TMB hikes TD rates by 25-50 bps

Tamilnad Mercantile Bank Ltd has increased the interest rates on term deposits of various maturities by 25 to 50 basis points with effect from October 20, 2010. The bank has made these changes taking into consideration the prevailing market conditions, it said.

The bank has reintroduced a new slab of 555 days which will offer a rate of 8.30 percent for the public and 8.5 per cent for senior citizens. The interest rate for maturity of 556 days and up to 5 years is 8.25 per cent general public and 8.75 per cent for senior citizens. For maturity above 5 years to less than 10 years, the rate is 8.5 and 9 per cent respectively for general public and senior citizens. The interest rate for maturity of 10 years is 9 per cent.