TMB NRO Account

TMB NRO Accounts help NRIs manage income originating in India with ease, security, and regulatory compliance

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Savings, current, and term deposit options

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Local disbursements and payments without restrictions

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Joint account facility with residents and NRIs

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Secure internet and mobile banking access

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Overview

The NRO Account from Tamilnad Mercantile Bank is designed for Non-Resident Indians to manage income earned within India, such as rent, pension, dividends, or business receipts

 
Product Highlights

TMB NRO Accounts offer flexibility through savings, current, and term deposit options, enabling customers to choose the structure that best suits their financial needs. The account supports local transactions, tax-compliant interest earnings, and joint holding facilities

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Features and Benefits

NRO Account holders can enjoy convenient management of Indian income along with access to ATM, internet banking, and mobile banking services. Interest earned on NRO deposits is credited directly to the account and is subject to applicable Indian tax laws

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Eligibility

NRO Accounts can be opened by individuals who qualify as Non-Resident Indians under FEMA regulations. Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs) are also eligible

 

Deposit Interest Rates

TMB has been consistently offering higher rates of interest for the past several years for the benefit of its depositors since its cost of operations is low compared to other banks. The rates are split for different segments to offer the highest rate of interest possible. Apart from the Regular Domestic Deposits, we have special rates for High Value Deposits as well as even higher interest rates for Senior Citizens of India.

Savings Bank Account

Balance up to 5 lakhs2.60% (p.a)
Balance > 5 Lakhs to 10 Lakhs3.00% (p.a)
Balance > Rs.10 lakh up to Rs.1 Crore3.25% (p.a)
Balance > Rs.1 Crore up to Rs.2 Crore4.50% (p.a)
Balance > Rs.2 Crore up to Rs.10 Crore6.00% (p.a)
Balance > Rs.10 Crore up to Rs.25 Crore5.50% (p.a)
Balance > Rs.25 Crore up to Rs.100 Crore5.00% (p.a)
Balance > Rs.100 Crore4.00% (p.a)

Terms and Conditions

  • Above Interest Rates applicable from July 01,2026.
  • Rates offered on daily closing balance in SB Account and compounded quarterly.
  • Please note that Interest Rates are subject to change without notice as per the market trends and the bank’s decision in this regard is final.

Domestic & NRO Term Deposits

RATE ON DOMESTIC TERM DEPOSITS & NRO DEPOSITS* (p.a).

DEPOSITS BELOW RS.3 CRORE

Domestic and NRO Term Deposits

W.E.F 10.04.2026

(Percentage per annum)

Period

General Public
(Below Rs.3 crore)

Senior Citizen
(Below Rs.3 crore)

Super Senior Citizen
(Below Rs.3 crore)

Callable

Non-Callable
(Above ₹ 1 Cr)#

Callable

Non-Callable
(Above ₹ 1 Cr)#

Callable

Non-Callable
(Above ₹ 1 Cr)#

7-14 days4.00-4.00-4.00-
15-29 days4.25-4.25-4.25-
30-45 days4.50-4.50-4.50-
46-60 days4.80-4.80-4.80-
61-90 days4.80-4.80-4.80-
91-120 days5.805.905.80-5.80-
121-179 days5.805.905.80-5.80-
180-270 days6.306.406.30-6.30-
271 days to less than 1 year6.506.606.50-6.50-
1 year6.806.907.30 7.40 
Above 1 year to less than 456 days6.706.807.20-7.30-
456 days (TMB 456
Special Deposit scheme) @		7.107.207.50-7.60-
Above 456 days to 566 days6.606.707.10-7.20-
567 days (TMB 567
Special Deposit scheme) @		7.257.357.70-7.75-
Above 567 days to less than 2 years6.606.707.10-7.20-
2 years to less than 3 years7.007.107.507.607.607.70
3 years to 10 years6.706.807.207.307.307.40

@ Special schemes are available for limited period only

# Non Callable Term Deposits are deposits where Premature withdrawal is not permitted.

Note:

  • Senior Citizen – aged 60 years and above
  • Super Senior Citizen – aged 80 years and above
  • Additional rate of interest payable on term deposits to Senior Citizens and Super Senior Citizens shall not apply to NRO Term Deposits
  • Additional rate of interest payable on term deposits to Senior Citizens and Super Senior Citizens shall not apply for the period less than one year
  • There is no penal interest for premature closure of bulk deposits (Rs.3 crore and above) after 7 days of opening.

