plus reinvestment scheme
  • Installment can be remitted for 36 / 48 / 60 months.
  • Account can be opened for either 60 months with 36 months instalments plus 24 months reinvestment period or 120 months with 36 / 48 / 60 months instalments period plus 84 / 72 / 60 months reinvestment period respectively.
  • 5 years NMD - Rate of interest is 7.00% p.a. For Senior Citizens, its 7.50% p.a.
  • 10 years NMD - Rate of interest is 7.00% p.a. For Senior Citizens, its 7.50% p.a.
  • Lump Sum repayment of Rs. 10,000.00, Rs. 20,000.00, Rs. 30,000.00, Rs. 50,000.00 & Rs. 1,00,000.00 etc.
  • Standing Instruction / ECS facility available.
  • Nomination facility available.
  • Pre-closure facility is available.
  • Loan against the deposited amount is available. Furthermore, the deposit amount can also be offered as collateral for other credit facilities.

Following is an overview of the maturity amounts:

10 Year Maturity Navarathnamala RD Returns Table Calculator for General Public:

Monthly Instalments Payable only upto period of Repayable amount after 10 years from date of opening
36 Months 48 Months 60 Months Maturity Amount
General Public Interest Rate @ 7.00% p.a. compounded quarterly.
For the latest rates, it is advisable to contact your nearest branch.
Interest Rates as updated on Jan 02, 2017 and are subject to change without notice.
Rs. 153.50 Rs. 119.00 Rs. 98.50 Rs. 10,000.00
Rs. 307.00 Rs. 238.00 Rs. 197.00 Rs. 20,000.00
Rs. 460.50 Rs. 357.00 Rs. 295.50 Rs. 30,000.00
Rs. 767.50 Rs. 595.00 Rs. 492.50 Rs. 50,000.00
Rs. 1,535.00 Rs. 1,190.00 Rs. 985.00 Rs. 1,00,000.00
Rs. 7,675.00 Rs. 5,950.00 Rs. 4,925.00 Rs. 5,00,000.00
Rs. 15,350.00 Rs. 11,900.00 Rs. 9,850.00 Rs. 10,00,000.00

10 Year Maturity Navarathnamala RD Returns Table Calculator for Senior Citizens:

Monthly Instalments Payable only upto period of Repayable amount after 10 years from date of opening
36 Months 48 Months 60 Months Maturity Amount
Senior Citizens Interest Rate @ 7.50% p.a. compounded quarterly.
For the latest rates, it is advisable to contact your nearest branch.
Interest Rates as updated on Jan 02, 2017 and are subject to change without notice.
Rs. 147.00 Rs. 114.50 Rs. 95.00 Rs. 10,000.00
Rs. 294.00 Rs. 229.00 Rs. 190.00 Rs. 20,000.00
Rs. 441.00 Rs. 343.50 Rs. 285.00 Rs. 30,000.00
Rs. 735.00 Rs. 572.50 Rs. 475.00 Rs. 50,000.00
Rs. 1,470.00 Rs. 1,145.00 Rs. 950.00 Rs. 1,00,000.00
Rs. 7,350.00 Rs. 5,725.00 Rs. 4,750.00 Rs. 5,00,000.00
Rs. 14,700.00 Rs. 11,450.00 Rs. 9,500.00 Rs. 10,00,000.00

5 Year Maturity Navarathnamala RD Returns Table Calculator for General Public:

Monthly Instalments Payable for 36 months Repayable amount after 5 years from date of opening
General Public Interest Rate @ 7.00% p.a. compounded quarterly.
For the latest rates, it is advisable to contact your nearest branch.
Interest Rates as updated on Jan 02, 2017 and are subject to change without notice.
Rs. 217.00 Rs. 10,000.00
Rs. 434.00 Rs. 20,000.00
Rs. 651.00 Rs. 30,000.00
Rs. 1,085.00 Rs. 50,000.00
Rs. 2,170.00 Rs. 1,00,000.00
Rs. 10,850.00 Rs. 5,00,000.00
Rs. 21,700.00 Rs. 10,00,000.00

5 Year Maturity Navarathnamala RD Returns Table Calculator for Senior Citizens:

Monthly Instalments Payable for 36 months Repayable amount after 5 years from date of opening
Senior Citizens Interest Rate @ 7.50% p.a. compounded quarterly.
For the latest rates, it is advisable to contact your nearest branch.
Interest Rates as updated on Jan 02, 2017 and are subject to change without notice.
Rs. 213.50 Rs. 10,000.00
Rs. 427.00 Rs. 20,000.00
Rs. 640.50 Rs. 30,000.00
Rs. 1,067.50 Rs. 50,000.00
Rs. 2,135.00 Rs. 1,00,000.00
Rs. 10,675.00 Rs. 5,00,000.00
Rs. 21,350.00 Rs. 10,00,000.00

Tamilnad Mercantile Recurring Deposit Interest Rates

Tamilnad Mercantile Bank RD interest rates are similar to rates offered for FD accounts. You can get the best rates for a Tamilnad Mercantile Bank Recurring Deposit by investing in any of its RD schemes. Following is an overview of Tamilnad Mercantile Bank RD interest rates including Tamilnad Mercantile Bank Short-Term RD Interest Rates. For the latest and accurate RD interest rates in TMB, it is advisable to check with the bank directly.

Tamilnad Mercantile Bank recurring deposit interest rates 2015 – 2016

The current RD Interest rate ranges from 5% to 7% depending on the type and the tenure of Recurring deposit. It is advisable to contact the bank directly for the revised and up to date interest rates as they fluctuate on a regular basis.

Tamilnad Mercantile Bank Senior Citizen RD Interest Rates

Senior citizens enjoy preferential rates, i.e., 0.50% more on the interest rate as applicable for normal customers. For the latest revised or updated interest rates, it is advisable to contact the bank directly.

Tamilnad Mercantile Bank RD FAQs

What is the eligibility criteria to open an RD account with TMB?

Following are eligible to open an RD with TMB:

  • Individual (singly or jointly) with others.
  • Minor who have attained the age of 10 years and above in his/her own name (proof of age required)
  • Minors below the age of 10 years under guardianship of Natural/legal guardian.
  • Proprietorship/Partnership Firm, Commercial Organization, Company / Corporate Body
  • Hindu Undivided Family
  • Association, Club, Society, Trust or Religious/Charitable Educational Institutions,
  • Municipality or Panchayat, Government or Quasi-Government body.
  • Illiterate and blind persons can also open accounts.

What is the minimum amount required to open an RD with Tamilnad Mercantile Bank?

The minimum opening balance for a regular recurring deposit with Tamilnad Mercantile Bank is Rs. 10.

What is the minimum deposit period?

Varies with differing RD schemes. Regulars RD account can be opened with monthly instalments of 12, 24, 36, 48, 60, 72, 84, 96 and 120 months.

How do I apply for a regular recurring deposit?

You can open a Regular Recurring Deposit online if you are an existing customer. You can log in to your net banking account and open an RD from the convenience of your home.

If you are a new customer, you can start with opening a savings account, which can be linked with an RD account.

Alternately, you can visit your nearest branch and submit the Deposit Account form.

What is the documentation required to open an RD account?

You will require the following documents:

  • Filled-in application form
  • Passport size photograph
  • Proof of residence, PAN Card, ID Proof
  • Any other KYC documents as required by the bank