The Tamilnad Mercantile Bank Limited also known as TMB is a private sector bank with headquarters in Tuticorin, Tamil Nadu. TMB was originally founded as Nadar Bank in 1921 however changed its name to Tamilnad Mercantile Bank in 1962 to widen its customer base beyond the Nadar community.
TMB has over 450 branches across India and over 1,000 ATM’s. TMB is known to be the first private sector bank to introduce computerization at its branches. TMB is the first bank to also introduce the ‘Choose your Account Number‘ facility for its customers. In addition, it also introduced the missed call banking in order to check account balance.
Tamilnad Mercantile Bank offers various fixed deposit schemes for residents, non-residents, and senior citizens. Its tenor ranges from 15 days to 10 years. It also offers lucrative interest rates for deposits above INR 15 lacs and up to INR 99,99,999 lacs.
Domestic and NRO fixed deposit Interest rates:
|Maturity Time||Amount below 15 lakhs|
|Amount above 15 lakhs|
|1 year – 20 months 20 days||7.70||7.65|
|20 month 20 days||7.75||7.75|
|20 month 20 days – 5 years||7.70||7.65|
Table updated: 22 June, 2016
- Additional .50% is applicable for senior citizens in case of domestic deposits. Additional interest is not applicable for NRO deposits.
- No interest is payable for premature withdrawal before 14 days.
- For amount above 1 lakh saving account interest rate is 4.25%.