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Ours is a software development team. We are on a tight schedule.
Is it good to allow other team members come and do personal discussions with our team members regularly.
How should I see. Is it good/okay/bad.
I am asking this question in terms of culture and mood of other members/developers.
If it is not good, how to convey this to them(my team-member/other team-member)
Software development is a creative process, and not just pecking away at a keyboard.
It is often also very collaborative. Allowing for personal discussion is a good thing because it establishes relationships, breaks the monotony, often causes moments of inspiration, and reduces conflict.
If you have a friendly relationship at work you are more likely to say "Hey, why did you code this procedure this way?" as opposed to complaining to management.
I have first hand experience with this. Often times the socializing wanders into work related issues, and sometimes the work related issues SEEM like socializing. We had a manager from a different department complaining about us all the time. Same manager came back asking why we had such good communication on our team.
The benefits, IMO outweigh any perceived loss of productivity, because it's more than made up for with higher morale and greater collaboration. If deadlines are being met and the work is getting done, it is a benefit.
That said, if it gets to the point that work is NOT getting done, then a gentle, "folks, we need to knuckle down" is warranted, but never make it hostile.
I'm sure culture has a large part in this but in general terms communication between team members is vital in enabling them to work together more effectively. If that means sometimes talking about the weather, common interests, or other non-work related matters then this is fine. This strengthens bonds, boosts morale etc. I wouldn't worry about it unless you find that the team are falling behind on any deadlines in place; or indeed appear to be spending no time whatsoever doing work.
I don't know what working methodologies or tools you're using (i.e. agile / scrum and using code repositories like Git or task management software like Team Foundation Server) that will allow everyone to see what folks are doing... if you're their team leader don't be shy about asking folks how they're getting on if you're worried they're slipping behind.
