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Our Correspondent

Madurai, Dec. 6

Tamilnad Mercantile Bank (TMB) has reduced the interest rates up to 20 basis points on its non-resident external (NRE) term deposits from December 1. The rate has been reduced by 10 basis points (bps) to 6.24 per cent for the maturity period on one year to below 2 years' deposits, by 17 bps to 6 per cent for 2 years to below 3 years and by 20 bps to 5.91 per cent for 3 years' deposits.

For foreign currency non-resident (Bank) - FCNR (B)- term deposits, the rates have been reduced ranging from 12 basis points to 22 bps for US dollar, 1 bps to 5 bps for the euro, 9 bps to 21 bps for the Canadian dollar and 3 bps to 10 bps for the Australian dollar deposits. The bank has increased the interest rate by 1 bp for 48 months FCNR(B) of pounds to 5.28 per cent. These changes are applicable for the period between December 1 and December 31, a TMB press release said.

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