Tamil Nadu Grama Bank Fixed Deposit Interest Rates 

Tamil Nadu Grama Bank is an associate of the Indian Bank that has more than 630 branches all across the state of Tamil Nadu. A fixed deposit account is an account where you deposit a particular sum of money in the bank for a particular period and earn a fixed rate of interest on it. One can easily open a fixed deposit account to start the investment.

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The fixed deposit plan offered by Tamil Nadu Grama Bank is available for all the general public, which includes individuals, NRIs, minors, proprietary firms, LLP firms, partnership firms, a company, and even trusts. 

Features of Tamil Nadu Grama Bank Fixed Deposit

Tamil Nadu Grama Bank Fixed Deposit schemes have various benefits to customers. They are as follows:

  • It offers both manual and online banking facility which makes it easier to open a fixed deposit account.
  • The rate of interest offered for a fixed deposit account is higher than the savings bank account based on the term or tenure of the deposit.
  • The fixed deposit account offers you an assured return irrespective of market fluctuations.
  • As per the Income Tax Act 1961, tax deducted at source (TDS) is also allowed on the interest amount received from fixed deposit.
  • It offers a stable return as it is the safest instrument of investment. Therefore, it is favourable for investors who are not willing to take high risks on their investments.
  • It offers different periodic interest payouts, which you can choose as per your financial convenience.
  • One can also appoint a nominee for one’s fixed deposit account. The bank provides easy liquidation and withdrawal facilities as well.

Tamil Nadu Grama Bank Fixed Deposit Rates 2021

The Tamil Nadu Grama Bank fixed deposit facility is open for the general public who can open an account with just Rs. 100. There is no maximum amount limit for deposit. The more you invest, the higher the interest rate will be.

Here are the fixed deposit interest rates for various deposit tenures:

Period

Below Rs.1 Cr

15 days to 29 days

3.50%

30 days to 45 days

3.50%

46 days to 90 days

4.00%

91 days to 180 days

4.50%

181 days to 1 year

5.00%

1Yr to less than 2Yr

5.75%

2Yr to less than 3Yr

5.65%

3Yr to less than 5Yr

5.65%

5Yr and above

5.65%

Tax Saver(Upto Rs1.50lakhs)

5.65%

Term Deposit Rs.1Cr and above

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Tamil Nadu Grama Bank Fixed Deposit Rates: Things to Know

Some of the things to learn about Tamil Nadu Grama Bank fixed deposit rates are:

  • Loans or overdrafts can be provided on your fixed deposit account.
  • You can easily renew your fixed deposit account in this bank and enjoy additional benefits of the rate on the account's renewal. 
  • Senior citizens depositing money in its fixed deposit schemes for more than 180 days get an additional 0.50% interest.

Wrapping it Up

Tamil Nadu Grama Bank offers an easy and convenient banking facility for its fixed deposit accounts and a competitive interest rate. However, the interest rates and savings are subject to changes introduced by the RBI and Income tax department. 

It is advisable to make a prior inquiry of the prevailing FD rates directly from the bank before opening a fixed deposit account.

Written By: PolicyBazaar - Updated: 26 August 2021
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