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Our Bureau

Madurai, Jan. 21

Tuticorin-based Tamilnad Mercantile Bank (TMB) has introduced a new deposit scheme called `TMB 444', providing a higher rate of interest with effect from January 18. Under the scheme, the effective yield will be 9 per cent to the general public and 9.25 per cent to senior citizens. The deposit amount is accepted in such a manner that the maturity amount would be Rs 1,000 and its multiples.

The general public, for instance, will get Rs 10,000 by depositing Rs 9,014 and senior citizens will get the same amount by depositing Rs 8,869 — both for 444 days. There is no ceiling for the maximum amount of investment and the scheme will be in force up to March 31 only. All types of customers can open an account under the scheme. The bank aims to collect Rs 255 crore deposits, a press release said.

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