Tamilnad Mercantile Bank FD Calculator
Fixed Deposit Rates on Domestic/NRO deposits of less than Rs 2 crore - General Public
| Tenure | Regular Citizens |
| 7 to 14 days | 2.75 |
| 15 to 29 days | 3.5 |
| 30 to 45 days | 3.5 |
| 46 to 60 days | 3.75 |
| 61 to 90 days | 3.75 |
| 91 to 179 days | 4.5 |
| 180 to 270 days | 5 |
| 271 days to less than 1 year | 5 |
| 1 year | 5.5 |
| Above 1 year to less than 20 months & 20 days | 5.6 |
| 20 months & 20 days | 5.6 |
| Above 20 months 20 days to less than 2 years | 5.6 |
| 2 years to less than 3 years | 5.75 |
| 3 years to 10 years | 5.75 |
Note: The FD interest rates are effective as of 1 September 2022
Fixed Deposit Rates on Domestic/NRO deposits of less than Rs 2 crore - Senior Citizens
| Tenure | Senior Citizens |
| 7 to 14 days | 2.75 |
| 15 to 29 days | 3.5 |
| 30 to 45 days | 3.5 |
| 46 to 60 days | 3.75 |
| 61 to 90 days | 3.75 |
| 91 to 179 days | 4.5 |
| 180 to 270 days | 5 |
| 271 days to less than 1 year | 5 |
| 1 year | 6 |
| Above 1 year to less than 20 months & 20 days | 6.1 |
| 20 months & 20 days | 6.1 |
| Above 20 months 20 days to less than 2 years | 6.1 |
| 2 years to less than 3 years | 6.25 |
| 3 years to 10 years | 6.25 |
Note: The FD interest rates are effective as of 1 September 2022
TMB Fixed Deposit Interest Rates on Bulk Domestic & NRO deposits
| Tenure | Rs. 2 crore – Rs. 5 crore | Above Rs. 5 crore |
| 7 to 14 days | 3.35 | 3.35 |
| 15 to 29 days | 3.35 | 3.35 |
| 30 to 45 days | 3.5 | 3.5 |
| 46 to 60 days | 3.5 | 3.5 |
| 61 to 90 days | 3.5 | 3.5 |
| 91 to 179 days | 4 | 4 |
| 180 to 270 days | 4.25 | 4.25 |
| 271 days to less than 1 year | 4.75 | 4.75 |
| 1 year | 5.45 | 5.45 |
| Above 1 years to less than 20 months & 20 days | 5.3 | 5.3 |
| 20 months & 20 days | 5.3 | 5.3 |
| Above 20 months 20 days to less than 2 years | 5.25 | 5.25 |
| 2 years to less than 3 years | 5.25 | 5.25 |
| 3 years to 10 years | 5.05 | 5.05 |
Note: The FD interest rates are effective as of 1 September 2022
Tamilnad Mercantile Bank Tax Saver Deposit - General Public
| Tenure | Regular Citizens |
| 5 years to 10 years | 5.75 |
Tamilnad Mercantile Bank Tax Saver Deposit - Senior Citizens
| Tenure | Senior Citizens |
| 5 years to 10 years | 6.25 |
Fixed Deposit Interest Rates on NRE deposits
| Period | For deposits below Rs 2 crore* | For deposits below Rs 2 crore | Bulk deposits of Rs 2 crore to Rs 5 crore |
| 1 year | 5.75 | 5.5 | 5.45 |
| Above 1 year to 18 months | 5.85 | 5.6 | 5.3 |
| Above 18 months to less than 2 years | 5.85 | 5.6 | 5.25 |
| 2 years to less than 3 years | 6 | 5.75 | 5.25 |
| 3 years to 10 years | 5.85 | 5.75 | 5.05 |
Note: The FD interest rates are effective as of 1 September 2022
Interest Rates on FCNR(B)
| Currency | 1 year to less than 2 years | 2 years to less than 3 years | 3 years to less than 4 years | 4 years to less than 5 years | 5 years |
| USD | 3.68 | 3.68 | 3.83 | 3.63 | 3.63 |
| GBP | 2.29 | 2.29 | 2.24 | 2.34 | 2.34 |
| EUR | 1.01 | 1.01 | 0.96 | 1.06 | 1.06 |
| CAD | 2.72 | 2.72 | 2.72 | 2.72 | 2.72 |
| AUD | 1.6 | 1.6 | 1.6 | 1.6 | 1.6 |
| JPY | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 |
| CHF | 0 | 0 | 0 | 0 | 0 |
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TMB FD Calculator
Many investors keep investment options such as mutual funds and stocks at bay due to the market risks involved. Fixed deposit are a more reliable and convenient option as it offers higher returns than regular savings and lower risk than other investment avenues.
Tamilnad Mercantile Bank fixed deposit offers attractive interest rates and flexible deposit tenures. If you intend to invest in FDs, prior calculation of maturity and accrued FD interest can help you in various ways. However, the manual calculation can be hectic and lead to errors. That’s why you can consider using an online Tamilnad Mercantile bank fixed deposit calculator. Find out more about this tool below.
