Tamilnad Mercantile Bank Credit Card Against FD

What is a Tamilnad Mercantile Bank Credit Card Against FD?

A Tamilnad Mercantile Credit Card Against FD is a secured credit card issued by placing a fixed deposit with the bank. The card can be used for everyday transactions under standard terms, and the fixed deposit continues to earn interest at prevailing Tamilnad Mercantile Bank FD rates, which range from 4% to 6.90% per annum for the general citizens. Customers can avail the credit card by maintaining a fixed deposit for a minimum period of 3 years. No income proof or credit history is required, making it a convenient option to access credit while maintaining savings. 

Tamilnad Mercantile Bank Credit Card Against FD Features

Tamilnad Mercantile Bank (TMB) provides a credit-card facility backed by a fixed deposit (FD) with the following features:

• Earn FD Interest: The FD continues to earn simple interest under the prevailing FD interest rates.
• Interest Withdrawn Monthly/Quarterly: Interest payout from the deposit can be taken monthly or quarterly.
• Standing Instruction for Interest Transfer: A standing instruction can automatically be set up to credit the interest amount.
• No Income Proof Required: Applicants can obtain the Tamilnad Mercantile Bank Credit Card against an FD without submitting income documents.
• Helps in Building Credit Score: Responsible usage and timely repayment of dues can assist in gradually building a positive credit history.

Pros and Cons of Tamilnad Mercantile Bank Credit Card Against FD

The table below highlights the key pros and cons of a Tamilnad Mercantile Bank credit card on FD for easy comparison:

Application Process for Tamilnad Mercantile Bank Credit Card Against FD

Applying for a Tamilnad Mercantile Bank (TMB) FD-backed credit card involves online and offline methods. Below are the detailed steps for each approach:

Online Application Process

To apply for a TMB Credit Card Against Fixed Deposit (FD) online, follow these steps:

• Visit the Official Website: Navigate to the Bank's website and locate the credit card section.
• Select the TMB Platinum Credit Card: Choose the TMB Platinum Credit Card option available against an FD.
• Open or Link a Fixed Deposit: Open a new FD of at least ₹100 or link your existing FD that meets these criteria.
• Fill in the Application Form: Complete the online form with personal details and FD information.
• Submit Required Documents: Upload scanned copies of necessary documents, such as PAN card, valid address proof, and a passport-size photograph.
• Verification and Approval: The bank will verify your details and FD. Upon successful verification, the TMB credit card on FD will be approved and dispatched to your registered address.

Offline Application Process

Applying for a Tamilnad Mercantile Bank credit card against an FD offline is simple. Follow these steps:

• Visit the Nearest Branch: Go to your nearest TMB branch and request the application form for a credit card against an FD.
• Place a Fixed Deposit: If you don't already have one, open an FD of at least ₹100.
• Complete the Application Form: Fill in the form with details of the FD you wish to link to the credit card.
• Submit Required Documents: Attach a passport-size photograph, PAN card, valid address proof, and an FD receipt marked with a lien in favour of the bank.
• Bank Verification: The branch staff will verify your documents and FD details before forwarding the request for processing.
• Issuance of Card: Once verification is complete, the TMB Platinum Credit Card will be approved and dispatched to your address within a few working days.

Closure Process for TMB Credit Card Against FD

Here’s how you can close your credit card linked to a fixed deposit with Tamilnad Mercantile Bank:

• Clear Outstanding Balance: Ensure all dues on the credit card are settled before initiating the closure process.
• Submit Closure Request: Visit a TMB branch, contact customer care, or use digital channels.
• FD Lien Release: Lien on your FD is removed after dues are cleared, usually within a few days.
• Adjustment Against FD: If there are unpaid amounts on the card, the bank reserves the right to recover them by adjusting against the fixed deposit.
• FD Interest Impact: Recovery may lead to applicable charges or reduced interest as per TMB policy.

Who Should Consider a Tamilnad Mercantile Bank Credit Card Against FD?

A Tamilnad Mercantile Bank (TMB) credit card against a Fixed Deposit (FD) is intended for individuals seeking access to credit without stringent eligibility criteria. The following categories may find this option suitable:

• Customers Having No Income Proof: Customers who may not have formal income documentation can utilise a fixed deposit to secure a credit card. 
• First-time Credit Card Users: Borrowers who establish or build their credit history can benefit from this secured credit card. 
• Applicants with minimal documentation: Since the card is secured against an FD, the documentation process is simplified, facilitating quicker approval. 

Key Takeaways

Tamilnad Mercantile Bank credit card against FD is available to customers who place a Fixed Deposit (FD) with the bank. To qualify, the FD must be a minimum of ₹50,000 with a tenure of at least one year. The card offers a credit facility proportional to the deposited amount, subject to the bank’s internal policies. This arrangement allows customers to retain the interest earned on the FD while utilising the credit facility. The FD remains under lien until the card is closed or the FD matures.