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Our Correspondent

Madurai , Sept. 6

Tamilnad Mercantile Bank (TMB) has revised upwards its interest rates on domestic term deposits with effect from August 28.

The rate of interest on its different maturity periods has been raised from 25 basis points to 100 basis points.

It has introduced a new slab "3 years to less than 5 years" for which the bank offers its maximum interest rate of 8.5 per cent.

For senior citizens, it has increased the interest rates ranging from 25 basis points to 75 basis points for different maturity periods. For deposits of less than Rs 25 lakh, the bank has increased to 25 bps for "46 days to 90 days" and "91 days to 179 days" deposits and interest rates stand at 5.75 per cent, 6 per cent, respectively.

It has increased 75 bps for "180 days to less than 1 year" and "1 year to less than 3 years" deposits and rates stand at 6.75 per cent, 8.25 per cent, respectively. Apart from the above, the interest rate for "5 years and above" remain at 8 per cent without any change.

For senior citizens, the bank has increased 75 bps to its "180 days to less than 1 year" and "1 year to less than 3 years" deposits and rates now stand at 7.25 per cent and 8.75 per cent, respectively.

The bank has hiked 50 bps for its "3 years to less than 5 years" category and offers its maximum interest rate of 9 per cent. The revised interest rates are effective from July 28, according to a TMB press release.

More Stories on : Fixed Deposits | Interest Rates | Private Banks

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