Tamilnad Mercantile Bank has launched a deposit scheme that offers a high-interest rate of 7.50% per annum to senior citizens. This scheme is designed to provide a higher return on investment for seniors, who often rely on fixed deposits as a source of regular income. The scheme is available for senior citizens who are 60 years or older, and the interest rate is applicable on deposits with a tenure of 5 years.
The deposit scheme, known as the “TMB Senior Citizen Deposit Scheme,” offers a range of benefits to senior citizens. In addition to the high-interest rate, the scheme also provides the option to receive interest on a monthly or quarterly basis, which can help seniors manage their finances more effectively. The scheme also allows for premature withdrawal of the deposit, although this may result in a penalty.
To be eligible for the scheme, senior citizens must open a fixed deposit account with Tamilnad Mercantile Bank and deposit a minimum amount of ₹1,000. The maximum deposit amount is ₹1 crore. The interest rate of 7.50% per annum is applicable on deposits up to ₹1 crore, and the interest is compounded quarterly.
The TMB Senior Citizen Deposit Scheme is a attractive option for senior citizens who are looking for a low-risk investment option with a high return. The scheme is also beneficial for those who want to generate a regular income from their investments. With the high-interest rate and flexible withdrawal options, the scheme provides a sense of security and financial stability for seniors.
It’s worth noting that the interest rates offered by Tamilnad Mercantile Bank are subject to change, and the bank may revise the interest rates from time to time. Senior citizens who are interested in the scheme should check with the bank for the latest interest rates and terms and conditions before opening a deposit account.
Overall, the TMB Senior Citizen Deposit Scheme is a competitive offering that provides a high return on investment for senior citizens. With its flexible withdrawal options and high-interest rate, the scheme is an attractive option for seniors who are looking for a low-risk investment option with a regular income stream.