Latest news with #TamilnadMercantileBank
Economic Times
10-05-2025
- Business
- Economic Times
FD interest rate up to 8.25% for senior citizens investing for one year tenure
Senior citizen Bank FD interest rate for one year tenure Senior citizen FD rate up to 8.25% Senior citizen FD rate up to 8% Live Events Bank Interest rate Bandhan Bank 8.25% IndusInd Bank 8% RBL Bank 8% Tamilnad Mercantile Bank 7.75% Senior citizen FD rate up to 7.75% Higher TDS threshold for senior citizen investing in FDs Despite interest rates witnessing a wave of reductions there are still many banks who are offering a high rate of interest of up to 8.25% on Fixed Deposits (FDs). These rates are offered on FDs worth less than Rs 3 crore and for one year tenure for senior citizens. This short-term tenure along with high interest rate makes a great combo for senior citizens who have idle money and want to earn some interest off it. Moreover, from April 1, 2025 senior citizens can enjoy a higher threshold for TDS deduction on FD Bank is offering up to 8.25%% interest rate on FDs for one year tenure for senior citizens. IndusInd Bank is offering up to 8% interest rate on FDs for one year tenure for senior citizens. RBL Bank is offering up to 8% interest rate on FDs for one year tenure for senior as on May 7, 2025 Tamilnad Mercantile Bank is offering up to 7.75% interest rate on FDs for one year tenure for senior presenting the Budget 2025, tThe finance minister has stated that TDS rates will be rationalised in the Budget 2025 giving much needed relief to taxpayers. The limit for tax deduction at source (TDS) on interest for senior citizens has been being doubled from the present Rs 50,000 to Rs 1 lakh. So this means if your interest amount in a particular bank's FD is less than Rs 1 lakh, the respective bank will not deduct any even if the interest amount is more than Rs 1 lakh but your total income after all deductions is less than Rs 12 lakh then you can submit Form 15H and by doing this the bank will not deduct TDS even if the interest is over Rs 1 lakh for FY 2025-26 (AY 2026-27).Form 15H is a self-declaration form that senior citizens (60 years & above) can submit to avoid TDS on income, provided their total net tax liability is zero. Do note that the TDS deducted by banks can very well be claimed at the time of ITR filing, so it's not like any extra tax, but it's like an additional tax compliance process to Accountant Ashish Karundia says: "Form 15H offers a valuable opportunity for senior citizen taxpayers to receive specified income from the payer without any tax deduction, up to Rs 12 lakh under the new tax regime, as the tax payable would-be Nil after considering the Section 87A rebate. Essentially, if eligible for TDS exemption, there's no need to let tax be deducted and then claim a refund. Additionally, timely submission of Form 15H ensures better liquidity in the hands of senior citizens."
Time of India
10-05-2025
- Business
- Time of India
FD interest rate up to 8.25% for senior citizens investing for one year tenure
Senior citizen Bank FD interest rate for one year tenure Senior citizen FD rate up to 8.25% Senior citizen FD rate up to 8% Live Events Bank Interest rate Bandhan Bank 8.25% IndusInd Bank 8% RBL Bank 8% Tamilnad Mercantile Bank 7.75% Senior citizen FD rate up to 7.75% Higher TDS threshold for senior citizen investing in FDs Despite interest rates witnessing a wave of reductions there are still many banks who are offering a high rate of interest of up to 8.25% on Fixed Deposits (FDs). These rates are offered on FDs worth less than Rs 3 crore and for one year tenure for senior citizens. This short-term tenure along with high interest rate makes a great combo for senior citizens who have idle money and want to earn some interest off it. Moreover, from April 1, 2025 senior citizens can enjoy a higher threshold for TDS deduction on FD Bank is offering up to 8.25%% interest rate on FDs for one year tenure for senior citizens. IndusInd Bank is offering up to 8% interest rate on FDs for one year tenure for senior citizens. RBL Bank is offering up to 8% interest rate on FDs for one year tenure for senior as on May 7, 2025 Tamilnad Mercantile Bank is offering up to 7.75% interest rate on FDs for one year tenure for senior presenting the Budget 2025, tThe finance minister has stated that TDS rates will be rationalised in the Budget 2025 giving much needed relief to taxpayers. The limit for tax deduction at source (TDS) on interest for senior citizens has been being doubled from the present Rs 50,000 to Rs 1 lakh. So this means if your interest amount in a particular bank's FD is less than Rs 1 lakh, the respective bank will not deduct any even if the interest amount is more than Rs 1 lakh but your total income after all deductions is less than Rs 12 lakh then you can submit Form 15H and by doing this the bank will not deduct TDS even if the interest is over Rs 1 lakh for FY 2025-26 (AY 2026-27).Form 15H is a self-declaration form that senior citizens (60 years & above) can submit to avoid TDS on income, provided their total net tax liability is zero. Do note that the TDS deducted by banks can very well be claimed at the time of ITR filing, so it's not like any extra tax, but it's like an additional tax compliance process to Accountant Ashish Karundia says: "Form 15H offers a valuable opportunity for senior citizen taxpayers to receive specified income from the payer without any tax deduction, up to Rs 12 lakh under the new tax regime, as the tax payable would-be Nil after considering the Section 87A rebate. Essentially, if eligible for TDS exemption, there's no need to let tax be deducted and then claim a refund. Additionally, timely submission of Form 15H ensures better liquidity in the hands of senior citizens."
