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How to Buy Crypto with Tamilnad Mercantile Bank in India

Last updated on November 12, 2023

Quick Summary: While Tamilnad Mercantile Bank does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of India cryptocurrency exchanges to pick from, but we suggest using the Binance.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

Tamilnad Mercantile Bank Homepage

As mentioned in my quick summary, like most India banks, Tamilnad Mercantile Bank doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a crypto trading platform and comes with regulations and extra work for the banks.

Thankfully there are many crypto exchanges to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Next you’ll want to sign up to an exchange (for this short guide I’ll use Binance as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with TMB

Let’s get started! Just follow our 4 quick steps.

1. Pick a cryptocurrency exchange

As mentioned above, I’ll be using Binance for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With Binance

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For Binance there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy crypto

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Tamilnad Mercantile Bank.

Buy Crypto With Binance

About Tamilnad Mercantile Bank

Tamilnad Mercantile Bank Limited (TMB) is a bank with its headquarters in Thoothukudi, Tamil Nadu, India. TMB was established in 1921 under the name of Nadar Bank and later the name was changed Tamilnad Mercantile Bank in November 1962, to broaden its appeal to its Nadar community.

For the year of 2018-2019, the bank posted its net profits of Rs 2585 million. The bank has 509 fully-fledged branches in India and 12 regional offices , two link offices with two central processing centres One Service Branch, four Currency Chests and 48 eLobby Centres and 262 cash recycling machines (Cash deposit machines) as well as 1151 automated Teller Machines (ATM). The bank is expanding its operations across India.

The story of Tamilnad Mercantile Bank dates back to 1921. The idea of establishing an institution specifically for members of the Nadar economic community suggested during the annual gathering of Nadar Mahajana Sangam Nadar Mahajana Sangam, which was held in Thoothukudi in 1920.

The bank was established on May 11, 1921, under the name Nadar Bank Limited, under the Indian Companies Act, 1913. M. V. Shanmugavel Nadar was elected Chairman on the 4th November 1921. The bank was officially opened open to public access through T. V. Balagurusamy Nadar on November 11, 1921 at the Ana Mavanna Building at South Raja Street, Thoothukudi.

The year 1937 was the time that Nadar Bank opened a branch in Sri Lanka, but by 1939, it had shut it down.

In 1947, the institution was operating just 4 branches: Thoothukudi, Madurai, Sivakasi and Virudhunagar. The bank established the branch’s first Indian branch outside of the State of Tamil Nadu in 1976 at Bengaluru.

The first branch fully computerised was established in WGC Road, Thoothukudi on 9 December 1984. The Bank began the ATM Card on November 11, 2003.