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Our Correspondent

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Madurai Feb. 7 Tuticorin-based Tamilnad Mercantile Bank (TMB) has introduced a new deposit product called "TMB 555 Deposit Scheme" and increased interest rates on various deposit periods with effect from February 2.

Under the scheme, the bank accepts deposits for 555 days only and offers the higher rate of interest (up to 9.75 per cent) for a shorter term. It also offers 9.25 per cent to general public and 9.75 per cent to senior citizens. The effective annualised yield works out to 9.96 per cent to general public and 10.53 per cent to senior citizens. The minimum deposit amount is Rs 10,000 and in multiples of Rs 1,000 thereafter. There is no ceiling for maximum amount of investment. The scheme will be in force up to March 31.

Penalty clause

Further the penalty clause for premature closure will be applicable for this scheme. No interest shall be paid on premature withdrawal of deposits up to 14 days from the date of deposit/renewal. If the depositor opts for premature withdrawal after 14 days, 1 per cent penal interest will be charged on the rate applicable for the period for which the deposit remained with the bank. All types of customers of the bank can open deposits under this scheme.

TMB has also increased its interest rates for deposits of one-year to 443 days from 8.25 per cent to 8.5 per cent, 3-8 years from 8.5 per cent to 8.75 per cent and above 8 years from 8.75 per cent to 9 per cent. Further, the bank offers additional 0.5 per cent interest rates on the above deposits to senior citizens, a TMB press release said.

More Stories on : Fixed Deposits | New Products & Services | Private Banks

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