Tamil Nadu Grama Bank 2024 Interest Rate For FD- As you are aware, a Fixed Deposit (FD) is a bank investment option with a higher interest rate than a standard savings account. Due to the higher returns offered by an FD, you can comfortably achieve your financial objectives. The Pandyan Grama Bank FD offers the choice of making a one-time or recurring deposit for any length of time, from seven days to ten years.
Pandyan Grama Bank FD lets you choose from any of its tenures based on your convenience and financial goals. The amount you deposit into the Pandyan Grama Bank_ FD will begin to earn interest based on the deposit’s tenure as soon as you select the tenure. At the time of opening an account with the bank, a customer is only permitted to make one lump sum deposit into a fixed deposit, and after that, the customer is not permitted to make additional deposits into the same FD account.
Tamil Nadu Grama Bank 2024 Interest Rate For FD
Section 80C of the Income Tax Act provides additional tax benefits for amounts between Rs. 100 to 1.5 lakh by investing for at least five years in the Pandyan Grama Bank FD. You can find Pandyan Grama Bank FD Rates for a variety of terms in the table below. Additionally, the facility or option to calculate the interest rate and maturity value of your Pandyan Grama Bank FD for various tenures by clicking the “calculate” button in the table is provided below.
The Indian Bank is affiliated with the Tamil Nadu Grama Bank, which has more than 630 locations across the state of Tamil Nadu. A fixed deposit account is one in which you put a set amount of money into the bank and get a set rate of interest on it for a set amount of time. To begin the investment, a fixed deposit account can be opened easily.
Tamil Nadu Grama Bank 2024 Interest Rate For FD Details
| Bank Name | Tamil Nadu Grama Bank |
| Article Name | Tamil Nadu Grama Bank Interest Rate For FD |
| Category | Trending |
| Official Website | Click Here |
About Tamil Nadu Grama Bank FD
According to GOI Gazette Notification No. 1, on April 1, 2019, the former Pallavan Grama Bank and Pandyan Grama Bank were combined to form Tamil Nadu Grama Bank, sponsored by Indian Bank. 363 dated 28-01-2019. Pallavan Grama Bank, with its headquarters in Salem, and Pandyan Grama Bank, with its headquarters in Virudhunagar, both operated in 16 districts prior to the merger. The Bank has moved its headquarters from Salem to all 37 of Tamil Nadu’s districts, with the exception of Chennai.
About Tamil Nadu Grama Bank FD, or TNGB FD, as it is popularly known, is a government-run financial institution that provides financial services to individuals and businesses in the state of Tamil Nadu in South India. This bank is particularly helpful for those looking to establish a long-term financial plan for their personal and business needs. With a wide range of products and services, TNGB FD can help you find the right fit for your needs. You can use this bank to manage your daily financial transactions, including debt consolidation and obtaining loans for small-to-medium sized projects. Additionally, this bank offers various savings and insurance products to help protect you and your family in case of an emergency. Overall, TNGB FD is a great place to turn to for financial advice and support in Tamil Nadu.
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Features & Benefits Pandyan Grama Bank Fixed Deposit
- Flexible FD tenures and competitive interest rates are available to fit your investment strategy.
- You can open a FD account online or at the Pandyan Grama Bank branch closest to you.
- There is no limit on the maximum number of FD FD tenures: From seven days to ten years, various interest payout options, including monthly, quarterly, and so on.
- Up to 85% of the FD amount can be borrowed or overdrawn using the loan or overdraft facility.
- Liquidity options are simple and quick.
- There is a facility for nomination.
- Through the tax-saving term deposit scheme, senior citizens can receive a tax benefit of up to Rs 1,50,000. The bank also provides a NRE, NRO, and FCNR deposit facility. Senior citizens can also take advantage of auto-renewal and partial withdrawal options.
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Tamil Nadu Grama Bank Fixed Deposit Rates 2024
The public can open an account with just Rs at the Tamil Nadu Grama Bank fixed deposit facility. 100. There is no maximum deposit amount limit. The FD interest rate will rise in proportion to your investment volume.
Here are the fixed deposit interest rates for various deposit tenures:
| Period | Below Rs.1 Cr |
| 15 days to 29 days | 3.50% |
| 30 days to 45 days | 3.50% |
| 46 days to 90 days | 4.00% |
| 91 days to 180 days | 4.50% |
| 181 days to 1 year | 5.00% |
| 1Yr to less than 2Yr | 5.75% |
| 2Yr to less than 3Yr | 5.65% |
| 3Yr to less than 5Yr | 5.65% |
| 5Yr and above | 5.65% |
| Tax Saver(Up to Rs1.50lakhs) | 5.65% |
| Term Deposit Rs.1Cr and above | Contact HO through RO |
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Pandyan Grama Bank FD Interest Calculator
The Pandyan Grama Bank FD Interest Calculator is an online financial tool that lets you figure out your fixed deposit’s maturity value at the bank’s interest rate. The maturity amount of the FD at the end of the tenure is determined jointly by the amount of the FD, interest rate, deposit tenure, and compounding frequency of interest.
Interest earned on FDs is calculated as a percentage of the deposits placed in the account. Interest rates are typically determined by the financial institution offering the product and can vary depending on the type of account and how much money is deposited. In most cases, interest earned on FDs is paid to the account holder as periodic interest payments.
The Pandyan Grama Bank FD Interest Calculator is a useful tool for determining how much interest a particular FD account will earn based on the amount deposited. This calculator takes into consideration factors such as deposit term, interest rate, and compounding period to provide an accurate estimate of the annual rate of return.
Calculation of Interest on FD of Pandyan Grama Bank
Interest on FD for different tenures is calculated in following manner:
- For fixed deposits with a duration of less than six months, simple interest is paid out at maturity.
- For fixed deposits with a term of at least six months, interest is calculated quarterly.
- Each quarter, the cumulative interest or reinvestment interest is calculated and added to the principal so that the interest earned in the previous quarter is also paid out.
- In the case of a monthly deposit plan, the interest will be paid monthly at a discounted rate over the Standard FD Rate and will be calculated for the quarter.
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Automatic Renewal Of Bank FD
The bank FD ends on a particular date. If you have not specified any specific instructions regarding the payout or renewal of the FD prior to its maturity, most banks will automatically renew the FD at the interest rate in effect on the date of maturity for the same time period for which it was originally issued. Automatic Renewal of Bank FD is the name of this.
If you do not want the bank to automatically renew your FD, you should select the option on the account opening form. When you deposit money into a FD, you have two options on the account opening form: you can have the money automatically renewed or you can have it deposited into your account at maturity. If you did not select any option on the account opening form, you will need to go to the bank branch on the day your bank FD matures to choose to have the final proceeds credited to your savings account instead of having it automatically renewed.
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