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Madurai, Oct. 28

Tamilnad Mercantile Bank (TMB) has hiked the interest rate on domestic term deposits for the tenor period 1 year to 399 days by 10 basis points from October 24.The new interest rate is applicable for both fresh deposits and deposits matured and renewed after this date. After the hike, senior citizens will be receiving interest at the rate of 10.10 per cent per annum while this will be 9.60 per cent per annum for others. The increase, effected as a festival bonanza, is for a limited period only. Under special category, the bank offers 10.25 per cent per annum for senior citizens and 9.75 per cent per annum for others under TMB 400 days deposit scheme, according to a TMB press release. –

Our Correspondent

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