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Tamilnad Mercantile Bank Savings Account

Established in 1921, Tamilnad Mercantile Bank (TMB) is based out of Tuticorin in Tamilnadu state. It started as a local bank but has eventually expanded all over the country. It has nearly 500 branches across India now. 

IndusInd Bank offers the following interest rates for its Savings Account: 

  1. 4% p.a. for daily balance up to Rs 1 lakh
  2. 4.25% p.a. for daily balance above Rs 1 lakh 

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Types of Tamilnad Mercantile Bank Savings Accounts

  1. Savings (AWB) Account: This is the most basic savings account. It helps customers begin saving and it also gives the customers access to their funds from anywhere. The account provides customers with 20 free cheque leaves a year and cash remittance allowance of up to Rs. 3,00,000 a day. 
  2. Salary SB Savings Account: All salaried employees who earn at least Rs. 5,000 a month are eligible for this classic salary savings account. It provides free passbook and credit card to the customers along with free ECS and SMS banking facilities. It offers an auto-sweep facility when the account balance is above Rs. 10, 000. 
  3. SB Premium Savings Account: Customers with this account can avail a number of benefits and privileges. They can receive personal accident insurance amounting to Rs. 1, 00, 000 and free cash remittances.  Credit card fee is waived for 2 years and 60 cheques are provided for free each year. Even debit cards do not have renewal or annual charges. 
  4. Happy Family Banking Savings Account: Family members can club their individual and personal savings accounts under the broad umbrella of “Family ID.” The benefits associated with this account are as follows:  3 to 6 individual savings accounts can be grouped under the Happy Family Account; 50 free cheque leaves are given to each family member every year; the required minimum balance is to be maintained in only one of the account; each individual member receives an accidental insurance of Rs. 3,00,000 for free. 
  5. Little Super Star Savings Account: This account is meant for children and comes with benefits and features designed for children between 10 to 18 years of age. These features include a free Debit card and ten free withdrawals each month. The account holders receive 10 cheque leaves for free each year. The daily Debit card limit is Rs. 2, 500 and so is the daily limit for net banking transactions. 
  6. Dynamic Youth SB Savings Account: This account is targeted at students as well as professionals between the age of 18 -35 years. It provides a base to save for the future. The account is equipped with features such as free ECS as well as internet banking facilities. Account holders also get access to a free International Debit Card along with 40 free cheque leaves a year. 
  7. Royal SB Savings Account: The Royal Savings Account gives a luxurious banking experience. Meant for High Net-worth Individuals, customers of this account enjoy a free credit card whose fees are all waived off for the first year. They also enjoy free internet and SMS alerts, make unlimited fund transfers at no cost and pay their taxes without service charges. They are entitled to cash remittances of up to Rs. 20,00,000 a month for free at any branch of the bank. 
  8. Value Increased Savings Account: This account offers benefits of a fixed deposit along with the privileges of a savings account. Balance crossing over Rs. 10,000 is swept out and converted into Fixed Deposits in multiples of Rs. 5,000. 
  9. Mahila Subha SB Savings Account: This account is exclusively for women. It has benefits such as a Debit card and also free insurance cover. It also offers free anywhere banking through TMB eConnect and SMS banking services. Account holders get 40 free cheque leaves a year and a waiver on charges for cash remittances at certain branches. 
  10. Simple Savings Bank Deposit Account: This is a zero-balance account that can be opened by anyone to enjoy 10 free withdrawals every month without paying any charges for the Debit card. Customers also enjoy free internet banking as well as unlimited cash withdrawal and remittances at certain branches. 
  11. Small Savings Bank Deposit Account: This is a basic savings account for people who don't have valid documents required to open an account. These accounts are valid for a year and can thereafter be extended for another year if the individual submits the proof that he has applied for documentation.  The balance in this account cannot exceed Rs. 1 lakh. 

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Savings Account Minimum Balance Requirements 

Savings Account Type

Minimum Balance required

Savings (AWB) Savings Account

Rural- Rs. 250 (with cheque book), Rs. 100 (without chequebook)

Urban- Rs. 500 (with cheque book), Rs. 250 (without cheque book)

Salary SB Savings Account

-

SB Premium Savings Account

Urban- Rs. 5,000

Rural/ semi-urban- Rs. 2,500

Happy Family Banking Savings Account

Metro- Rs. 30,000

Urban- Rs. 20,000

Semi-urban- Rs. 15,000

Rural- Rs. 10,000

Little Super Star Savings Account

Rs. 250

Dynamic Youth Savings Account

Rs. 1,000 (waived for first quarter)

Royal Savings Account

Rs. 50,000

VISA Savings Account

Rs. 5,000

Mahila Subha SB Savings Account

Metro- Rs. 1, 000

Others- Rs. 500

Simple Savings Bank Deposit Account

-

Small Savings Bank Deposit Account

-

 Eligibility criteria 

  • Residents of India
  • Hindu Undivided Families
  • Individuals above the age of 18
  • Minors, jointly with a parent or guardian 

Documents Required to Open a Savings Account

  • Identity Proof: Passport, driver’s license with validity, Permanent Account Number (PAN) card, Voter ID card, Aadhaar Card, Government-issued photo identity card, NREGA Card, etc. 
  • Address Proof: Passport, driver’s license, Passbook of another bank, Electricity or phone bills, Ration card, etc. 
  • Passport sized photographs

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