Senior Citizens Fixed Deposit Interest Rates in Tamilnad Mercantile Bank
Updated on: Sep 2nd, 2023
Retirement signifies a phase of life where financial security becomes paramount, and finding the right banking partner can make all the difference. Tamilnad Mercantile Bank recognises this and offers specialised Fixed Deposit rates tailored exclusively for senior citizens. These enhanced rates ensure our elders safeguard their savings and earn a substantial return.
This blog sheds light on the intricacies and advantages of the Senior Citizen FD Rates presented by Tamilnad Mercantile Bank. Dive in to discover how the bank goes the extra mile to amplify the savings of our senior community.
Features of Senior Citizen FD
Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.
Qualification: Only individuals 60 or older can establish a senior citizen FD account.
Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.
Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.
Borrowing Options: Like other depositors, senior citizens have the privilege of securing loans against their FDs.
Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.
Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.
Automatic Renewal: IDBI, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.
Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.
Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.
Interest Rate of Senior Citizen FDs
Tamilnad Mercantile Bank FD Interest Rates 2023
|Tenure||Senior Citizen FD Rate|
|7 days - 3 months 28 days|
|3 months 29 days - 11 months 29 days|
|11 months 30 days - 11 months 30 days|
|1 year - 1 year 11 months 29 days|
|1 year 11 months 30 days - 2 years 11 months 29 days|
|2 years 11 months 30 days - 9 years 11 months 28 days|
|Note: All interest rates shown above are as of 4th Aug 2023|
The eligibility criteria for the senior citizen FDs is that they need to be at least or above the age of 60 on the day of opening the FD account. They typically need to be residents to open a senior citizen FD; However, NRIs can also open accounts through NRE and NRO accounts.
The documentation required is similar to that of a normal FD account opening. One metric being essential is your age proof.
- Aadhar Card
- Driver’s License
- Gas Bill
- Utility Bill
- Bank Statement
- Cancelled Cheque
Age proof is mandatory to avail of a Senior Citizen FD account.
Who qualifies as a senior citizen at Tamilnad Mercantile Bank?
Generally, individuals aged 60 years and above are considered senior citizens by most banks, including TM Bank.
Is there a specific tenure for senior citizen FDs at TM Bank?
TM Bank offers a range of tenures for FDs. However, the special interest rate for senior citizens is applicable across various tenures.
Can I open a joint FD account with a senior citizen rate?
Yes, but typically, the primary account holder must be a senior citizen to avail of the special rates.
returns on FD
Lock in returns as high as
8.35% before they go down
Top Banks Senior Citizen FD Rates
Top Banks FD Schemes
Understanding Fixed Deposit
Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.