Mint
30-04-2025
- Business
- Mint
Mint Explainer: Who will run IndusInd Bank without senior leadership?
Sumant Kathpalia stepped down as IndusInd Bank's managing director and chief executive on 29 April 2025 amid investigations into accounting discrepancies in the bank's derivatives portfolio. His resignation came a day after executive director and deputy CEO Arun Khurana, also involved in the probe, resigned. IndusInd Bank is the latest private sector lender to witness a senior leadership crisis, following Yes Bank, RBL Bank, Lakshmi Vilas Bank, and Tamilnad Mercantile Bank in recent years. Mint explains how the IndusInd changeover might be different from management changes seen at other banks, especially those involving the Reserve Bank of India. The bank's board has driven the management change at IndusInd Bank by asking the CEO and the deputy CEO to take accountability for the incident and step down from their positions. In the other four cases, the banking regulator superseded the boards and took control of the banks. The regulator has allowed the bank's board to set up a 'committee of executives' to run the lender for three months or until a new MD is appointed, whichever is earlier. The bank had sought the regulator's approval for this after Kathpalia's resignation. The 'committee of executives' will comprise Soumitra Sen, head of consumer banking and marketing, and Anil Rao, chief administrative officer. They will oversee the bank's operations under the oversight and guidance of an oversight committee of the board. The oversight committee, in turn, will be headed by the board's chairman and will include the chairs of the bank's audit committee, compensation and nomination and remuneration committee, and the risk management committee. Following the 10-March disclosure about the accounting lapses, the central bank issued a statement on 15 March, saying the bank is well-capitalised and its financial position remains satisfactory. The RBI then said it had asked the board and management to complete the remedial action in the March quarter of 2024-25 after making the required disclosures to all stakeholders. 'As such, there is no need for depositors to react to the speculative reports at this juncture. The bank's financial health remains stable and is being monitored closely by the RBI," the regulator had said. The regulator has not said anything more officially on the crisis. In the post-monetary policy conference on 9 April, RBI governor Sanjay Malhotra said the recent incidents were 'episodes" and not 'total failure" and that the overall banking system continues to be safe, secure, robust, and resilient. He was responding to a question on larger systemic concerns from incidents at three financial entities—accounting lapses at IndusInd Bank, and the failure of the Mumbai-based New India Cooperative Bank and Aviom India Housing Finance. Tamilnad Mercantile Bank: After MD & CEO S. Krishnan resigned in September 2023, citing 'personal reasons", the bank proposed three names as his successor, which the RBI rejected in April 2024. As Krishnan stepped down from the position in June 2024, the bank formed a committee to run the bank's operations till Salee Sukumaran Nair was appointed the head of the bank in August 2024. RBL Bank: In December 2021, MD and CEO Vishwavir Ahuja stepped down as the head of the bank as it faced rising losses and deteriorating asset quality. The RBI appointed chief general manager Yogesh Dayal as its representative on the board, following which R. Subramaniakumar was appointed the head of the bank in June 2022. Lakshmi Vilas Bank: In September 2020, shareholders of the bank ousted seven directors, including the RBI-approved MD & CEO S. Sundar and auditors at the bank's annual general meeting. The RBI first approved the constitution of a committee of three independent directors to manage the bank's day-to-day operations. However, as the bank's financial position continued to deteriorate and capital fell in the negative following two failed merger proposals (with Indiabulls Housing Finance and Clix Capital), the central bank in November 2020 seized control of the board, appointing T.N. Manoharan as the administrator. The central bank then forced the bank to merge with the local unit of Singapore's largest lender, DBS Bank. YES Bank: In March 2020, the RBI superseded the bank's board, citing a serious deterioration in its financial position. It capped customer withdrawals at ₹ 50,000 and imposed restrictions on the bank's operations while finalising the recast plan under the Yes Bank Reconstruction Scheme, 2020. The scheme involved a consortium of lenders led by State Bank of India infusing fresh capital into the bank and the appointment of Prashant Kumar as the bank's administrator. Kumar was later appointed as the MD and CEO in July 2022.
