Multiple types of Savings Accounts are offered by the Tamilnad Mercantile Bank, each endowed with special features. Let us study every account available with the bank for better clarity.
Types of Savings Account by Tamilnad Mercantile Bank
Savings (AWB) Account – a normal savings account which facilitates Anywhere Banking (AWB) through its features. Other notable points are:
The minimum average balance to be maintained in the account is Rs.250 for rural areas and Rs.500 for other areas if cheque book is sought. Otherwise the respective requirement decreases to Rs.100 and Rs.250
A 20 leaves cheque book is issued free of cost after which every additional leaf is charged at Rs.2
The first 6 months’ folio charges are waived
The account promises free email statements, standing instructions mandate and a debit card.
The cash remittance limit is Rs.3 lakhs per day. If you exceed this limit, you would have to pay Rs 1.50 per Rs 1,000/- provided your monthly bank balance for the previous month was less than Rs 10,000. However, cheque payments are unlimited.
Salary SB Account – this is a salary account for employees and has the following notable features:
The employees of state or Central Govt., PSUs, semi-Govt. institutions, Urban Development Authorities, Charitable and Educational Institutions, Universities, MNCs, partnership firms, SME classified accounts and selected private companies can opt for this account
The minimum age of the individual should be 18 years and minimum salary should be Rs.5000 per month.
The minimum number of accounts that can be opened under a single employer is 10.
Free passbook, credit card and debit card are issued with the account
The account also promises free facilities of SMS Banking, ECS, NEFT or RTGS, Sweep in Facility, Intra city payment facility and account statements.
SB Premium Account – as the name suggests, it is a premium account with premium features, some of which are:
The account requires a minimum quarterly balance of Rs.5000 in urban areas and RS.2500 in other areas
The account has free cash withdrawals, cash remittances, intra city transfer facility, NEFT, RTGS, ECS, balance enquiry facility and a debit cum ATM card
Dynamic Youth SB Account – a savings account launches specially for the youth of our country. The account has the following points of importance:
Youths aged 18 to 35 years can open this account
The requirement of minimum quarterly balance is Rs.1000 which is waived in the first quarter of opening the account
Interest is payable half-yearly in February and August of every year
A 40 leave cheque book is issued free of charge and the account promises several benefits which include the facility of nomination, a VISA International Debit Card which is free, internet banking, free cheque collection, ECS transactions, SMS banking and folio charges among others.
The account comes with a free Personal Accident Insurance cover of Rs.1 lakh
If the quarterly balance is not maintained, the bank would levy a charge of Rs.250 for every quarter
If the account is closed within the first 6 months, a charge of Rs.250 would be payable which reduces to Rs.100 if closed later
Royal SB Account – an account for elite individuals offered to HNI clients, doctors, CAs, MNC executives, etc.
The account should be opened with a minimum remittance of Rs.50, 000 and it is also the minimum monthly balance to be maintained which is waived in the first month of account opening
Interest is paid at half-yearly intervals
The account is loaded with various free facilities including VISA International Photo Debit Card, internet banking, personalized cheque book, India Credit Card, tax payments etc.
The account also has a free Personal Accident cover of Rs.3 lakhs
If the account is closed within 1 year of opening, Rs.500 would be levied as penalty and if closed later, the charge comes down to Rs.100.
VISA SB Account – a combination of a savings account and a fixed deposit account which pays a higher return of the excess balance in the savings account.
The minimum quarterly balance which should be maintained is Rs.5000 and the failure to maintain this balance would attract a penalty of Rs.250 every quarter
If the balance in the savings account exceeds Rs.10, 000, the excess amount in multiples of Rs.5000 would be swept into a FD account which would enable it to earn a higher rate of return
The said deposit can be held for a minimum period of 30 days and a maximum period of 12 months
Withdrawals are permitted from the FD account only in multiples of Rs.1000 and on a Last In First Out (LIFO) Basis
The deposits made earn a simple rate of interest
Happy Family Banking Account – an account where all the family members can be covered in one account.
Every member of the family having different accounts with the bank can unify their accounts under a single ID.
Such unification is beneficial as the minimum balance maintenance requirement is applicable in only one account and not all accounts
A 50 leave cheque book is issued free for every member initially
Free ATM Debit Card where there is no annual fee
A free Personal Accident Coverage of Rs.3 lakh for every member
A compulsory TMB Happy Family Life Insurance Cover which is LIC’s group insurance policy
Minimum 3 accounts of 3 family members should be maintained with a minimum combined monthly balance of Rs.10, 000 to Rs.30, 000 depending on the location
Other free facilities include NEFT/RTGS, internet banking, cash remittances, SMS alerts and demand drafts drawn up to Rs.50, 000 per day.
Little Super Star Savings Account – savings account meant for children which has the following points of mention:
Children who are aged between 10 years and 18 years can opt for this savings bank account.
The minor must be able to read and write in English or any regional language and can sign his name on the application form
The account can be operated individually either by the minor or by the guardian
The minimum balance to be maintained is fixed at Rs.250
A free VISA Debit Card is offered with the account
The account allows transferof funds from or to the parent’s or guardian’s account
A free 10 leaf personalized cheque book is also issued per year
A free Accidental Death Insurance cover of Rs.1 lakh is granted to the child
There is a limit on ATM withdrawal and debit and credit in the account. The ATM limit is Rs.5000 per day while the debit and credit cap is Rs.1 lakh per month
MahilaSubha SB Account – a savings account for women which takes care of their banking needs.
Women aged 18 years to 65 years who are either employed or have a source of independent income can open this account
The minimum average balance requirement is Rs.1000 in metro areas and Rs.500 in non-metro areas
A free VISA ATM card is available with the account and the account also facilitates waiver of the first year charges on opening a Demat Account
There is a free Personal Accident Insurance cover of Rs.3 lakhs with the account
Every year a 40 leaved cheque book is issued free of charge
A free health insurance is offered with the account which includes husband and children and requires no pre-entrance medical tests. Up to 1516 disease are covered and maternity cover for first two children is extended after 9 months.
Basic Savings Deposit Account – this scheme has two sub-schemes of Simple Savings Bank Account and Small Savings Bank Account.
Simple Savings Bank Account – this account is available to resident individuals and HUFs where there is no requirement of maintaining a minimum balance. 10 free withdrawals are allowed in a month and the first cheque book containing 20 leaves is issued free. Only one of this type of account can be held by any individual and the account provides other basic facilities like a debit card, internet banking, anywhere banking, etc.
Small Savings Bank Account – an account which should be KYC compliant and the aggregate credits in a year have a limit of Rs.1 lakh. For aggregate monthly debits, the limit is Rs.10, 000 and the account provides a Debit Card.
Pradhan Mantri Jan DhanYojana Savings Bank Account – this account has been launched as per the directives of the new Prime Minister of our country and has the following features:
The account provides an overdraft facility of Rs.5000
A RuPay Debit Card is issued which also offers a Rs.1 lakh Personal Accident Insurance Cover and a Rs.30, 000 Life insurance cover
Any individual aged 18 years or above can open this account
There is no stipulation of maintaining a minimum balance in the account
4 monthly withdrawals are allowed from the account
Any other type of savings account cannot be opened by the holder of this account
Tamilnad Mercantile Bank Interest Rates on Savings Account
The savings account, whatever be their type, earn a rate of interest of 4% p.a. if the balance in the account is up to Rs.1 lakh and 4.25% per annum if the balance is above Rs.1 lakhs. The interest is calculated daily on the end of day balance remaining in the account.