The Hindu Business Line : TMB hikes deposit rates

Tuticorin-based Tamilnad Mercantile Bank (TMB) has increased interest rates for its domestic term deposits with effect from April 17, across all time buckets, up to the maximum of 175 basis points. After the revision, the bank offers the maximum interest rate at 10.75 per cent to senior citizens and 10.50 per cent to other general public for its newly introduced `55 months deposit'. The bank offers special rate of interest for deposits `above Rs 25 lakh' as against the earlier `Rs 55 lakh and above' and the maximum interest rate offered is 10.50 per cent in `55 months' period of deposits, according to a TMB press release.

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