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Our Correspondent

Madurai, Jan. 7

Tamilnad Mercantile Bank (TMB) has introduced a new deposit scheme called `Time Double' in which double the amount invested will be paid back after a specific term.

The amount will be doubled after 8 years and 3 days for the general public and 7 years, 9 months and 14 days for senior citizens. The general public will get a rate of interest of 8.75 per cent per annum and senior citizens 9 per cent per annum. The deposit will be accepted with a minimum amount of Rs 1,000 and in multiples of Rs 1,000.

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