TMB has been consistently offering higher rates of interest since the last many years for the benefit of its depositors since its cost of operations are low compared to other banks. The rates are split for different segments to offer the highest rate of interest possible. Apart from the Regular Domestic Deposits, we have special rates for High Value Deposits as well as even higher interest rates for Senior Citizens of India.
|Amount / Interest Rate (p.a.)||Regular Citizens||Senior Citizens|
|Above 1 Lakh||5.00%||5.00%|
|Upto 1 Lakh||4.00%||4.00%|
|Period / Interest Rate (p.a.)||Regular Citizens / NRO Dep.||Senior Citizens|
|Above 5 years - 10 years||9.25%||9.75%|
|Above 2 years < 5 years||9.25%||9.75%|
|12 months - 2 years||9.50%||10.0%|
|180 days - < 12 months||8.75%||8.75%|
|91 - 179 days||8.50%||8.50%|
|46 - 90 days||8.00%||8.00%|
|30 - 45 days||7.50%||7.50%|
|15 - 29 days||7.00%||7.00%|
As per the new section 206AA of the Income Tax Act, quoting of Permanent Account Number (PAN) is mandatory, if the interest on term deposits for the financial year 2010-11 exceeds Rs. 10,000.00. With effect from Apr 01, 2010, if PAN is not furnished, then tax has to be deducted at higher rate of 20%. Quoting of PAN in the declaration form 15G / 15H is mandatory for non-deduction of tax at source w.e.f. Apr 01, 2010. If PAN is not quoted in the form15G/15H, tax will be deducted at a higher rate of 20%.
Therefore the customers are requested to furnish their PAN to the Bank and those customers who are eligible to submit Form 15G /15H are requested to submit Form No. 15G/15H with their Permanent Account Number (PAN) along with the photocopy of the PAN Card immediately.