Tamilnad Mercantile Bank Account Online Open | Tamilnad Mercantile Bank Account Opening Minimum Balance | Tamilnad Mercantile Bank Account Opening Charges
The Tamilnad Mercantile Bank is a private bank situated in Tuticorin, Tamil Nadu, having its headquarters in Tuticorin. It was originally called the Nadar Bank when it was founded in 1921. It was founded to serve the Nadar community with financial services, but in 1962 it changed its name to the Tamilnad Mercantile Bank to appeal to a wider demographic. Today in this article, we are going to provide you Tamilnad Mercantile Bank Account Opening Process and other related details
The bank’s 437 branches and 911 ATMs are spread around the country, providing financial products and services. It also includes eleven extension counters and ten regional offices.
It was the first private bank to computerize branch operations, and it now offers cutting-edge financial technology to make banking more convenient and smoother for its customers. Customers can also maintain track of their accounts via the e-Passbook service, which is available through the bank’s mobile app.
In keeping with its heritage of customizing services to the demands of its customers, they have introduced a range of Investments Accounts with appealing features and interest rates, allowing account holders to profit from their savings.
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Savings Account Interest Rates at Tamilnad Mercantile Bank
The Tamilnad Mercantile Bank provides a competitive interest rate to its customers, allowing them to profit from their savings.
For amounts up to Rs. 1 lakh, the bank gives a rate of 4%, while for amounts over Rs. 1 lakh, it offers a rate of 4.25 percent.
Tamilnad Mercantile Bank Account Opening Process
If you want to open a Savings Account with the Tamilnad Mercantile Bank, you can now do so in just four easy steps online. Simply go to the webpage and click the “Open SB/NRE Account Online” link. You will be directed to a page that outlines the steps to take. You’ll need to complete the online application form, print it, sign it, and bring it to your nearest branch.
You must then submit the form together with the required documentation and passport-sized images, and your account will be authorized shortly.
Alternatively, you can print the form and bring it to the branch together with the required documents after filling it out and signing it. Accounts can be opened individually or in pairs.
If you don’t have an internet connection, you can still open an account by picking up a form from a bank location. You can fill out the Savings Account Opening Form at a bank branch and submit it along with the required documentation, which includes a photograph and Know Your Customer (KYC) documents.
Minimum Balance Requirements for Tamilnad Mercantile Bank Account Opening
The minimum balance requirements for Tamilnad Mercantile Bank Savings Accounts are listed below.
| Savings Account Type | Minimum Balance required |
| Savings (AWB) Savings Account | Rural- Rs. 250 (with cheque book), Rs. 100 (without chequebook)Urban- Rs. 500 (with cheque book), Rs. 250 (without cheque book) |
| Salary SB Savings Account | Nil |
| SB Premium Savings Account | Urban- Rs. 5, 000Rural/ semi-urban- Rs. 2,500 |
| Happy Family Banking Savings Account | Metro- Rs. 30, 000Urban- Rs. 20, 000Semi-urban- Rs. 15, 000Rural- Rs. 10, 000 |
| Little Super Star Savings Account | Rs. 250 |
| Dynamic Youth Savings Account | Rs. 1, 000 (waived for first quarter) |
| Royal Savings Account | Rs. 50, 000 |
| VISA Savings Account | Rs. 5, 000 |
| Mahila Subha SB Savings Account | Metro- Rs. 1, 000Others- Rs. 500 |
| Simple Savings Bank Deposit Account | Nil |
| Small Savings Bank Deposit Account | Nil |
Types of Savings Accounts in the Tamilnad Mercantile Bank
- Savings (AWB) Account: The most basic savings account, is designed to assist consumers in starting to save and having access to their cash from anywhere. The account comes with 20 free cheque leaves and unlimited cash remittance up to Rs. 3,00,000 per day. Holders will also be exempt from folio costs for the next six months.
