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Tamilnadu Mercantile Bank raises interest rates for deposits

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(TMB) has increased its domestic term deposit for various maturities by 25 to 100 basis points with effect from today.

The revised rates for deposits are: 7 per cent (old rate 6.25 per cent) from 91 days to 120 days for the general public as well as senior citizens, a release from the bank's General Manager, Business Development, S.Selvan Rajadurai said.

For deposits from 121 days to 270 days, the rate had been increased to 7.25 per cent (6.25 per cent) for general public as well as senior citizens.

For 271 days to less than a year the rate is 7.5 per cent (7 per cent) for general public as well as senior citizens.

The rate for deposits of one year to 554 days would be 8.75 per cent (8.25 per cent) for general public and for senior citizens 9.25 per cent (8.75 per cent).

For period of 555 days, the rate had been revised from 8.50 per cent to 8.85 per cent for general public and for senior citizens from nine per cent to 9.35 per cent. For 556 days and less than 3 years the rate would be 8.75 per cent (8.25 per cent) for general public and for senior citizens it would be 9.25 per cent (8.75 per cent).

The interest rate for 3 years to less than 10 years tenure would be 8.50 per cent for general public and 8.75 per cent for senior citizens. For more than 10 years, the rate was 9 per cent.

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