Financial Daily from THE HINDU group of publications
Friday, Mar 04, 2005
Financial Daily from THE HINDU group of publications Friday, Mar 04, 2005 |
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Money & Banking
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Fixed Deposits TMB hikes interest rates for domestic term deposits Our Correspondent
Madurai , March 3 TAMILNAD Mercantile Bank has revised upwards its interest rates on domestic term deposits with effect from March 1. The rate of interest for deposits with maturity of 12 months to less than 2 years has been raised from 6.5 per cent to 7 per cent. For amounts less than Rs 25 lakh, the following revised rates are applicable: 7 days to 45 days - 4.5 per cent, 46 days to 90 days - 5.5 per cent, 91 days to 179 days - 5.75 per cent, 180 days to less than 12 months - 6 per cent, 12 months to 3 years - 7 per cent and more than 3 years - 6.75 per cent. The bank also offers 6.75 per cent to high value deposits of Rs 5 crore and above for 91 days to less than 12-months category.
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