Tamilnad Mercantile Bank Fixed Deposit calculator – FD Options
In a periodic interest payout option, Tamilnad Mercantile Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
In case you opt for a Tamilnad Mercantile Bank cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
Calculate the FD maturity amount using the FD calculator.
Fixed Deposit calculator Tamilnad Mercantile Bank – Will TDS be deducted?
In case the interest earned by you across all your fixed deposits across all branches of Tamilnad Mercantile Bank in a year exceeds 0, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the Tamilnad Mercantile Bank records, it must deduct twice the TDS at 20.6%. So, do remember to update your PAN on your FD.
Sorry, but we aren’t done with tax yet. This was only the TDS. Now, you would need to add the interest income on all your Tamilnad Mercantile Bank FD’s and other FD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. Remember that you must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).
Tamilnad Mercantile Bank will also issue you a Form 16A giving details of tax deducted on FD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.
Tamilnad Mercantile Bank FD interest rate calculator – Check your city
Keep your KYC documents - PAN card, address proof and photo ready.
01st Sep 16 Tamilnad Mercantile Bank has reduced its MCLR from 1st September, 2016
Tamilnad Mercantile Bank has reduced its Marginal Cost Based Lending Rate (MCLR) by 10 basis point (bps) across maturities. The 1 year MCLR has been reduced to 10.15 percent from the current rate of 10.25 percent. The 3 month and 6 month MCLR has been reduced to 10.05 percent and 10.10 percent respectively. Similarly the Overnight MCLR has been reduced to 9.9 percent. These changes are effective from 1st September, 2016. The interest rates of home loans that have been disbursed after 1st April 2016 are linked to 1 year MCLR.
19th Feb 16 Daimler India signs MoU with Tamilnad Mercantile Bank
Daimler India Commercial Vehicles signed a MoU with TMB to provide tailor-made financing packages to customers across the country for modern BharatBenz trucks and buses
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