RD is one of the easiest ways to save money. You can deposit a fixed amount of money in your RD account each month and earn interest on it with an RD account. The Tamilnad Mercantile Bank offers 4 different types of RD schemes. The tenure applicable on these Recurring Deposit schemes ranges from 1-10 years. The RD accounts can also be opened online. The minimum deposit required to open an RD account is 10 rupees and it can be increased further in the multiples of 10. TMB as also designed an RD scheme for students so that the students to save or helping parents to save for children. The RD scheme offered by TMB also offer Rd scheme that gives insurance and remittance options.
|Maturity Slab||Interest Rate (% P.A.)||Senior Citizen Interest Rate (% P.A.)|
|> 1y to 20 months 20 days||7||7.5|
|20 months 20 days||7||7.5|
|20 months 20 days - 3 years||7||7.5|
|> 777 days to 3 years||7||7.5|
Short term RDs offered by TMB range between 180 days-12 months. These RD accounts attract interest rates ranging from 7.5%-7.3% per annum. TMB also offers an interest rate of 7.5% per annum for deposits made for a tenure of 1 year. These deposits are ideal for saving up for retail products, holidays and so on. The medium-term RD account with TMB has deposit term ranging from 20 months, 20 days to less than 5 years. These tenures can earn an interest rate of 7.45% per annum
Long-term deposit rates with TMB range between 5-10 years and the interest rate offered by the bank for such accounts is 7.45% per annum.
Short term RD with TMB range from 180 days-12 months. These RD accounts attract an interest rate of 7.3%-7.5% per annum. TMB offers a special interest rate of 7.5% per annum on deposits, made for a tenure of one year.
Medium-term deposits are 20 months 20 days to less than 5 years. These tenures also earn interest of 7.45% per annum.
Long-term deposits for TMB ranges from 5-10 years. These tenures earn an interest rate of 7.45% per annum. The long-term TBM Rd accounts are designed to generate wealth through savings.
With Siranjeevee RD scheme, you can get the added benefit of life insurance. This offer is presented due to the association of TMB with Reliance Life Insurance Limited. This scheme offers nomination facilities, standing instructions and premature withdrawal to the depositors.