Bulk Domestic /NRO/NRE Term Deposit

Rate on Bulk Deposits

(Domestic Term Deposits & NRO/NRE* Deposits) (%p.a)

With effect from 12.08.2026

PeriodCallableNon-Callable #
 3 to <5cr5 to <10cr10 to <25 cr25 to <50 cr50 to <100 cr100 cr to <250 cr250 cr & above3 to <5cr5 to <10cr10 to <25 cr25 to <50 cr50 to <100 cr100 cr to <250 cr250 cr & above
7-14 days4.054.054.054.554.804.804.80–
15-29 days4.304.304.354.804.804.804.80–
30-45 days5.305.305.305.305.305.305.30–
46-60 days5.555.555.555.555.555.555.555.805.805.805.805.805.805.80
61-90 days5.555.555.555.555.555.555.555.805.805.805.805.805.805.80
91-120 days5.805.805.805.805.805.805.806.056.056.056.056.056.056.05
121-179 days6.306.306.456.456.506.506.506.356.356.556.556.556.556.55
180-270 days6.306.306.456.456.506.506.506.356.356.556.556.556.556.55
271 days to less than 1 year6.556.556.806.806.806.806.806.606.607.057.057.057.057.05
1 year7.407.407.407.407.407.407.407.507.507.507.507.507.507.50
>1 year to 15 months7.307.307.307.307.307.307.307.407.407.907.907.957.407.40
>15 months to <2 years7.257.307.307.307.307.307.307.307.557.557.557.557.557.55
2 years to <3 years6.556.556.556.706.706.706.706.806.806.806.806.806.806.80
3 years to 10 years6.556.556.556.706.706.706.706.806.806.806.806.806.806.80

#-Non callable term deposits are deposits where PREMATURE WITHDRAWAL IS NOT PERMITTED.

Note:

  • There is no penal interest for premature closure of bulk deposits (Rs.3 crore and above) after 7 days of opening.
  • Kindly contact the nearest branch for Bulk Deposits and other terms and conditions. The above rates are subject to change without prior notice. The acceptance of bulk deposits shall be subject to the permission from Treasury department, keeping in view the liquidity position of the Bank.
  • * Minimum tenor for NRE Deposit is 1 Year.

NRE Deposits

DEPOSITS BELOW RS.3 CRORE

NRE Term Deposits

W.E.F. 10.04.2026

(Percentage per annum)

Period

Callable

Non-Callable

(Above ₹ 1 Cr)

1 year6.80-
Above 1 year to less than 456 days6.706.80
456 days (TMB 456 Special Deposit scheme) @7.107.20
Above 456 days to 566 days6.606.70
567 days (TMB 567 Special Deposit scheme) @7.257.35
Above 567 days to less than 2 years6.606.70
2 years to less than 3 years7.007.10
3 years to 10 years6.706.80

@ Special schemes are available for limited period only

# Non Callable Term Deposits are deposits where Premature withdrawal is not permitted.

Note :

  • No interest shall be paid on deposits which are pre-closed before the expiry of minimum period of one year
  • 1% penal charges will be levied for premature withdrawal of NRE Term deposits. The penal interest of 1% will be deducted from the rate prevailed on the date of opening of the deposits for the period for which the deposit has remained with us.