Tamilnad Mercantile Bank Fixed Deposit (FD) Calculator
Fixed deposit interest rates keep changing depending upon the deposit tenure as well as the deposit amount. Most of the banks offer senior citizens an additional interest rate component in fixed deposit.
Tamilnad Mercantile fixed deposit interest rate falls between 5.25% and 6.50%. For senior citizens the interest rate ranges between 5.25% and 7.00%. This rate is applicable for fixed deposits of less than ₹2 crore. For tax-saver scheme, the rate of interest for general citizens and senior citizens are 6.00% and 6.50%, respectively.
To determine the accrued interest on a particular FD scheme, all you have to do is enter the applicable interest, investment amount, and tenure.
How Does the Tamilnad Mercantile Bank FD Calculator Work?
Fixed deposit interest gets accrued as either simple or compound interest.
If you calculate the compound interest rate, you need to use the following formula:
A = P (1 + r/n) ^ n*t
In this formula, “A” signifies the FD maturity amount
“P” represents your fixed deposit investment amount
“r” suggests the annual Tamilnad Mercantile Bank fixed deposit interest rates
“n” stands for the frequency of compounding interest
“t” signifies the investment term or tenure
Let’s understand the calculation process clearly with the help of an example:
Let’s assume you make a fixed deposit investment of ₹30,000 for 10 years at an annual interest rate of 7%.
As per the formula, we get:
A = 30,000 (1 + 7%/1) ^ 1*10
A = ₹60,048
So, the interest amount is A – P, i.e., ₹60,048-₹30,000 = ₹30,048
In case of simple interest, this formula is used:
M= P+ (PXRXT/100)
Here, M is maturity amount, P is for investment amount, T is tenure of investment and R is rate of interest.
To use an online Tamilnad Mercantile Bank fixed deposit calculator you can use the following simple steps:
1. Enter an investment amount on the “Total Investment” box
2. Drag the cursor to draw a purple line until reaching the desired tenure, or enter the number of years in the box provided
3. Finally, enter applicable interest rate and check right side of the page
4. It will display the “Estimated Return”, and “Total Value” received against your FD investment
You can change the figures to compare the investment returns for different interest rates, tenures and deposit amount.
Benefits of an Online Tamilnad Mercantile Bank FD Calculator
Some remarkable benefits of the Tamilnad Mercantile Bank FD calculator include the following:
- This tool offers easy and fast calculation.
- You do not have to worry about error results as this tool is completely automated.
- The Tamilnad Mercantile Bank fixed deposit interest rate varies according to the investment tenure. Hence, you can easily make multiple calculations to compare the returns and find the most suitable FD scheme for yourself.
- You can plan your finances in a hassle-free way with the help of this tool.
- This tool is completely free and can be used anytime anywhere. You don’t need to provide any personal details or sign up.
- You can access it anytime you need.
Upstox Tamilnad Mercantile Bank fixed deposit calculator can be a beneficial tool if you plan to invest in FDs of this bank. This calculator comes with a user-friendly interface for enhanced user experience. Simply enter the necessary data and let the tool do the rest.
Frequently Asked Questions
What is the highest interest rate on Tamilnad Mercantile Bank FD?
The highest interest rate on Tamilnad Mercantile FD for general citizens is 6.50%. However, for senior citizens the interest rate can go up to 7.00%. These rates are applicable for deposit amount less than or equal to ₹2 crore.
What is the minimum amount of investment for FDs in Tamilnad Mercantile Bank?
The minimum amount of investment for FDs under Tamilnad Mercantile Bank is ₹1000.
What is the penalty for early withdrawal in Tamilnad Mercantile Bank FD?
If you prematurely withdraw Tamilnad Mercantile Bank FD, the return amount is subjected to 1% penal interest rate.
In how many years has FD doubled in Tamilnad Mercantile Bank?
You can use the Rule of 72 to figure out the number of years it will take for your Tamilnad Mercantile Bank FD to double. You need to divide 72 by the rate of interest. For example, if your FD has a 7% interest rate per annum, it will take (72/7) 10.28 years for your FD to double.
Can I deposit an extra amount into an already existing FD?
No, you cannot deposit an additional amount into an already existing FD. You can instead open another fixed deposit and start saving.
Does Tamilnad Mercantile Bank provide an auto-renewal facility for fixed deposits?
Yes, this bank provides the facility of auto-renewal for fixed deposits.
What is the lock-in period for Tax Saving Scheme?
The lock-in period for tax-saving FD scheme is of 5 years. You cannot avail a loan against FD or make an early withdrawal during the lock-in tenure.
Are there any special rates for senior citizens?
Yes, senior citizens enjoy the benefit of an additional interest rate of 0.50% over and above the base interest rate. This will not be available for NRO deposits.
Disclaimer:
This calculator is meant to be used for indicative purposes only. It is designed to assist you in determining the appropriate amount of prospective investments. This calculator alone is not sufficient and shouldn’t be used for the development or implementation of any investment strategy. Upstox does not take the responsibility/liability nor does it undertake the authenticity of the figures calculated therein. Upstox makes no warranty about the accuracy of the calculators/reckoners. The examples do not claim to represent the performance of any security or investments. In view of the individual nature of tax consequences, each investor is advised to consult his/her own professional tax advisor before making any investment decisions on the basis of the results provided through the use of this calculator.