This bank was established in 1921. It is one of the fastest growing banks in India. It is noted for the high level of interest it offers to the NRI deposits as well as for the exemplary service for its Indian and NRI customers. There are about 509 branches of this Bank and it is spread all over India. The Headquarters of this bank is at Tuticorin. It is a bank that has been growing in terms of technology also.
In line with its technological developments, the Tamilnadu Mercantile Bank offers Intenet Banking and Fund transfer facilities through NEFT, RTGS and
NEFT:
- The NEFT transfer of funds at Tamilnadu Mercantile Bank is known as e-transfer.
- The Neft settlements include11 hourly settlements in a day from 9AM-7PM.
- For the customers e-transfer is possible through net banking for others filling the NEFT Transfer of funds form is a requisite.
- There is no charge on the inward transfer of fund.
- The charges for outward transfer of funds asfollowsplus the respective additional time-varying tariff will be added.
Up to Rs.10.000- Rs. 2.50/- per transaction
More than Rs. 10,000 and less than a lakh- Rs.5/- transaction
From Rs.1 lake -2 lakhs- Rs.15/- transaction
Above 2 lakhs- rs.25/- per transaction
The Time-varying tariff:
9am-12Noon- Nil
12noon- 15.30hrs- RS.1
15.30hrs – 17.30hrs-RS.5/-
Beyond 17.30hrs- Rs.10/
RTGS
- It is one of the banks with 100% RTGS enabled branches
- The inward charges for RTGS is free
- The outward charges and the time-varying tariffs apply
- The charges
Rs,2 lakhs – less than 5 lakhs- Rs.25/- per transaction
Above 5 lakhs-Rs.50/-per transactions.
IMPS
- The IMPS services are called M-banking and it is a 24X7 service on all 365 days.
- The maximum amount you can transfer using this method is Rs.50,000
- It may include minimum charges.