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Business Standard
24-04-2025
- Business
- Business Standard
TMB to continue growing gold loan business in FY26, says MD & CEO Nair
The bank's total gold loan portfolio as of March 31 is a little over Rs 18,000 crore Anupreksha Jain Mumbai Listen to This Article Tamilnad Mercantile Bank will continue to grow its gold loan portfolio in FY26, Salee Sukumaran Nair, managing director and chief executive officer, said, while adding that the focus will also be on growing its retail and micro, small and medium enterprises (MSME) books. The bank's total gold loan portfolio as of March 31 is a little over Rs 18,000 crore. Nair said that the bank is well equipped in terms of handling gold loans, hence the impact of the Reserve Bank of India's draft guidelines on gold loans will be limited. 'In fact, we are looking to bring
Business Standard
24-04-2025
- Business
- Business Standard
Tamilnad Mercantile Bank spurts after good Q4 outcome
Tamilnad Mercantile Bank surged 5.70% to Rs 466 after the banks' net profit rose 15.35% to Rs 291.90 crore on 8.78% increase in total income to Rs 1,542.06 crore in Q4 March 2025 over Q4 March 2024. Profit before tax rose 12.76% year-on-year to Rs 386.78 crore in Q4 March 2025. The operating profit for Q4 FY25 was Rs 403.98 crore as against Rs 366.55 crore for Q4 FY24, up 10.21% YoY. The bank earned net interest income of Rs 567.92 crore for Q4 FY25 as against Rs 567.04 crore for Q4 FY24. In Q4 FY25, Net Interest Margin (NIM) was at 3.87% lower than 4.14% in Q4 FY24. The bank's provisions and contingencies (excluding tax provisions) fell 26.85% to Rs 17.22 crore in Q4 FY25 over Q4 FY24. The Provision Coverage Ratio (PCR) as on 31 March 2025 is 71.02%. (Previous Year 41.33%) without technical write-off and 93.86% (Previous Year 87.52%) with technical write-off. The bank continues to hold COVID-19 related provision of Rs 250 crore (over and above regulatory provisions) as on 31 March 2025. On a standalone basis, the bank's net profit rose 10.32% to Rs 1182.61 crore on 11.81% increase in total income to Rs 6141.75 crore in the year ended March 2025 over the year ended March 2024. The bank's gross non-performing assets (NPAs) stood at Rs 556.13 crore as on 31 March 2025 as against Rs 576.38 crore as on 31 December 2024 and Rs 575.06 crore as on 31 March 2024. The ratio of gross NPAs to gross advances stood at 1.25% as on 31 March 2025 as against 1.32% as on 31 December 2024 and 1.44% as on 31 March 2024. The ratio of net NPAs to net advances stood at 0.36% as on 31 March 2025 as against 0.41% as on 31 December 2024 and 0.85% as on 31 March 2024. The banks deposits increased to Rs 53,689 crore as on March 2025 as against Rs 49,515 crore in March 2024. The advance level of the bank increased to Rs 44,366 crore with a growth rate of 11% on YoY basis. Tamilnad Mercantile Bank (TMB) one of the renowned old private sector banks, having its headquarters in Thoothukudi (Tamil Nadu). The bank has opened 26 new branches during the year FY 24-25.
