Tamilnad Mercantile Bank Brings to customers savings products in the form of fixed term deposit accounts that offer interest at higher rates than current or savings accounts.


The minimum amount required to open a fixed deposit with Tamilnad Mercantile Bank depends on the scheme that you opt for.

For most schemes it is a minimum of 1000, however, for the tax savings scheme the minimum is 100.

There is no prescribed upper limit for amounts put in fixed deposits with the bank. Customers may need to approach the bank to find out the maximum amount that can be deposited.

The Interest Rates Offered by TMB depend on the Scheme that you opt for or the duration for which you want to hold funds in the FD account.

The minimum interest offered by them is 7% and the maximum interest offered is 9%.

They also offer a special interest rate of 0.5% over the prescribed rate for senior citizens.

TBM does offer tax saver fixed deposits.

They are called Tax Saving FD’s. In these FD’s depositors can deposit a minimum of 100 and a maximum of 1,50,000 per year.

The minimum tenure for such a deposit is 5 years and no premature withdrawals are permitted.