With effect from 7th July 2026, the rate of interest on FCNR (B) / FCNR Plus / RFC deposits will be revised as detailed below:

Special Rate of Interest for FCNR (B) deposit  (Eligible for FRESH FCNR (B) deposits and renewal of FCNR (B) deposits on MATURITY only):

Currency3 Years and above but less than 4 Years4 Years and above but less than 5 Years5 Years only
USD below 1 Lakh7.257.257.25
USD 1 Lakh & above7.257.257.25
GBP6.756.756.75
EUR3.503.503.50
  • This special rate of interest is applicable for FRESH FCNR (B) deposits and renewal of FCNR (B) deposits on MATURITY only. Any pre-mature closure / renewal of existing FCNR (B) deposits is NOT permitted.
  • The FCNR (B) deposits accepted IN USD, EUR and GBP for the period 3 years to 5 years will have a lock-in period of one year, and no premature closure will be permitted for one year from the date of deposit.

INTEREST RATE FOR FCNR (B) / FCNR Plus / RFC deposits w.e.f. 7th July 2026

 

Currency

 

1 Year but  less than 2 Years2 Years and above but less than 3 Years3 Years and above but less than 4 Years4 Years and above but less than 5 Years5 Years only
USD below 1 Lakh5.104.003.903.603.50
USD 1 Lakh & above5.504.153.903.603.50
GBP3.803.803.753.503.25
EUR2.502.252.002.001.75
CAD4.003.753.753.503.50
JPY0.500.500.500.500.50

Note :

  • Rates are subject to change without prior notice
  • No Interest is payable if the deposit is withdrawn before one year
  • For 1 year deposit, simple interest is applicable
  • For deposit above 1 year, Interest is compounded at half yearly frequency.

 

  • Any pre-closure after completion of one year will be applicable to pre-closure penalty norms.
  • No interest shall be paid on premature withdrawal of deposits upto 7 days from the date of deposit / renewal. (For deposits opened/renewed on or after 13/06/2024)
  • The interest rate for premature withdrawal will be calculated based on the applicable rate of interest for the period the deposit has remained with bank less the penal rate (1%).

As per the section 206AA of the Income Tax Act, quoting of Permanent Account Number (PAN) is mandatory, if the interest on term deposits for the financial year exceeds Rs. 50,000.00 for ordinary citizens and Rs. 1,00,000.00 for senior citizens. If PAN is not furnished, then tax has to be deducted at higher rate of 20%. Quoting of PAN in the declaration form 121 is mandatory for non-deduction of tax at source. If PAN is not quoted in the form 121, tax will be deducted at a higher rate of 20%.

Therefore, the customers are requested to furnish their PAN to the Bank and those customers who are eligible to submit Form 121 are requested to submit Form No. 121 with their Permanent Account Number (PAN) along with the photocopy of the PAN Card immediately.

Frequently Asked Questions

Find answers to the most common questions about eligibility, benefits, and
features of the TMB Royal Savings Bank Account

It is an account used by NRIs to manage income earned in India.

It is an account used by NRIs to manage income earned in India.
NRIs and Persons of Indian Origin with Indian income sources can open this account.

NRIs and Persons of Indian Origin with Indian income sources can open this account.
Rent pension dividends and other permitted Indian income can be credited.

Rent pension dividends and other permitted Indian income can be credited.
Repatriation is permitted up to prescribed limits subject to RBI guidelines.

Repatriation is permitted up to prescribed limits subject to RBI guidelines.
Taxation is applicable as per prevailing Indian tax laws.

Taxation is applicable as per prevailing Indian tax laws.
It is an account used by NRIs to manage income earned in India.

It is an account used by NRIs to manage income earned in India.
NRIs and Persons of Indian Origin with Indian income sources can open this account.

NRIs and Persons of Indian Origin with Indian income sources can open this account.
Rent pension dividends and other permitted Indian income can be credited.

Rent pension dividends and other permitted Indian income can be credited.
Repatriation is permitted up to prescribed limits subject to RBI guidelines.

Repatriation is permitted up to prescribed limits subject to RBI guidelines.
Taxation is applicable as per prevailing Indian tax laws.

Taxation is applicable as per prevailing Indian tax laws.