Tamilnad Mercantile Bank Sweep in FD

What is the Tamilnad Mercantile Bank Sweep-in FD?

TMB Sweep in FD automatically moves surplus funds above your set limit into term deposits, so your money keeps earning Tamilnad Mercantile Bank FD rates. If your account balance drops, only the exact shortfall is transferred back from the FD. For the Visa Savings Bank Account, the sweep starts when your balance exceeds ₹10,000, with deposits ranging from 15 days up to 6 months. For the Santhosh Savings Account, any balance over ₹5,000 is automatically swept into term deposits in multiples of ₹1,000.

Key Features of Tamilnad Mercantile Bank Sweep in FD

Tamilnad Mercantile Bank sweep in FD has the following key features:

• Seamless Withdrawal: Only the shortfall is transferred from the FD, preserving the rest of the deposit.
• Auto instruction: Once activated, the facility runs automatically, no manual intervention needed.
• No additional fees: No overdraft or penalty charges when your Savings Account dips below its balance.
• Competitive interest rates: Surplus funds earn FD-level interest, ranging from 4% to 7.05% p.a.
• Multiple accounts linking facility: You can have multiple FDs linked to your Savings Account for convenience.
• Enhanced liquidity: This facility meets obligations such as EMIs or cheque payments. Transactions can be processed even when your savings account balance is low.

How to Activate Tamilnad Mercantile Bank Sweep-in FD?

Activating Sweep in FD Tamilnad Mercantile Bank is both quick and simple. Choose between digital or in-branch options:

1. Online Activation

   Activate Sweep in FD Tamilnad Mercantile Bank facility online using net banking or mobile app.

   • Login Access: Sign in with TMB internet banking credentials or Tamilnad Mercantile Bank mobile banking app for activation.
   • Navigation: Go to the deposits section and select Sweep in FD or Flexi Fixed Deposit option.
   • Set Threshold: Enter the minimum Sweep in the Balance limit, usually starting from ₹10,000 or more.
   • Account Linking: Link your savings account with one or multiple FDs for automatic transfers.
   • Configuration: Adjust sweep preferences, transfer amounts, and duration at your convenience.
   • Final Activation: Review all details carefully, confirm settings, and activate the sweep-in FD instantly.

2. Offline Activation

   Enable Sweep in FD Tamilnad Mercantile Bank facility offline by visiting your nearest branch directly.

   • Branch Visit: Walk into any Tamilnad Mercantile Bank branch to request sweep-in FD activation.
   • Activation Request: Customers can place a request with bank officials to link the Sweep-in FD with their savings account.
   • Form Filling: Fill the application form with sweep-in balance, FD linking, and personal details.
   • KYC Submission: Submit necessary KYC documents like PAN, Aadhaar, and ID proof, if asked.
   • Verification: Bank staff verify your request details and confirm everything before processing activation.
   • Facility Enabled: The Sweep-in FD is activated, linking your savings account with fixed deposits.

Key Takeaways

The Tamilnad Mercantile Bank Sweep in FD helps you earn FD interest while ensuring easy liquidity. Balances above ₹10,000 (for Visa Savings) are automatically directed into fixed deposits in ₹5,000 multiples, earning FD interest rates while preserving liquidity. The deposits are created for tenures ranging from 15 days to 6 months. This ensures your funds remain accessible while still earning returns.