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22nd January 2018, 10:43 AM
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Join Date: Aug 2012
Re: Tamilnad Mercantile Bank FCNR

Tamilnad Mercantile Bank Limited is a bank headquartered at Tuticorin, Tamil Nadu, India.

Tamilnad Mercantile Bank FCNR

FCNR-B A/c (Foreign Currency Non Residential Account)

FCNR-B A/c

This account facility is available to NRIs to invest in India in foreign currency to take advantage of the higher rate of interest offered.

Account Highlights:


Term Deposits in USD, GBP, EUR, CAD, AUD, JPY and CHF for a period from 1 to 5 years can be opened.

Remittances received in other convertible Currencies will be converted into any of the seven currencies named above at the option of the depositor. Any subsequent change will be at the cost of the Depositor.

Interest is payable in the same currency of the deposit either at half-yearly intervals or on maturity.
For deposits placed with Half yearly interest payout option or for a minimum period of one year, Simple Interest calculation is applicable. To enjoy compounding effect, the deposits should be placed for a period of above one year.

In the case of half yearly interest payout,

The first interest payout will be at discounted rate if the broken period is less than the period of 6 months.

FCNR account can be opened jointly with other non-residents. NRIs are also permitted to open joint accounts with their resident close relatives (as defined in Companies Act) on former or survivor basis.

Nomination facility: Permitted. In favour of one person only.

Maturity proceeds can be repatriated.

No interest shall be paid on deposits which are pre-closed before expiry of minimum period of ONE YEAR.

There is no ceiling on amount of Deposit. However deposits are accepted in minimum lots of USD 1000, GBP 500 and EURO 1000

No income tax on interest earned in FCNR(B) deposit.

Contact:

All India National Toll Free Number: 180 0425 0426
To report ATM Card Lost, call: +91 (44) 2622 3106 / 2622 3109.
TMB Customer Care: +91 9842 461 461

Tamilnad Mercantile Bank Limited
(A Scheduled Commercial Bank & Authorized Dealers in Foreign Exchange)
57, V.E. Road, Tuticorin, Tamilnadu, India. Zip: 628 002.
Phone: +91 (461) 232 1382 / 232 1929 / 232 1932.
Email: bd@tmbank.in
Email: ttn tmbankhi@sancharnet.in


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