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About Tamilnad Mercantile Bank Savings Account
A savings bank account deposit is the most basic type of deposit account offered by all banks. Any savings bank account will earn very nominal interest. It is considered as the next best thing to ‘cash in hand’ in terms of accessibility. Individuals may choose to park the excess cash in hand or at home, which may not be required for daily household expenses. The savings bank account’s key features include nominal interest rates, high flexibility in terms of fund accessibility and withdrawal.
There is an array of savings bank accounts available with Tamilnad Mercantile Bank. The applicant can fill the online eligibility form and submit it. The accounts which match the requirement and eligibility will be shortlisted and displayed. The applicant can choose the one that suits him/her the best.
The types of savings accounts in Tamilnad Mercantile Bank are categorized as –
This account gives the customers the benefit of having the convenience of withdrawing money anytime anywhere as well as get good interest on the savings.
Features and benefits
This savings account can be opened by any individual who falls within the age group of 18 – 65 years.
This account is extended to employees who draw salary from through Tamilnad Mercantile Bank.
Employees of State / Central Government, PSUs, Semi-Government Organizations, Urban Development Authorities, Educational Institutions, Universities, Charitable institutions, Trusts, Multi-National Companies, Public Limited Companies, Selected Private Limited companies, all SME classified accounts and partnership firms are eligible to open this account.
SB Premium Account comes with certain unique privileges which enable the customer to avail free accessibility of funds by various means including internet banking, online transfers, mobile banking, specialized offers on debit or credit cards etc.
The eligibility is quite standard in this case, individuals in the age group between 18 – 65 years are allowed to open the account, provided they can maintain the afore-mentioned quarterly minimum balance.
This product unites the individual members of a family can group their respective relationships with bank (Savings Account) under a single ID called the 'Family ID'.
This is an account designed for kids, the account can be opened in the name of the child. It is primarily designed to encourage saving for the future of the child. It also inculcates and encourages the concept of saving money from a very young age.
The account has enhanced the service offerings for the dynamic and upcoming young generation. The account is suitable for young employed professionals and students.
Individuals in the age group of 17 to 35 years can open this account. For individuals below 18 years, there is a need for a guardian to endorse the applicant. The individual can be a student, entrepreneur, professional or employee.
This savings account is specifically designed for high net-worth individuals.
High net worth individuals such as doctors, lawyers, chartered accountants, executives working in MNCs, software companies, public / private sector & business people
This account is a modern two in one savings plus fixed deposit account where your money gets auto swiped into fixed deposits and yet it is accessible as and when required. This combines the features of fixed deposit which offers higher interest rates and savings bank account which offers the flexibility of withdrawal and easy accessibility to funds.
Benefits and features
Balance from this savings account automatically sweeps into term deposit after a threshold limit of Rs. 5,000. When the payment is required, balance from term deposits automatically sweeps out to savings bank account.
Individuals either jointly or single, Clubs, Associations, Trusts, Hospitals, Schools and Colleges who are eligible to open SB accounts.
Minimum average balance
Quarterly average minimum balance of Rs. 5,000 must be maintained in the savings account. The penalty for non-maintenance of minimum balance is Rs. 100/- + GST applicable every quarter.
This account is specifically designed for modern day women. The account provides Health Insurance coverage of Rs. 30,000/- for her family consisting of herself, husband and 2 dependent children with per illness limit of Rs. 15,000 for a low annual premium of Rs. 500. Maternity Hospitalization for which coverage starts after 9 months from the policy coverage starting date.
Women within the age group of 18 – 65 years can avail this account. Self Employed Professionals like Doctors, Entrepreneurs etc., Women with independent source of regular income like rentals etc. Single or in joint names with her spouse and daughters. The principal account holder must belong to target group (Daughters must be aged above 10 Years).
Two variants under basic savings deposit scheme -
Simple Savings Bank A/c
Small Savings Bank A/c
Initiated by the Government of India, this is a zero-balance account which can be opened by all citizens with minimal paper work. The documentation involves providing Aadhar card. Typically, an introducer would be required in the case of other types of accounts, but under this deposit scheme, there is no requirement for an existing account holder to introduce the applicant.
Tamilnad Mercantile Bank offers consistent and competent interest rates to ensure that the depositors are benefited from their association with the bank. They are able to achieve this due to their ability to keep the operational cost low in comparison with other banks. Different segments and types of deposits have different rates of interest. There are special rates applicable on high-value deposits and senior citizen deposits.
Currently, the bank offers a 3.25% interest rate for balance up to Rs.10,00,000 and 3.50% for balance above Rs. 10,00,000 across all savings schemes. These rates are applicable from 6th July 2020. However, it may differ based on the amount deposited in the savings account.
Tamilnad Mercantile Bank like all other banks offers the standard set of products and services which includes deposits in the form of savings account, current account, fixed deposit account etc., and loans or advances which include education loan, personal loan, car loan, loan against property, home loan etc. There are various types of savings account deposit, which can be chosen by the customers based on suitability.
1. How to open Tamilnad Mercantile Bank savings account?
Fill the savings account eligibility form online, the form once submitted will be checked for eligibility of applicant and personalized savings account options
2. What are the typical interest rates offered by Tamilnad Mercantile bank on their savings account deposits?
The interest rate on Tamilnad Mercantile Bank savings bank account is 4% p.a.
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