Deposits Policy

This deposits policy document on deposit accounts outlines the guiding principles in respect of formulation of various deposit products offered by the Tamilnad Mercantile Bank Ltd and terms and conditions governing the conduct of such deposit accounts.

This document recognises the rights of depositors and aims at dissemination of information with regard to various aspects of acceptance of deposits from the members of the public, conduct and operations of various deposits accounts, payment of interest on various deposit accounts, closure of deposit accounts, method of disposal of deposits of deceased depositors, etc., for the benefit of customers. It is expected that this document will impart greater transparency in dealing with the individual customers and create awareness among customers of their rights. The ultimate objective is that the customer will get services they are rightfully entitled to receive without demand.

While adopting this policy, the bank reiterates its commitments to individual customers outlined in Banker’s Fair Practice Code of Indian Bank’s Association. This document is a broad framework under which the rights of common depositors are recognized. Detailed operational instructions on various deposit schemes and related services will be issued from time to time.

Information published in the Deposit Policy Document:

• Know Your Customer (KYC) Guidelines.
• Types of Deposit Accounts.
• Account Opening and Operation of Deposit Accounts.
• Interest Payments.
• Minor’s Accounts.
• Accounts of Illiterate / Blind Person.
• Addition / Deletion of Joint Account Holders.
• Customer Information.
• Secrecy of Customer Accounts.
• Changing the account.
• Intimation before maturity date.
• Payment of fixed deposits on due date.
• Renewal of Term deposits.
• Repayment of Term/Fixed Deposits.
• Payment of interest on accounts frozen by branches.
• Premature Withdrawal of Term Deposit.
• Premature Renewal of Term Deposit.
• Renewal of Overdue Term Deposit.
• Advances against Deposits.
• Settlement of Dues in Deceased Deposit Account.
• Interest Payable on Term Deposit in Deceased Account.
• Insurance Cover for Deposits.
• Stop Payment Facility.
• Dormant Accounts.
• Closure/freezing of the Account.
• Closure of the account requested by the customer.
• Accounts of Physically Impaired Person.
• Accounts of Visually Impaired Person.
• Redressal of Complaints and Grievances.
• Regulatory Inclusion.

Click to Download the Deposit Policy (Format: Adobe "PDF" Document) for your reference and printing.