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Deposit Interest Rates

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.

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.

For all Bulk Deposits above the ceiling amount specified in the table below, refer to the Bulk Deposit table further below.

Period

General Public

(Below 2 crore)

w.e.f 09.08.2021

Senior Citizens

(Below 2 crore)

w.e.f 09.08.2021

 7-14 days

2.75

2.75

15-29 days

3.50

3.50

30-45 days

3.75

3.75

46-60 days

4.25

4.25

61-90 days

4.25

4.25

91-179 days

4.50

4.50

180-270 days

5.00

5.00

271 days to less than 1 year

5.25

5.25

1 year

5.50

6.00

Above 1 year to less than 20 months & 20 days

5.60

6.10

20 months & 20 days

5.50

6.00

Above 20 months 20 days to less than 2 years

5.50

6.00

2 years to less than 3 years

5.50

6.00

3 years to 10 years

5.25

5.75


 

* 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 from 3 years to 10 years

For all Higher Value Deposits beyond the ceiling amount specified in the table below, please contact your nearest TMB branch for availing special offers if any.

Period

Bulk Deposits

(2 Crore to 5 Crore)

w.e.f 09.08.2021

Bulk Deposits

(Above 5 Crores)

w.e.f 09.08.2021

 7-14 days

2.50

2.50

15-29 days

3.25

3.30

30-45 days

3.50

3.50

46-60 days

4.00

4.00

61-90 days

4.00

4.00

91-179 days

4.25

4.25

180-270 days

4.50

4.50

271 days to less than 1 year

5.00

5.00

1 year

5.45

5.45

Above 1 year to less than 20 months & 20 days

5.45

5.45

20 months & 20 days

5.35

5.35

Above 20 months 20 days to less than 2 years

5.35

5.35

2 years to less than 3 years

5.25

5.25

3 years to 10 years

5.15

5.15

Note:

  • For acceptance of deposit of 2 crore and above, branches should contact our Treasury Department for their permission
  • There is no penal interest for premature closure of bulk deposits (2 crore and above) after 14 days of opening.

INTEREST RATE ON NRE DEPOSITS

Period

Rate of interest

Below ₹2 crore

Bulk deposits (₹2 crore to ₹5 crore)#

Bulk deposits (above ₹5 crore)#

1 year

5.50

5.45

5.45

Above 1 year and upto 18 months

5.60

5.45

5.45

Above 18 months to less than 2 years

5.50

5.35

5.35

2 years to less than 3 years

5.50

5.25

5.25

3 years to 10 years

5.25

5.15

5.15


 

# There is no change in the rate of interest offered for bulk 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.

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.