Deposit Interest Rates

Overview

TMB has been consistently offering higher rates of interest for the past several years for the benefit of its depositors since its cost of operations is 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.

Savings Bank Account

Balance up to 10 lakhs	3.00%
Balance above 10 lakhs	3.25%

Terms and Conditions

Above Interest Rates applicable from January 16,2021.
Rates offered on daily closing balance in SB Account and compounded quarterly.
Please note that Interest Rates are subject to change without notice as per the market trends and the bank’s decision in this regards is final.

Domestic & NRO Term Deposits

RATE ON DOMESTIC TERM DEPOSITS & NRO DEPOSITS*.

Period	General Public (Below 2 crore) New w.e.f 10.04.2024	Senior Citizens (Below 2 crore) New w.e.f 10.04.2024
7-14 days	5.25	5.25
15-29 days	5.25	5.25
30-45 days	5.25	5.25
46-60 days	5.25	5.25
61-90 days	5.25	5.25
91-120 days	5.75	5.75
121-179 days	6.00	6.00
180-270 days	6.00	6.00
271 days to less than 1 year	6.00	6.00
1 year to less than 400 days	7.00	7.50
400 days	7.50	8.00
Above 400 days to less than 20 months & 20 days	7.00	7.50
20 months & 20 days	7.00	7.50
Above 20 months 20 days to less than 2 years	7.00	7.50
2 years to less than 3 years	6.75	7.25
3 years to 10 years	6.50	7.00

*Additional rate of interest payable on term deposits to Senior Citizens shall not apply to NRO Term Deposits

# Additional rate of interest payable on term deposits to Senior Citizens shall not apply for the period less than one year

Bulk Domestic & NRO Term Deposits

RATE ON BULK DEPOSITS (DOMESTIC TERM DEPOSITS & NRO DEPOSITS)

Period

Bulk deposits (Rs.2 crore and above)

(w.e.f 14.08.2023)

7-14 days

5.25

15-29 days

5.25

30-45 days

5.25

46-60 days

5.25

61-90 days

5.25

91-120 days

6.00

121-179 days

6.25

180-270 days

6.50

271 days to less than 1 year

6.75

1 year

7.25

Above 1 year to less than 20 months & 20 days

7.00

20 months & 20 days

7.00

Above 20 months 20 days to less than 2 years

7.00

2 years to less than 3 years

6.75

3 years to 10 years

6.50

Note:

For acceptance of deposit of Rs.2 crore and above, branches should contact our Treasury Department for their permission
There is no penal interest for premature closure of bulk deposits (Rs.2 crore and above) after 7 days of opening.

NRE Deposits

INTEREST RATE ON NRE DEPOSITS
Period	Rate of interest
(Below 2 crore) New w.e.f 10.04.2024	Bulk deposits New w.e.f 10.04.2024
1 year	7.00	7.25
1 year	7.00	7.25
Above 1 year to less than 400 days	7.00	7.00
400 days	7.50	NA
Above 400 days to less than 2 years	7.00	7.00
2 years to less than 3 years	6.75	6.75
3 years to 10 years	6.50	6.50

INTEREST RATE ON NRE DEPOSITS

Period

Rate of interest

(Below 2 crore)

New w.e.f 10.04.2024

Bulk deposits

New w.e.f 10.04.2024

1 year

7.00

7.25

1 year

7.00

7.25

Above 1 year to less than 400 days

7.00

400 days

7.50

Above 400 days to less than 2 years

7.00

2 years to less than 3 years

6.75

3 years to 10 years

6.50

Note :

No interest shall be paid on deposits which are pre-closed before the expiry of minimum period of one year
1% penal charges will be levied for premature withdrawal of NRE Term deposits. The penal interest of 1% will be deducted from the rate prevailed on the date of opening of the deposits for the period for which the deposit has remained with us

FCNR (B) / FCNR Plus / RFC Deposits

With effect from 07th April 2024, the rate of interest on FCNR (B) / FCNR Plus / RFC deposits will be revised as detailed below:

Interest rates for FCNR (B) / FCNR Plus / RFC deposits:

Currency	Period
	1 year and above but less than 2 years		2 years and above but less than 3 years		3 years and above but less than 4 years		4 years and above but less than 5 years		5 years only
	Old	New	Old	New	Old	New	Old	New	Old	New
USD	6.05	6.05	5.50	5.50	5.40	5.40	5.05	5.05	5.05	5.05
GBP	4.03	4.03	4.03	4.03	3.98	3.98	4.08	4.08	4.08	4.08
EUR	2.50	2.50	2.50	2.50	2.45	2.45	2.55	2.55	2.55	2.55
CAD	4.75	4.75	4.75	4.75	4.75	4.75	4.75	4.75	4.75	4.75
AUD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
JPY	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24
CHF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

The above revised interest rate structure is effective from 07.04.2024 onwards.

Note:

Interest for FCNR (B) / FCNR Plus / RFC deposits is compounded at half yearly rests.
Penalty for premature closure for FCNR (B) / FCNR Plus and RFC deposits has been introduced with effect from 01.09.2016.

Pre-Closure Penalty for Domestic & NRO Term Deposits

No interest shall be paid on premature withdrawal of deposits upto 14 days from the date of deposit / renewal.
If the depositor opts for premature withdrawal 1% penal interest shall be charged on the rate applicable for the period for which the deposit remained with the bank.

Mandatory Quoting of PAN u/s 206AA, IT Act

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.

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