- SB Premium Savings Account: This account comes with a slew of benefits and privileges, including free cash remittances and Rs. 1,00,000 in personal accident insurance. For the next two years, you’ll get a fee waiver on your credit card, as well as 60 free checks per year. Get a free ATM/debit card without having to pay annual or renewal fees.
- Salary SB Savings Account: A traditional salary savings account, is open to all salaried employees earning Rs. 5, 000 or more per month. It comes with a free passbook and credit card. You can also use free ECS and SMS banking. When your account balance exceeds Rs. 10,000, you can use the sweep in feature.A minimum of ten Savings Accounts must be established.
- Happy Family Banking Savings Account: Family members can use this account to group their separate savings accounts under the umbrella of “Family ID” and take advantage of the perks that come with it. This account can contain a minimum of three and a maximum of six unique accounts.The benefits of this type of account include 50 cheque leaves every year for each family member. Account holders will be able to keep a minimum balance in only one of their accounts. Each member also receives free accidental insurance of Rs. 3,00,000 per person.
- Little Super Star Savings Account: This account is designed for youngsters, with perks and features tailored to children aged 10 to 18. A free ATM/Debit card is included, as well as 10 free withdrawals per month. Account customers also get 10 free cheque leaves per year and a Rs. 2,500 daily debit card limits. You can also make free netbanking transactions up to Rs. 2,500 every day.
- Royal SB Savings Account: Treat yourself to a luxurious banking experience with the Royal Savings Account, which comes with a complimentary credit card and no fees for the first year.You can also get free internet and SMS alerts. Pay your taxes without service costs and make limitless NEFT/RTGS transfers. Enjoy free cash remittances up to Rs. 20,000 per month at satellite and intra-city branches, as well as any branch banking.
- Dynamic Youth SB Savings Account: Designed for students and professionals aged 18 to 35, this account gives them a place to start saving for their future. The account comes with free ECS and internet banking capabilities, among other things. A free international ATM, as well as a debit card and 40 free cheque leaves per year, are available to account customers. They can also get 5 free Demand Drafts/Pay Orders per month, totaling Rs. 25, 000.
- VISA (Value Increased Savings Account): This account combines the advantages of a fixed deposit with the conveniences of a savings account. When the account balance reaches Rs. 10,000, the sum will be swept out and converted into Fixed Deposits (in multiples of Rs. 5, 000). Simple interest is paid on fixed deposits that are subject to TDS.
- Mahila Subha SB Savings Account:This account is exclusively for women and includes features such as a debit card and free insurance coverage for the account holder. Free anywhere banking, TMB eConnect, and SMS banking are also available. In addition, holders will receive 40 free cheque leaves per year and a waiver on cash remittance fees at satellite and parent branches.
- Simple Savings Bank Deposit Account: This zero-balance account may be opened by anyone and offers 10 free withdrawals per month as well as no ATM/Debit card fees. In addition, cardholders get access to free internet banking as well as unrestricted cash withdrawals and remittances at satellite and parent branches.
- Mahila Subha SB Savings Account: This account is exclusively for women and includes features such as a debit card and free insurance coverage for the account holder. Free anywhere banking, TMB eConnect, and SMS banking are also available. In addition, holders will receive 40 free cheque leaves per year and a waiver on cash remittance fees at satellite and parent branches.
- Simple Savings Bank Deposit Account: This zero-balance account may be opened by anyone and offers 10 free withdrawals per month as well as no ATM/Debit card fees. In addition, cardholders get access to free internet banking as well as unrestricted cash withdrawals and remittances at satellite and parent branches.
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Documents Required for Tamilnad Mercantile Bank Account Opening
When creating an account with the bank, you must submit the following documents: Address Proof
- Identity Proof
- Passport sized photographs
Address Proof Documents:
Documents that qualify as address proof are:
- Passport
- Valid driver’s license
- Passbook (another bank)
- Electricity or phone bills
- Ration card
Identity Proof Documents:
Documents that qualify as identity proof are:
- Passport
- Valid driver’s license
- Permanent Account Number (PAN) card
- Voter ID card
- Government issued photo identity card
- NREGA Card