Tamilnad Mercantile Bank Savings Account

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Tamilnad Mercantile Bank Savings Account

A savings account is often the first bank account for many as it is very easy to open and operate. It is a safe way to store your hard-earned cash and earn a nominal interest at the same time.

There are many reasons why a savings account is one of the most popular types of bank account, despite some of its limitations. Following some advantages of a savings account:

  • Zero account balance: You needn’t maintain a certain minimum balance in your account. Banks offer different kinds of savings accounts for different needs. You can conduct basic banking facilities like withdrawals and deposits, using a simple zero balance account.
  • It instills a healthy habit of savings. Having a savings account is often a foundation stone to good financial planning.
  • You can use your savings bank account as an emergency fund and periodically deposit / transfer money for savings purposes.
  • Easy Banking—Having a savings account comes with added advantages like Internet banking through which you can conduct day-to-day banking (like for example, money transfers and paying bills online) at ease.
  • Having money in a savings bank account lets your money grow. While you earn less interest in a savings account as compared to an FD or RD account, you also have far greater freedom in operating the account.
  • Accessibly and liquidity—You can access your money in times of need, even if it is in the middle of the night. Also, it is one of the most liquid forms of investment.
  • It requires minimal documentation and has relaxed KYC norms for those who can’t comply with regular KYC norms.

Limitations of a Savings Account:

  • There are various fees associated with a savings account.
  • The interest is far lower when compared to other forms of savings and offers low returns.

Even with the downsides, a savings account is popular with the old and the young, the rich and the poor. A savings account is a must to have with the easy banking modes it has on offer.

Tamilnad Mercantile Bank Savings Account

A Tamilnad Mercantile Bank savings account provides a host of banking benefits like flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with a Tamilnad Mercantile Bank Savings Account.

Features and Benefits of Tamilnad Mercantile Bank Savings Account

There are various benefits to having a savings account with Tamilnad Mercantile Bank:

  • Safety and security when you store your cash in a savings account
  • Different savings account for different needs.
  • Access your account with ease via Internet Banking / SMS Banking / Phone Banking

Types of Tamilnad Mercantile Bank Savings Accounts

Below are a few of the different savings accounts available. For the full list of savings accounts options, check the bank website or visit the nearest branch.

Savings (AWB) A/c

  • Anywhere Banking enabled.
  • First 20 cheque leaves free.
  • Folio charges for 6 months free.
  • No Limit for Self Withdrawl by cheque only.
  • Free e statements.

SB Premium A/c

  • Cash Withdrawal at Parent Branch: Free.
  • Cash Withdrawal at satellite branches: Free for self cheques presented by the drawer in person.
  • For third party withdrawals per transaction: Allowed up to Rs. 10,000.00.

Happy Family Banking A/c

  • Free 50 cheque leaves per year for each family member.
  • Free NEFT/RTGS at Branches.
  • Free ATM cum Debit Cards with nil Annual Maintenance Fee.
  • Free internet banking.

Little Super Star Savings A/c

  • Children between the ages of 10 years to 18 years eligible to apply.
  • Free ATM Card / Debit Card.
  • Nomination facility available.
  • Transfer of funds from parents / guardians account to the children's account and vice versa allowed.
  • Free Personalized Cheque Book of 10 leaves per year.

Dynamic Youth SB A/c

  • No charges for both ECS debit and credit transactions.
  • First 5 ATM Cash withdrawals free at NFS / VISA ATMs every month. No carry over.
  • Free SMS Alert Facility.
  • Free Visa International ATM Cum Debit Card
  • Free Internet Banking

Royal SB A/c

  • Free SMS Alert Facility.
  • Free Visa International ATM Cum Debit Card
  • Free Internet Banking
  • Free Personalized Cheque Books.

Visa SB A/c

  • This is a two in one savings plus fixed deposit account where money above a certain limit gets auto swiped into fixed deposits & yet it is accessible as and when required.
  • Nomination facility available

Tamilnad Mercantile Bank Savings Account Minimum Balance

The minimum balance required in a Tamilnad Mercantile Bank savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:

Type of Savings Account Average Monthly Balance Required
Savings (AWB) A/c With Cheque Book: Rural Rs. 250.00 / Others Rs. 500.00
W/o Cheque Book: Rural Rs. 100.00 / Others Rs. 250.00
SB Premium A/c AQB: Metro / Urban - Rs. 5,000.00.
Semi-Urban / Rural Rs. 2,500.00.
Happy Family Banking A/c Combined AMB: Rs. 30,000.00 for Metro,
Rs. 20,000.00 for Urban,
Rs. 15,000.00 for Semi-Urban and
Rs. 10,000.00 for Rural.
Little Super Star Savings A/c Rs. 250
Dynamic Youth SB A/c QAB: Rs. 1000
Royal SB A/c Rs. 50,000
Visa SB A/c Rs. 5000

Tamilnad Mercantile Bank Savings Account Interest Rate

Tamilnad Mercantile Bank savings account offers interest rates of up to 4.25%, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank. It is advisable to check with the Bank for accurate rates.

Tamilnad Mercantile Bank Savings Account Charges

Different Tamilnad Mercantile Bank savings accounts have a different schedule of charges. It is best to contact the Bank directly for the most up to date charges.

How to open a Tamilnad Mercantile Bank Savings Account

Tamilnad Mercantile Bank savings account opening is simple. You can open an account in any of the following ways:

  • You can visit your nearest branch, discuss your saving needs and have a bank representative help you with the forms.
  • You can download the savings account opening form online, fill it and visit your nearest Tamilnad Mercantile Bank Branch.
  • Call the helpline at: 180 0425 0426 for further assistance.

Tamilnad Mercantile Bank Savings Account FAQS

What is the best interest rate on a Tamilnad Mercantile Bank saving account?

The interest rates are currently at 4.25%, depending on the daily balance maintained. For the latest interest rates, it is best to contact the nearest branch.

How to update my new mobile number?

You can update your mobile number / email address by visiting your nearest Tamilnad Mercantile bank branch and submitting the required form.

Who is eligible for opening a Visa Savings account?

Individuals either jointly or single, Clubs, Associations, Trusts, Hospitals, Schools and Colleges are eligible to open Visa SB accounts.

Is it possible to open a Tamilnad Mercantile Bank savings account online?

You can place a request for account opening by calling their customer care. An executive will get in touch with you. Alternatively, you can download the savings account opening form online, fill it and visit your nearest Tamilnad Mercantile Bank Branch.

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