Premature RD Closure

premature closure policy for recurring deposits

Premature Closure Policy:

Learn more about the Normal Pre Closure of Deposits Norms of TMB.

Premature RD Closure

TMB has a very clear cut and transparent policy of the charging of penal interest / charges towards the pre closure of deposits with the bank. These norms are strictly followed by the bank for every deposit made by any individual / firm / corporate entity for either small deposits or large high value deposits. Senior Citizen Deposits are also governed by these norms.

No Interest will be paid for:

No interest shall be paid on premature withdrawal of deposits up to 14 days from the date of deposit / renewal.

Penal Interest of 1% will be charged for:

If the depositor opts for premature closure, 1% penal interest shall be charged on the rate applicable for which the deposit remained with the bank.

Deduction of Incentive for:

Incentive if any offered on any single deposits shall also be deducted on premature withdrawal of such deposits, in addition to penal interest.